STARTER GUIDE TO FINANCIAL PLANNING
How Does MediShield Life And Integrated Shield Plan Work Together?
The quality of healthcare in Singapore is developing and you will see a new healthcare building, hospitals and hospice being build every now and then.
It comes to a point where you would realize that Singapore is indeed quite well known for medical tourism. This is where foreigners from abroad come here just to get treatment. That shows how highly sought after our healthcare service is and one of the reason would be due to the reliability and efficiency of the system.
With such demand, that will translate to higher cost thus that is why it is important to have health insurance. It is to help you in paying up for high medical bills.
MediShield Life
Every Singaporean and Permanent Resident would already have MediShield Life coverage, as it is mandatory. MediShield Life is a health insurance plan administered by the Central Provident Fund (CPF).
MediShield Life covers you up to wards B2 and C of a government hospital. It helps you pay for the hospital bill and selected outpatient treatments, but do keep in mind there are limitations in what is payable with your MediShield Life.
You may still go to a higher ward or even a private hospital, but you will basically have to pay extra. Paying the extra amount might cause you to dig deep into your pockets or even touch your emergency funds, which is the last resort. Therefore, it comes to the next part of this article.
Integrated Shield Plan
If you prefer to have a better experience when you are hospitalized or you want a choice in your doctors, therefore it would be recommended that you should get an Integrated Shield Plan.
An Integrated Shield Plan is similar to MediShield Life but it has enhanced coverage. Normally an Integrated Shield Plan will offer you coverage for wards B1 and A of a government hospital and some even can cover your expenses in a Private hospital. It all depends on the plan that you have chosen.
How do MediShield Life and Integrated Shield Plan work?
If you have an Integrated Shield Plan that does not mean that your MediShield Life is redundant. The reason why it is called an Integrated Shield Plan is that it will be integrated/combined/merged with MediShield Life. Put it simply, it is an upgrade of what you have or putting nitrous into your car.
Therefore they work hand in hand when paying for your hospital bills. And yes you are paying for both of them. Fret not; you are able to pay for your premiums with your MediSave.
What is the procedure when I get hospitalized?
If you get hospitalized due to an illness or accident, you might be wondering how does the claim process work. As a general answer, this below will be the process.
Once you get hospitalized, you should inform the hospital that you have an Integrated Shield Plan but if you are unconscious, then your family members should be the one informing them. That is one reason why you should share with your family members of what kind of coverage you have so at least they would roughly know how to help in such a situation.
Once the hospital is informed, the hospital will liaise with your insurer with regards to the payment of your hospital bills. The insurer will provide a Letter of Guarantee (LOG) to the hospital. A LOG is a form of assurance or guarantee of payment from the insurer to the hospital to pay up for the allowable portion of the hospital bills.
Normally, if the LOG has been issued, you can walk out of the hospital without paying a large amount of the bill. Do take note, however, the LOG does not mean that the claim is successful, it is still subjected to reviews from the insurer.
When it comes to how much does MediShield Life will pay and what portion will the Integrated Shield Plan reimburse, it will be decided upon them. It will normally be divided proportionally amongst the CPF board and insurer. You do not have to be claiming from both sides, you will normally get the claim from the insurer.
To summarize, you do not have to do much if you get hospitalized. The insurer will do much of the work for you. Nevertheless, not all cases and situations are the same, therefore, always seek clarification rather than having assumptions.
The Need For Both
The main reason for getting health insurance is to assist you in paying up for large hospital bills. The existence of MediShield Life is beneficial to everyone and gives the assurance when you are really sick. And the existence of an Integrated Shield Plan is to give you further comfort and efficiency when you need to get treated.
Both are equally important especially in times of need. We do not know how much we need until it is too late.
Hope that this article was useful. Do share it with your family and friends. Till next time.
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
