We all have active children and as children are exposed to a host of activities, they are exposed to not just viruses but also accidents. Not surprisingly, local health insurance and accident insurance are two of the first policies that I gave to my children as they insure my family from expensive hospitalisation bills.
Growing up, I can count the number of times I stepped foot into a hospital. Unfortunately, times have changed. All my 3 kids have been warded in the hospital at various stages of their lives and it’s not just once. With the rising cost of medication and hospital bills, I am always thankful for the local health insurance that I have purchased for the family. In fact, the local health insurance plus a rider has definitely translated into huge long-run savings for the whole family. Providing peace of mind in difficult moments, the personal health insurance policy is an annual policy that I renew faithfully. In fact, if you have not purchased any health insurance for your kids, do read on.
What about Medishield Life?
When parents talk about personal health insurance, some of us always think about what the government has to offer through Medishield Life. Many assume that Medishield Life is enough for the whole family. Well … is it really enough? Yes and No … as I think that this is dependent on the type of care, you want to give your loved ones. One must also be aware that despite your coverage, one is required to pay a part of your bills with the percentage of it highly dependent on the type of ward and hospital you choose to stay in.
First off, the good news for everyone is that the moment your child is born, they are instantly covered by Singapore’s basic health insurance plan – Medishield Life. Naturally, as parents, we want to give the best care to all our children and this means letting the kids stay in the best ward whenever possible. In this case, Medishield Life has its limitations and if you want to cover the majority of your specialized private care in a Class A/B1 ward, one has to activate an Integrated Shield plan or Private Health insurance.
Although Medishield Life covers hospitalisation and surgeries, it lacks coverage for pre and post hospitalisation charges. This is an important point, as with accidents, family members will need to go for physiotherapy and other rehabilitative consultations to put them on the road of full recovery. Integrated Shield plans or private health insurance helps to bridge this essential gap. Medishield Life also has a total claim limit of $100,000 a year, this cap may be financially damaging, when a family member faces a major sickness. With an Integrated plan, you can extend that cap to as much as $2 million. A definite plus point.
There are definitely more pros than cons, when it comes to health insurance, but does it mean that I have to spend more money? Yes! But I always feel that health insurance is a necessary and a prudent expense. Do bear in mind that parents can buy Private health insurance using their Medisave savings, without any upfront cash. Using ones’ Medisave account, parents can opt to pay for their dependents with a limit of $800 per annum per person. Therefore, the only upfront cash that one needs to fork out, is when parents opt for a rider.
Now if you are wondering which insurance company best suits your family and needs, I would like to say that the climate is always changing and every family has different needs. What I found useful in my research is going to a marketplace which presents a buffet of choices for parents. Check out Money Smart’s page on Local Health Insurance and you will find all the benefits and coverage listed there.
Factors to consider when choosing a policy:
First, decide on the level of coverage that you want for your family. Are you comfortable with a maximum coverage limit of 1 or 2 million? The higher coverage limits may affect one’s yearly premium.
Looking at the Moneysmart page, another important data that stands out is the pre and post treatment benefits. Surprisingly, some companies only provide benefits for 100 days, while others cover up to 365 days for post hospitalisation benefits. Therefore, a cheaper premium may not be the one variable that one looks at in, when one selects a policy.
Naturally, this consolidated page is useful but one always wants the fine print. There is a general overview of the details but if one requires more detailed information, one can answer the questions on the website and readers can get a consultation and a quote without leaving their home. This is certainly useful as information and consultation is available at your fingertips.
Lastly, If you are still procrastinating about health insurance … my advice is don’t delay. As the children grow up, different medical conditions may arise. For example, a simple knee injury. If your child has a knee injury before you buy the accident or health insurance, there is a high chance when you buy the policy, all further claims for knee related problems would not be covered. Similarly, for pre-existing conditions that you find out before purchasing the policies, such as asthma, or even ADHD.
etted purchasing an accident and health insurance for the kids. Through all these years, I believe that the policies have been maximized, as they have served to give Daddy and Mummy peace of mind, whenever we need to visit the doctor. 🙂