UNDERSTANDING CPF
Get To Know More About MediShield Life
MediShield Life (MSL) is something that you have heard ever so often. One thing that we frequently associate with MSL is healthcare. It is true; MSL is indeed all about healthcare.
MSL is a health insurance plan administered by the Central Provident Fund (CPF) Board. It assists you in paying for large hospital bills and allowable outpatient treatments.
What does it cover?
MSL covers you if you are hospitalized at a public hospital that is subsidised by the government. MSL payouts are only pegged to B2/ C wards only. But you are still able to go for treatment at a B1/ A ward, just that you have to top with cash.
It does not give you full coverage, which means that you would still have to pay some part of the bill. There are limitations to the MSL coverage and it is wise to be aware of them
Do you need it?
It is mandatory thus there is not much to argue. The reason why it is mandatory is that the government realizes that importance of healthcare and this is one way to assist people in paying for it.
MSL is precious for people who have a pre-existing condition and are not able to get enhanced coverage with Private Medical Insurance. It is their only line of defense when it comes to paying healthcare costs.
Is the coverage sufficient?
If you are comfortable with getting treated at a ward B2/ C of a government hospital, thus it should be enough. But always be aware of the coverage limitations and the possible cost that you need to fork out from your own wallet.
But if you were the opposite, hence you yourself would know the answer. There are always options to upgrade your coverage.
Yes, you are able to save money with lower coverage but bear in mind if everyone has the same mindset as you, you might be facing the situation of crowded hospitals, lack of urgency when it comes to service and maybe even a long wait to get a bed.
Healthcare is important now and in the future
With more and more articles, news and advertisement that contains about healthcare, it just shows the importance of it.
We are fortunate for a certain amount of coverage as an act of initiative from the government. But much still depends on us in terms of fulfilling your wants and needs.
You can click here, for much more details about MediShield Life.
To sum it up, the lifestyle that you are living will link with your financial wellness. And your financial wellness will determine your capability of paying for your healthcare.
That comes to the end of this article. Hope that this is beneficial for you and 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.
