Infectious Disease Insurance in Singapore | Protect Yourself from Infectious Diseases

Insurance

Infectious diseases such as COVID-19, Dengue, and Zika are likely to be more deadly and widespread than most people realize. What are some of the best insurance plans for protecting against these silent killers? Everyone’s attention is currently focused on how to protect yourself from infectious diseases. However, much of the focus appears to be on protecting ourselves against the economic slowdown rather than the financial consequences of contracting COVID-19. In this blog, we tell you about infectious disease insurance in Singapore. 

How lethal are infectious diseases?

Three of the top ten global causes of death are infectious diseases (even before the COVID-19 pandemic). If the three categories were combined, they would be the world’s second leading cause of death. Despite our world-class healthcare system, pneumonia caused by infectious diseases remains the second-leading cause of death in Singapore, accounting for more than 20% of all deaths.

Infectious Disease Insurance in Singapore

What types of insurance protect against infectious diseases?

Most people think of integrated Shield plans (IP) and critical illness insurance when they think of insurance and infectious diseases. Indeed, they are good complements to one another because the latter can compensate for opportunity costs, such as inability or reduced capacity to work, through a lump sum payout, whereas IPs can cover actual costs incurred. On the surface, the combination of these two policies appears to be sufficient to cover any infectious disease-related costs, both direct and indirect. 

IPs only cover pre/post hospitalization expenses, the hospitalization itself, and surgery bills, despite being excellent upgrades to your very basic MediShield Life. As you get older, your premiums rise as well. The plan for critical illness insurance would only cover you for major long-term illnesses like cancer (early stage may be excluded), neurological diseases, and stroke. It excludes infectious diseases (for example, Dengue fever, Zika, and H1N1), which is a common misunderstanding among many.

However, there is one type of insurance that many people overlook when considering infectious disease coverage: personal accident insurance. Yes, there are personal accident plans available that provide comprehensive infectious disease coverage at a lower cost than critical illness plans.

Infectious Disease Insurance in Singapore

Should you purchase personal accident insurance to protect yourself from infectious diseases?

Personal accident insurance may be the best option in some cases for protecting against infectious diseases. Recent data shows infectious diseases are probably more common and dangerous than you think and we provide you with a comparison to help you make the best decision. 

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