Shopping is a favourite past-time in Singapore, but when it comes to shopping for medical insurance, you may feel like it’s easier to do a 10-kilometre hike of the Southern Ridges.

With so many insurance companies and even more different medical insurance products available, it’s normal to feel overwhelmed when it comes to choosing medical insurance. If you've struggled with picking out a medical insurance plan, this guide will help you get started.

 

Who needs private medical insurance?

 

Having your own private medical insurance on top of basic safety nets like our national MediShield Life and MediSave schemes means you’ll have more healthcare options should you need hospitalisation. Also known as Integrated Shield plans (IPs), they'll give you the freedom to choose the level of medical care you want without having to worry about the cost.

 

Side note: Here's quick help to choosing the right hospital.

 

 

Starter questions to ask when choosing medical insurance

 

Does choosing a medical insurance plan make you feel like tearing your hair out? Do you wish there were a compass to show you the way to the right plan?

 

I’ve got good news that’ll protect both your crowning glory and sanity! My list of five questions to ask yourself when choosing medical insurance is like a compass - simple but effective questions that'll guide you as you navigate your journey to the right plan. Your answers will help you compare different medical insurance plans with confidence, make a realistic shortlist and finally whittle that down to the one medical plan that fits you to a T.

Ready to start? Dive right into my Crucial Qs to Ask When Choosing Medical Insurance. These are the important questions you should ask if you’re choosing a medical insurance plan for the first time or thinking of switching plans.

1. Will the premiums for this medical insurance plan fit my budget now and in future?

 

Medical insurance protects your savings from hefty hospital bills – a benefit you’ll only enjoy if you’re hospitalised. This means if you’re perfectly well and don’t use the plan, you won’t get back a cent of your paid premiums.

 

However, even if you’re generally in good health, it’s impossible to know if or when you’ll need hospitalisation. So, it’s wise to set aside some budget for a plan that'll give you access to the level of medical care you want if you ever need it.

 

Consider these additional points:

• How much will you pay in annual premiums?
• If you make a claim, will your premiums go up the following year?
• Will you be able to afford the premiums when you’re not working or when there are no premium discounts?
• Can you tap your MediSave to cover premiums, and free up your cashflow for other expenses?

 

 

2. Will this medical insurance plan make it affordable to get the level of care you want when you’re hospitalised?

 

Things like a foot fracture, urinary tract infection and gastroenteritis can all require hospitalisation. That could mean expenses at different stages of your hospitalisation journey – pre-hospitalisation (x-rays, scans, etc), hospitalisation (ward fees, doctor charges, supplies, surgery, etc) and post-hospitalisation (follow-up consultations and scans, rehabilitation therapy, etc). Not every medical insurance plan covers all stages of hospitalisation, and even if it does, not all costs may be fully covered by insurance.

 

Consider these additional points:

• Does it cover the entire hospitalisation journey including pre- and post-hospitalisation charges or just the hospitalisation itself, which could mean more out-of-pocket costs for you to bear?
• If you’re hospitalised, how much will you have to pay out of pocket before the plan benefits start to kick in? Find out about insurance copayments like co-insurance and deductibles. 
• Are there ways to lower your out-of-pocket charges? Some plans allow you to add a rider which will reduce your out-of-pocket charges significantly. Note that riders are optional and come with additional premiums.

 

3. Will you be able to choose the specialist doctor and level of care you want?

 

When I’m ill, I want to be in the best hands. That usually means being able to choose a specialist doctor and level of care I’m comfortable with.

 

All IPs allow you to get treatment at both public and private hospitals, however, the extent of coverage will depend on the plan you choose. So, if you only want to be treated at single-bed wards at private hospitals, choose a plan that matches your needs. If you choose a plan that covers treatment at wards B2 and above at public hospitals but eventually decide to be hospitalised at a private hospital, you’d normally have to pay more.   

 

It's normal to want to be treated by specific doctors or require specialists from a particular field. If this sounds like you, check that your preferred doctors are on the insurer's specialist panel, i.e. specialists that policyholders are allowed to see with coverage. Should a policyholder choose to see a specialist outside their insurer’s panel, they may not get full coverage.

 

Consider these additional points:

• Will the plan still cover you if you see a non-panel specialist and are there certain procedures to follow in order to ensure your plan will cover you?
• What are the implications of opting for higher/lower ward class than what your plan covers?

 

 

4. Will this medical insurance plan make it easy to get medical care when you need it?

 

If I’m cringing in pain from a fractured arm or a severe case of food poisoning, I’d be in no mood for long waiting times, lengthy paperwork or confusing procedures. I’d want convenience and care – ASAP.

 

Before you should find yourself needing hospitalisation, assess how easy a potential medical insurance plan would make it to get medical care. I’d go for the most straightforward and fuss-free option.

 

Consider these additional points:

• Is approval needed from the insurer before you can be hospitalised with full assurance that you’ll be able to make a claim?
• Is there a paperless claims process so you needn’t hang on to your paper receipts or worry that the ink on them will fade before you submit the claim?
• Can you access experts for objective advice on choosing the right plan?
• Is there a single contact point for getting help on everything, be it using your insurance, searching for a specialist or making a claim?
• Is there a way to track your claims progress without having to make multiple calls to a seemingly unreachable hotline?
• How quickly will it take to sign up and how long is the window period before your coverage starts?

 

 

5. Will this medical insurance plan still be right for you in 10 years’ time?

 

No one likes dealing with insurance applications – especially doing it again. However, as you move through life stages, your checkboxes for a suitable medical plan will change. That means you may need new coverage.

 

For instance, when you’re young and just starting on medical protection, you may feel that you don’t need more than S$20,000 in coverage but as you get older, you may want a plan that gives S$1 million in coverage to factor the impact of inflation on future treatment costs, and possibly the need for treatment of chronic conditions like cancer or heart disease that are common especially among the elderly in Singapore.

 

Knowing that a medical insurance plan will evolve with you as you move through different phases of life could make it easier to make a choice. For instance, you can now get a starter medical insurance plan with a decent level of coverage, say S$20,000, for your early working years an at affordable rate. Then once you hit 40, you get guaranteed conversion to a more comprehensive plan with sum assured of up to S$1 million – without undergoing a medical check-up.

 

Consider these additional points:

• Should you have kids later on, will the plan offer free or discounted coverage for them?
• Will there be penalties or costs involved for increasing or decreasing your coverage in future?
• Will the plan cover fertility treatments? Here’s a checklist of everything you need to know if you’re expecting a child.
• Should you develop a health condition in 10 years’ time, would the insurer still cover you for a higher amount?

 

 

Important answers for finding your best-fit plan

 

There’s no such thing as a universal medical plan for all. Your answers to the questions above will lead you to the plan that’s pretty much got your name on it. You should also do further research or maybe speak to a certified financial adviser representative about matching your needs and circumstance to the right plan.

 

I’m personally drawn to insurers that 1) cater for every budget, 2) create straightforward products, and 3) have quick application processes and fuss-free claims procedures. Choosing medical insurance shouldn't be an uphill battle but, well, a walk in the park from start to end.