How To Get Cheap Health Insurance
How To Get Cheap Health Insurance – Recovering from an injury or illness not only takes time, but can also take a financial toll on you and your family. It is always a relief to know that you are covered with payments to support you and your living expenses, as well as to cover your minor expenses and medical expenses during hospitalization.
That’s how GREAT Hospital Cash comes in handy as it supplements your existing health cover with up to S$600 in daily hospital cash and up to S$1,800 in healthcare. In addition, you will be reimbursed up to S$600 when you seek outpatient treatment* for an injury at a hospital’s Accident and Emergency (A&E) Department.
How To Get Cheap Health Insurance
Register online and enjoy the freedom of using payments while you focus on your full recovery.
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Most hospital and surgical plans reimburse incurred hospital bills up to the applicable benefit limits for said plans. GREAT Hospital Cash will provide cash payments to cover hospital expenses and reimburse medical costs arising from outpatient treatment for an injury in the hospital’s A&E department (treatment must be provided within 72 hours of the accident).
STOR Hospital cash premiums will increase with age (by age group) based on the age on the next life insurance birthday. Premium rates for BIG hospital money are not guaranteed and may be adjusted based on future experience. We reserve the right to change premium rates and will notify the policyholder at least 30 days in advance.
GREAT Hospital Cash will not pay any benefits or reimburse medical expenses incurred in connection with, or arising out of, pre-existing conditions.
(a) Any injury, illness, disease, disability, defect or impairment suffered by the Life Assured prior to the Commencement Date; or
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(b) Any injury, illness, disease, disability, defect or impairment the signs or symptoms of which existed during the 12 months immediately preceding the date of commencement of the policy, where:
(i) the insured sought or received medical advice or treatment, prescription of drugs, counseling, investigative or diagnostic tests, surgery, hospitalization; or
(ii) a reasonable person would ordinarily seek medical advice or treatment, prescription of drugs, counselling, diagnostic examinations or tests, surgery, hospitalization.
4. What is the difference between convalescent benefit – hospital and convalescent benefit – post-operative except day surgery? Can I claim both benefits at the same time?
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Compensation benefit – A lump sum is paid to the hospital if the life insured is admitted to hospital and if at least 3 days’ accommodation and board are charged, which the life insured suffers due to illness or injury.
Recreation benefit – after surgery, apart from day surgery, a lump sum is paid for each hospital stay if the insured’s life is the subject of an operation (other than day surgery) due to illness or injury during hospital stay.
Yes, both benefits are paid at the same time for the hospital period if at least 3 days of room and board expenses have been incurred and you had an operation (other than day surgery) during this period.
Yes, GREAT Hospital Cash covers hospitalization outside Singapore, provided the life assured has not resided outside Singapore for more than 180 days, either continuously or otherwise during the policy period prior to the renewal date.
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Hospitalization refers to the capture of life insurance in a hospital or at home during admission to a virtual hospital ward of a restructured hospital, which must be considered medically necessary and:
Extra daily cash allowance in hospital – Intensive care unit (ICU) will be paid for each day the insured is admitted to the intensive care unit due to illness or injury, up to a maximum period of 60 days for each hospital. In the event of such ICU admission for more than 60 days, we will treat the hospitalization as a normal ward admission.
The above is for general information only. It is not an insurance contract. The exact terms and conditions of this insurance plan are set out in the insurance contract. This is only product information provided by us. It may be a good idea to seek advice from a qualified adviser before purchasing the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying health insurance products that are not right for you can affect your ability to finance your future health needs. If, after purchasing the policy, you decide that the policy is not suitable, you may cancel the policy subject to the free payment provision, if any, and the insurer may recover from you any costs incurred by the insurer in underwriting the policy.
This policy is protected under the Policyholder Protection Scheme administered by the Singapore Deposit Insurance Corporation (SDIC). Your insurance coverage is automatic and requires no further action from you. For more information on the types of benefits covered by the scheme, as well as coverage limits where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.lia.org .sg . sdic.org.sg). One of the main healthcare services in Singapore is MediShield Life – basic health insurance that covers basic treatments in public hospitals, and you can also choose to top up MediShield Life with an Integrated Shield (IP) plan. In this guide, we’ll look at the types of health insurance plans available, who they’re suitable for, and how to get them.
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MediShield Life is the basic health insurance provided by the Ministry of Health of Singapore for all Singaporeans and Permanent Residents (PRs). It covers basic public hospital care where the fees are in line with the fees for class B2 and C wards. But if you prefer to be accommodated in class A and B1 wards in public hospitals or in private hospitals, you should add excess amount.
Integrated Shield Plans (IP) can be purchased from private insurance companies to supplement your existing MediShield Life cover. With this additional cover, you can enjoy a wider range of health options and higher claim limits. Integrated Shield plans not only protect you for pre- and post-hospital expenses, but also expand the range of wards you can stay in both public and private hospitals.
IP Knights are additions to your integrated shield plan. While your life plan and Medishield Integrated Shield are paid for by MediSave, IP riders must be paid in cash. There are many riders and not all riders are the same. Some drivers have a hospital cash allowance that gives you cash compensation for each day you are in hospital. Some intellectual property riders will compensate for deductibles and coinsurance not included in the Integrated Shield plan, thereby paying more of the hospital bill.
What is health insurance and why do you need it? Health insurance protects you from one of the biggest financial risks you will ever face – health care costs. Basically, health insurance means protection against hospitalization and medical expenses, as well as medical bills incurred due to injury, illness or disability. TL; DR? All it takes is an accident or expensive illness to wipe out your savings and pension funds. Therefore, you will need health insurance to cope with the rising costs of healthcare.
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One phrase you should know is healthcare inflation. Basically, inflation increases the prices of goods and services by around 3% each year. On the other hand, healthcare inflation reaches 2 or 3 times the general inflation rate. Why? This is because advances in medicine, medical research and medical technology are expensive. In fact, these are the three main factors affecting healthcare costs in Singapore today.
If you fall ill, go to hospital for 3 weeks of unpaid leave and incur a medical bill of S$40,000, your health insurance plan should be able to absorb a large portion of these health costs for you. You may end up paying 5% and more S$1,500 excess (you’ll find out about this later) – but the rest will be “paid” by your insurance company. This way you don’t have to empty your bank account and borrow from family, friends and creditors to cover hospital and medical expenses.
If you are a sole breadwinner diagnosed with a terminal or serious illness (touch wood!), you are forced to stop working and, unfortunately, move, leaving your spouse, parents or children without a source of income. – and significant medical expenses for the foot. Your life insurance plans will give them a lump sum check to help them get on with life for a short period of time (while they find new sources of income) – essentially protecting their financial stability for a year or two.
A common reason why some Singaporeans do not purchase additional health insurance is that they already have enough coverage with MediShield and their employer’s insurance plan. However, everyone’s health and insurance needs may be different – you should check your policies for gaps, limits and exclusions. So before you assume that your current health insurance
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