With rapid medical inflation and rising health concerns due to environmental and genetic factors in Singapore, it is time to reconsider if the basic MediShield Life, a health insurance policy offered to all Singaporeans and Permanent Residents, can offer enough medical protection in the long run. After all, the cost of healthcare in Singapore has increased by 54.8 per cent...
Comparatively, a standard IP provides an instant upgrade from Class B2 ward to B1 ward. There is also a higher financial coverage than MediShield Life.
However, do note that standard IPs are of the lowest tier. If you prefer more enhanced benefits such as hospitalisation in Class A ward in private hospitals, there are higher end IPs to select from. The crux of the matter lies in how much annual premium you wish to pay and what coverage is most essential for you.Ready to buy an IP? Here are three tips that will help you maximise it.Steer clear of buying the most expensive plan with fancy features.
Don't forget to evaluate the affordability of the plan too. The annual premium for an IP is a few times more than MediShield Life premiums and like any health insurance, IP annual premiums also increase with age. For example, Great Eastern works on a Claims-Adjusted Pricing framework which allows customers to enjoy 20 per cent off standard premium rates at their next policy renewal if they do not make any claims.
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