Employer’s Health Insurance | Health Insurance Policy in Singapore

Health Insurance | Insurance

Are MediShield & Employer Insurance sufficient? 

Are you amidst those who think there is no need to buy additional health insurance as Government-sponsored MediShield and Employer’s insurance are good enough? Think that these together will hold you in good stead if sickness strikes. Then you need to rethink your insurance-related needs. No doubt, healthcare offered by Singapore is one of the best in the world, but it is expensive too, health care inflation is 3 / 4 times of inflation due to heavy incurrence of expenditure in R & D by the Government. Singapore Government spends heavily on its doctors, state-of-the-art equipment, and quality of service offered, which makes it the center of excellence for healthcare in Asia, be it the private sector or the public sector.

If you are assuming that putting these two together making your coverage “comprehensive,” you may be mistaken. It’s high time that you read your employer’s policy and look for exclusions and gaps, which may glare at you when moment of truth arrives (read claim).

Consider the fact, maybe your present employer’s coverage is near comprehensive, which may not be the case when you change job. What if here the employer’s policy is different.

More so if you are unemployed for a certain period and have no employer’s coverage then how would you afford health care expenses.

Important Factors :

• Another important aspect, your employer’s policy might have a variety of insurance limitations such as deductibles, sub-limits^ or co-insurance (just like MediShield). There might be an age limit as well, look through your policy thoroughly so you can see just how much your employer will cover.

• Is your policy covering Pre-existing diseases*? This may be an exclusion (pre-existing conditions) at the inception of your policy and for a period after inceptions (ex. 12 months). That means if you change jobs and have a medical condition that requires regular treatment, you’ll have to bear the expenses from your pocket.

Recommended 

It is advisable that please do not make assumptions by going on the face value of your policy. It is important that you thoroughly know what is covered and what is not covered in your employer’s policy. You need to evaluate total coverage, identify gaps, exclusions, co-pay etc. and then decide to buy additional health insurance, which you have been avoiding till now.

So, before you make assumptions about your current health insurance coverage, it can have dangerous consequences. Hence, evaluate your total coverage, look for gaps, and consider purchasing additional health insurance coverage to reduce your risk!


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