Keep these DOs and DON’Ts in mind when buying health insurance

 

As a Singaporean citizen or PR, you are covered for subsidised medical expenses by MediShield Life. However, you can only claim up to S$150,000 per policy year. Plus, there are individual limits for different sections of coverage such as daily ward and treatment charges, You might want to enhance your coverage by buying private health insurance too, as known as an Integrated Shield Plan. That way, you can increase your coverage limit and also benefit from access to a wider range of private and restructured hospitals in the country.

If you are buying an Integrated Shield Plan for the very first time, this blog can prove to be helpful for you. Read on to find out a few crucial DOs and DON’Ts that you need to keep in mind when buying coverage.


DOs when buying health insurance

DO your research

There are many good medical insurance companies in Singapore. Compare their health insurance plans on their websites to find the one that suits you the best. When running a comparison, look for features that mentions pre- and post-hospitalisation coverage and the maximum sum insured.

DO read the policy details

The policy details will outline important things about your health insurance that you need to know, such as information on the deductible, coinsurance, and so on. It will also list out the special features given by the health insurance provider, such as concierge services.

DO compare online quotes

Make sure to compare quotes for various Integrated Shield Plans online so that you can find the one that suits your budget. These days, insurers let you get an instant online quote for your coverage through their websites. The availability of this online feature to calculate premiums really makes things super easy! If you’ve made your decision, you can even purchase your plan directly online.

DON’Ts when buying health insurance

DON’T hide any information from the insurance company

Always be completely truthful when buying your health insurance plan. Do not hide any information from the insurance company or else you may see your claims get rejected. Make sure to crosscheck every detail that you have filled up in your health insurance application form.

DON’T buy a plan just because someone you know has it

The same health insurance plan might not suit two different people. While it is alright to take recommendations from family and friends, do be sure to make your own choice of a plan that suits you.

DON’T hesitate to seek assistance

If you get stuck understanding any of the policy details, don’t hesitate in asking for help. Insurance companies have financial consultants who can guide you through every detail of your policy so that you make an informed purchase.

With these DOs and DON’Ts in mind, we are sure that you will make the right choice when it comes to health insurance.

Take care and all the best!

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