Avoid These 3 Mistakes When Buying Health Insurance In Singapore

1. Avoid These 3 Mistakes When Buying Health Insurance In Singapore

2. Health insurance is extremely important for helping you access quality medical treatment. If you are a Singaporean citizen or PR, you are covered to a certain extent by MediShield Life. However, you may want to consider expanding your health insurance coverage with the help of an Integrated Shield Plan. If you are an expat, you will not be covered by MediShield Life and thus, have to look into getting an Integrated Shield Plan for yourself and your loved ones accompanying you to Singapore. Now, buying any form of insurance can sometimes be a bit confusing. Even if you are a local or a PR, you may still be in need of some guidance. To help you out, we have listed down 3 mistakes you must avoid when buying health insurance in Singapore.

3. Mistake 1 – Assuming the priciest health insurance plan is always best Many people mistakenly assume that the best health insurance plan is the one with the costliest premiums. While a costly health insurance plan might come loaded with features, remember that all these features may not be what you need. Or, they may be in excess of what you require. For instance, you do not need to choose a plan that offers you an annual cover limit of over SGD1 million if you don’t need such high coverage. Always pay within your means; you can always choose to upgrade your coverage later on. Don’t forget to look out for promotions that may be available to you. You may be able save some costs from the insurance provider’s limited time offer.

4. Mistake 2 – Choosing the first option that comes your way Many of us make the mistake of buying health insurance as an afterthought. We might simply pick the first plan that comes our way without reviewing the various options out there. This could prove to be a huge mistake for you might miss out on more affordable options of coverage. Try to compare at least 2 to 3 health insurance plans by checking the coverage and benefits offered for the premium charged. This way, you will be able to find the best plan that fits your budget.

5. Mistake 3 – Not being truthful about your medical history Your medical history is required for underwriting in health insurance. If you have any pre-existing conditions or any habits like smoking, you need to declare these to your insurance provider. Withholding information in hopes of paying lower premiums will defeat the very purpose of buying health insurance at all. If you ever have to raise a claim due to your pre-existing illnesses or habits in the future, your insurer can deny coverage due to dishonest or incomplete information provided by you when you bought coverage. Honesty is indeed the best policy – declare your medical history in full, always. Keep these mistakes in mind when searching for plans for yourself and your family. Do seek professional advice so you can choose a plan suited to your unique requirements. We hope that this article helps you select the best health insurance plan in Singapore.

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