MediShield Life and Private Integrated Shield Plans (IPs)
The Singapore government mandates universal coverage via MediShield Life. Targeted at large hospital bills, the scheme incorporates a deductible amount of between $1,500 (for Class C wards) and $2,000 (for Class B2 wards and above) as well as a co-insurance portion of between 3% and 10%. Coverage is pegged to subsidised bills incurred by Singaporean Citizens at Class B2/C wards and subsidised outpatient treatments/ day surgery at public hospitals.
Beyond this, you can choose to purchase an IP to extend this coverage to private hospitals or at higher class wards in public hospitals.
For example, the AIA HealthShield Gold Max provides additional insurance coverage at private hospitals or Class A/B1 wards in public hospitals. It also offers an optional AIA Max Essential rider that covers your bills from the first dollar, by paying for the co-insurance and deductible portions of your medical bill.
Critical illness policies pay out a lump sum to policyholders when the person is diagnosed with an illness covered by the policy. The AIA Triple Critical Cover covers for 104 critical illnesses through early, intermediate and major stages, as well as five special conditions including osteoporosis and diabetic complications, up to age 100.
In addition, you can make up to 300% claims on your policy with a “Reset” feature, fully restoring your coverage to 100% after 12 months have passed from your previous claim.
Disability income insurance pays a fixed amount each month to replace any loss in income if you are unable to work as a result of an accident or illness.
Private disability plans such as the AIA Premier Disability Cover covers up to 75% of your existing salary up to the age of 65, or until you make a full recovery. Even if you were to find work subsequently, this policy will continue providing supplementary cover to make up for any shortfall in income as a result of your disability.