MediShield Life is a primary health insurance plan for all citizens and permanent residents of Singapore and is governed by Central Provident Fund Board. They are responsible for paying huge hospital bills and support costly medical treatments like dialysis and chemotherapy for cancer patients.

What Does MediShield Life Cover?

It covers almost all diseases and those facilities are made available till death of the insured. Such schemes serves as major benefit because illnesses tend to increase more as people ages.

The insurance plan was launched by the Government of Singapore in the end months of 2015. It is a simple basic health insurance scheme that helps to pay for any hospitalization fees and certain other treatments. The health insurance premiums are paid from the patient’s Medisave Account that are in the Central Provident Fund. It is actually a replacement of MediShield and is far more superior in many ways as far the benefit goes:

  • The claim limits under MediShield Life are much higher than its predecessor.
  • MediShield benefits an individual up to age 92 whereas the new plan provides health insurance coverage until death.
  • Because of pre-existing medical conditions, many were deprived from getting benefits from MediShield but under the new plan even chronic diseases like HIV are also covered.

MediShield Life Coverage and Features

The Scheme provides payment for a bunch of serious ailments with a fairly generous coverage. As an example, the maximum coverage for implants is $7000, for radiosurgery it releases $4800 per procedure. The payout limit for chemotherapy for cancer is $3000 per month. The patient that requires kidney dialysis have coverage of $1000 per month. Below are some of the expenses that are not included in the MedeShield Life Scheme:

  • Expenses incurred before stating the life cover
  • Ambulance services
  • Dental works
  • Cosmetic surgery
  • Maternity charges
  • Private nursing charges
  • Treatment for alcoholism and drug addiction
  • Overseas medical treatment

The three very important features of MediShield Life are discussed below and how they can impact your life cover usage.

Claim Limits:

This insurance policy covers hospitalization charges and surgical charges. The maximum amount of coverage that an individual can claim is $100,000 a year. This amount is further broken into a number of individual items like daily treatment charges including ward fee are limited to $700. If anyone needs an ICU, the coverage goes up to $1200 per day. On the other hand, different surgical proceedings have individual limits between $200 and $2000.

Deductible:

The entire hospital bill is not covered by the MediShield Life insurance plan. The plan requires the patient to pay an amount, known as deductible, up to a certain level before the coverage of the insurance policy starts. Deductible helps to reduce the number of relatively small claims that an individual can pay on their own. Deductibles also helps in keeping the premiums low.

Co-insurance:

Adding to the deductible, an individual needs to bear a portion of hospital bill called co-insurance. Typically co-insurance varies anywhere between 3% and 10% of the total billed amount. Also it falls when the value of the bill rises.

Further Reading: Difference Between MediShield and MediShield Life