Medical insurance is an integral part of the healthcare system for many Singaporeans. It is there to help ease the financial burden of obtaining medical care. It also provides a sense of security in knowing that that family member or friend can get affordable and necessary health-related treatment should they need it. The following is a list of the different types of medical insurance or health insurance.
- Private health insurance
Private medical insurance plans are offered by commercial insurers and typically cover a wider range of treatments than government-sponsored schemes. Some plans may also offer additional benefits such as coverage for outpatient treatments, dental care, and alternative therapies. Private medical insurance in Singapore is not compulsory, but it is something that many people opt for, especially if they do not have coverage through their employer.
- Government-sponsored health insurance
The Singapore government offers two types of health insurance schemes – MediShield and ElderShield. Both are designed to help with the costs of hospitalization and certain outpatient treatments. When used in conjunction with a Medisave account, they can help cover the costs of more expensive treatments. ElderShield covers those aged 40 and above against the costs of long-term care, should they become unable to perform activities of daily living, while MediShield insurance covers all residents for life.
- Employer-sponsored health insurance
Many employers in Singapore offer some form of health insurance as part of their employee benefits package. The coverage and benefits offered will vary from one company to another, but typically, it will cover hospitalization and outpatient treatments. Some plans may also offer additional benefits such as dental care, alternative therapies, and coverage for pre-existing medical conditions.
- Travel insurance
Travel insurance is designed to cover the costs of medical treatment while you are traveling overseas. It can also cover other expenses such as lost luggage, canceled flights, and personal liability. When choosing a travel insurance policy, make sure that it covers the countries you are visiting and the type of activities you will be doing. Sometimes, it is possible to add travel insurance to an existing health insurance policy.
- Critical illness insurance
Critical illness insurance is a type of insurance that pays out a lump sum if you are diagnosed with a specified critical illness. The money can be used to cover the costs of treatment, make up for lost income, or pay for other expenses. Critical illness insurance is not compulsory in Singapore, but it is something that many people opt for, especially if they do not have coverage through their employer.
- Personal accident insurance
Personal accident insurance is a type of insurance that pays out a lump sum if you are injured in an accident. The money can be used to cover the costs of treatment, make up for lost income, or pay for other expenses.
Conclusion?
The above is an article about the different types of medical insurance, presented concerning the healthcare system in Singapore. When choosing a health insurance policy, make sure that it covers the countries you are visiting and the type of activities you will be doing. Sometimes, it is possible to add travel insurance to an existing health insurance policy.