It really does not matter in which country you reside as the need of good insurance cover will always be of great help to you. Thus, try to find out the insurance policies that are beneficial to you. For those who reside in Singapore, it mandatory and important to go for compulsory health insurance plan.
It helps you from any sort of financial hassle that might arise due to big hospital bills. MediShield Life is compulsory for all the Permanent Residents as well as for Citizens of Singapore.
Must for All PRs and Citizens of Singapore
MediShield is not compulsory but MediShield Life is made compulsory and is administered and monitored by CPF Board. The full form of CPF is Central Provident Fund Board. In MediShield you will have to pay the penalty charges and these charges can go up to 17% of the entire amount that you owe.
But this not the case with MediShield Life because in MediShield Life you will not be excluded from the policy even if you do not pay the premium or cannot afford to pay it. Moreover, if you have pre-existing condition of chronic illness you are still covered under it.
About Payouts and Which one is Expensive?
For most age groups the MediShield Life will be costlier as compared to MediShield. For this you will have to get the information from the concerned Singapore authority.
Medical costs are very unpredictable and you cannot be totally sure about the bill that you will be handed over at the end. So, this is the time when MediShield Life will surely play a vital role in every possible manner.
In MediShield the maximum coverage amount is around $ 70,000 per year and around $ 300,000 which is for whole life. This amount is not enough when you underwent repeated surgeries and when you are suffering from chronic illness.
In MediShield Life, anyone can get up to $ 100,000 coverage in a year. There is no limit on lifetime coverage so there is nothing to worry for your entire life. In MediShield you will be paying 10% to 20% of your entire bill whereas in MediShield Life you will need to pay only 3% to 10% of the entire medical bill. Thus, we can say that in MediShield Life co-insurance payments are pretty less.
For those who are not aware about the MediShield Life will need to understand that it is enacted under the special act and it is called the MediShield Life Scheme Act. The entire policy is also overlooked by Ministry of Health.
Thus, one can say that the benefits of MediShield Life are many and thus made compulsory for every citizen and permanent resident of Singapore. In it there are no chances of any agent taking his cut from the policy and it thus totally safe and secure. So, do not worry about your hospital bills especially if you are in Singapore and have already taken MediShield Life.
Read all the benefits and eligibility criteria to proceed further, and you should know more on what Integrated Shield Plans is.