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!

Comments

Post a Comment

Popular posts from this blog

3 Types Of Insurance Plans For Expecting Parents In Singapore

Image
  Waiting to welcome a baby into this world can be extremely exciting for a couple. As the day draws closer, you take several steps to ensure everything is just perfect. From preparing your home to be safe for the little one to planning the baby shower, every golden moment is cherished. Now, this is also the right time to secure your home and new family addition with adequate insurance coverage. After all, insurance can provide financial protection in times of the unexpected. In this article, we will take a look at 3 types of insurance plans that you can consider opting for as a parent-to-be.   1.     Maternity insurance Maternity insurance can offer you much-needed coverage against possible pregnancy-related complications and health issues for both mother and child. You can opt for a bundled maternity insurance plan in Singapore that covers the mother against pregnancy complications and death, and then later transfers the life insurance coverage to the new b...
Read more

5 Things To Know About Retirement Insurance In Singapore

Image
  A retirement insurance plan is one of the ways to save up for the golden years of your life. These plans are designed to give you a regular monthly income upon maturity. This income can help you stay financially independent in your senior years. Are you hearing about retirement insurance for the first time? If so, this article is just for you. Read on to discover 5 things you need to know about retirement insurance in Singapore. 1.     You can customise the payout period One of the best things about retirement insurance plans is that you can customise the payout period as per your requirement. You can start receiving your payouts from the age of 50 years based on your preferred payout period. Most insurers offer payout periods of 10, 15, 20, 25, and 30 years. 2.     Continue receiving stable monthly income despite market volatility Some insurers also safeguard your payout against market volatility. This is good news for you as you will get...
Read more

Why Should We Use E-invoice?

Image
  Companies all across the world are attempting to counter competitive challenges through cost savings and increased financial performance visibility. By automating repetitive administrative procedures, back-office departments can see considerable cost reductions. Fewer organizations have optimized accounts payable compared to the number of organizations that have simplified and digitalized operations like procurement. In order to save money, some are centralizing accounting tasks into payment factories, while others are moving invoice processing abroad or outsourcing to a third party. Here are four of the main justifications for why you need to use e-invoicing in your business if you have not previously. 1.   Overcome paper invoice challenges: It is surprising that so many organizations have not yet optimized their accounts payable activities given the time, effort, and expense associated with the paper-based invoicing process. Each paper invoice must be processed manually, w...
Read more