Health Insurance | Why spend more on Health Insurance ? | Singapore

Health Insurance | Insurance

Have minimum cover, why spend more on Insurance?

Do you also think on the same lines? So, what do you think about Insurance? What if we don’t fall ill, the premium goes waste? What if you fall ill – critically ill and you exceed the limit of basic insurance?

You need to seek an answer to answer to this. Insurance is needed to protect you from any financial set – back due to illness/accident. But you say: Medishield is there to take care of my illness, why waste money on premiums and make insurance company rich. 

Indeed, state-provided Medishield takes care of your risks related to health but if costs increase, it will leave you cash-strapped for a long time. Taking health insurance protects you from rising health care expenses, health care inflation could be   3 / 4 times more than the existing inflation. It is due to the costs of research & development incurred by the Government on improvising health care facilities in Singapore. This is what makes it stand out in the world, from where many countries can take leads.

Most health insurance covers the following costs:

Medical Expense Insurance: Insurer reimburses any medical treatment and hospitalization costs.

Long-term Care Insurance: Insurer provides fixed amount of cash monthly for long-term nursing care that typically includes assistance with daily activities such as bathing, dressing and feeding.

Hospital Income Insurance: You can receive a fixed amount of cash daily from the insurer for each day you’re hospitalized up to a specified number of days per accident or illness.

Critical Illness Insurance: Insurer gives a lump-sum payment along with medical expenses in case of a critical illness such as cancer, heart attack or kidney failure.

Disability Income Insurance: You can receive “income replacement” of up to a certain percentage of your gross monthly income.

This way we see that health insurance enables you to deal with the consistent rise in healthcare costs. It takes just one illness or an accident to leave you bankrupt as all your savings will be eroded in your health care costs.


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