Why Women in Singapore Should Invest In Health Insurance

Why Women in Singapore Should Invest In Health Insurance

According to a survey conducted by the Tsao Foundation and Wings for the 68th session of the United Nations in 2015, the life expectancy of women at birth stands higher at 89.4 years in comparison to 80.4 years in men. That being said, women in Singapore spend more years facing mobility issues. More so, there are gender differences in the nature of ailments with depression and Alzheimer’s widespread among older women as well. Hence, considering these factors, it becomes critical for women to invest in health insurance so that they are covered for any unforeseen health crises and get the peace of mind they deserve as medical expenses are constantly rising. 

Taking cue from these concerns that might occur in the future, here are a few tips on how and why women should invest in good health insurance plans. 

Know what kinds of health insurances are available:

Health insurance is something that would keep you covered for any medical costs in the event of an illness, injury, or disability. 

Typically, there are five kinds of health insurance out of which one is surgical and hospital insurance and then there are other kinds of health insurances. Let’s take a broader look at the two of them:

  1. MediShield Life:

The permanent citizens and Singaporeans are by default covered under MediShield Life irrespective of their health condition and age. This insurance is managed by Central Provident Fund Board and provides a basic surgical and hospital insurance plan that aids in covering large hospital bills and expensive outpatient treatments like chemotherapy and dialysis. 

  1. Private Medical Insurance Plan:

The coverage given in MediShield Life is based on the costs for hospitalisation in B2 or C class wards in public hospitals. Hence, if you want to get treated in A or B1 class wards of a private hospital, you will need a private health insurance plan to cover the cost of these wards.

Getting an Integrated Shield Plan from a private insurance company will prove to be useful since it adds to the benefits that are already offered by a government provided medical insurance plan.  

  1. Critical Illness Insurance Plan:

A critical insurance plan gives a lump sum payout in case you are diagnosed with one of the critical illnesses such as cancer, a heart attack of a specified severity, Alzheimer’s and so on. Such critical illness insurance plan provide a one-time payout upon diagnosis. This payout is can be used to pay for the treatments without the stress for finances. 

  1. Accident Insurance

An accident insurance plan complements existing medical insurance or hospitalisation coverage to ensure that you are financially covered in the event of an accident. This plan offers a varied selection of plans with diverse premiums and payouts depending on the extent of coverage you need. 

  1. Disability Insurance

A disability insurance plan provides financial cover in case of total and permanent disability. This plan provides a lump sum payout in the event of developing a permanent and total disability. 

Tips On Getting A Health Insurance Plan:

Let’s take a look at some tips to get an insurance plan:

Start as soon as you can:

Health issues that might lead to hospitalisation may not come across as pressing issues when you are in your prime years. However, financial experts recommend investing in health insurance early in life even when you are in good health. If you want to buy health insurance, ensure that you do it when you are young and healthy, else the insurance company may exclude the coverage of the medical costs that may arise from pre-existing medical conditions. 

Decide the extent of coverage you will need:

As per a study conducted by Life Insurance Association for 2017 Protection Gap Study, while every individual needs approximately S$317,000 to be covered against critical illness, an average Singaporean would only need S$60,000 for coverage, leaving a protection gap of S$2,57,000. The critical illness protection gap is the deficit in the amount of funds that are needed before one can return to work. 

Understand that not everything is covered:

It is imperative to understand the inclusions and exclusions in your health insurance plan. Albeit MediShield Life covers pre-existing conditions, majority of private insurance plans do not do so. Hence before signing up for a health insurance plan, make sure you take an understanding of what’s covered and what’s not. 

Buy your own insurance even if you have company coverage:

It is recommended to get your own private health insurance even if you have company insurance since you can’t reap the benefits of the company coverage if you leave the company or retire. 

Also, getting a private health insurance plan can provide you with the basic coverage you want, since the company also reserves the right to make changes to its corporate coverage, thus impacting its employees. 

Investing in health insurance is always a good way to stay covered financially for expenses that might crop up due to both medical and non-medical costs during certain illnesses.