If you’re looking for the best health insurance in Singapore, you may want to consider adding an IP because it provides upgraded coverage on top of your MediShield Life.
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. For those who are predisposed to certain conditions and have a history of poor health, an IP may present more financial support should an unexpected medical problem crop up.
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. Buying an enhanced IP may not be a financial challenge now but the rising premiums can become a burden in your 70s or 80s when you are no longer working.
When looking for a suitable IP, be sure to do a quick check on which of the seven insurers offer such a deal because even small savings on premiums can accumulate to a substantial amount over time.It is a common practice for insurers to introduce their own list of panel specialists to mitigate expensive claims. However, landing an insurer with a sizable panel can be more beneficial than one with just a handful of specialists.
Importantly, don’t just go for an insurer with a large panel. Take the extra step to evaluate the depth of the panel to ensure it covers different medical faculties and subspecialists. This way, you will be assured of comprehensive medical support at all times.If you choose to go beyond MediShield Life to obtain an IP for extra protection, a thorough assessment of what you want to be covered in the long run is the first step in putting your health protection in order.
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