“the Role Of Private Health Insurance In Complementing European Healthcare” – If you don’t have time to read the whole article, you can read our short version below

Have you heard about the proposed improvements to the state insurance program MediaShield Life in 2021?

“the Role Of Private Health Insurance In Complementing European Healthcare”

Many Singaporeans do not understand the impact of these changes on their choice of hospital. Here’s how government and private hospital subsidies differ under Advanced MediShield Life Plan.

Private Health Insurance: Adverse Or Propitious Selection?

An optional allowance will be added to provide additional assistance with medical expenses for Singaporeans and Permanent Residents (PRs).

MediShield Life is a premier health insurance plan that protects all Singaporeans and PRs against hospital expenses for life. It is subsidized in government hospitals and associated with B2/C type wards. If you choose to stay in an A/B1 ward or a private hospital, you will still be covered under MediShield Life. However, you may find that MediShield Life covers a small portion of your premium.

Before calculating their MediShield Life charges, private hospitals assess the patient’s bill at 25% (down from 35%), which is comparable to government hospitals. This ensures that patients in private hospitals are not overcharged. You will need to use Media Savings, Cash and/or Private Integrated Shield Hospital Plan to pay the balance.

If you choose a private hospital or a tertiary ward over a government hospital, it is recommended to purchase a private shield plan that provides additional coverage, such as Aviva MyShield insurance plan provided by the bank. This ensures that the cost of treatment remains affordable even if you go to a private hospital.

Bringing Private Health Insurance Into The 21st Century

Otherwise, government hospitals would be a better option due to various subsidized benefits in Medishield Life

If you prefer to stay in a private ward or are flexible enough to choose your own doctor, the Universal Shield plan gives you additional coverage over and above the Medishield Life cover.

This means a higher premium than Medishield Life Note that like MediShield Life, annual premiums increase with age, so retirees or pre-retirees may want to consider the stability of getting an Integrated Shield plan. It all depends on your priorities, capabilities and mindset

If you are worried about rising premiums, it is better to opt for a government hospital and avail the subsidy offered by MediaShield Life Plan.

Medicare For All Would Abolish Private Insurance. ‘there’s No Precedent In American History.’

But if you want to stay in a private hospital, be prepared mentally and financially for the high insurance you pay.

Having said that, as you get older, you can downgrade to a private shield plan with less coverage for hospitalization in government hospitals (categories A and B).

In partnership with leading insurance companies in Singapore, buying health insurance online is easy. You can independently design, compare and buy a plan for your needs Learn more about Health Marketplace

Talk to a wealth planning manager today for a financial health check and how you can better plan your finances.

Types Of Health Insurance

Also, check out Digibank’s Plans and Investments tab to analyze your true financial health. Best of all, it’s hassle-free – we automatically manage your cash flow and provide money advice. How do you choose COBRA or private health insurance when you are looking for previous health insurance benefits when you were partially covered by your previous employer? The right choice depends on your particular situation, with both pros and cons

The Consolidated Omnibus Budget Reconciliation Act (COBRA) itself is not insurance. Also, COBRA is a law passed in 1985

Under COBRA, the employee continues with his own insurance plan, but then pays all costs.


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