While your basic healthcare needs are covered under MediShield Life, you may be thinking of purchasing an Integrated Shield Plan (IP) for additional coverage. To make a better decision, it is useful to consider these two questions to assess which plan suits your needs.
1. What are your preferences when hospitalised?
Although MediShield Life provides coverage for all ward classes, its coverage is sized for subsidised treatment in a Class B2 or C ward in public hospitals, with medical attention from a team of doctors. On the other hand, an IP provides you with additional coverage for hospitalisation in Class A or B1 wards of public hospitals or private hospitals, where you can choose your doctor.
2. Can you afford to pay the higher IP premiums in the short- and long-term?
IP premiums cost more than that of MediShield Life. The difference may not seem like much at a glance at younger ages, but remember that these premiums will increase with age. It is important to consider if you are able to afford your IP premiums in the long term.
Other things to note…
MediShield Life provides coverage for all Singaporeans, including those with pre-existing conditions. However, you may be subject to additional health checks by the private insurers for the additional private insurance coverage component of your Integrated Shield Plan. This could possibly result in exclusions for certain conditions and/or risk-loading.
Based on your answers to these questions, you can have a better sense of your preferences and what you can afford in the long run.
Information updated as at 6 October 2020.