Every day, 37 people here are diagnosed with cancer. And for sure, the treatment will cost you. So Davelle Lee gets the experts to give us a step-by-step on the insurance plans you need to get as covered as possible.
Every day, 37 people here are diagnosed with cancer. And for sure, the treatment will cost you. So Davelle Lee gets the experts to give us a step-by-step on the insurance plans you need to get as covered as possible.
THE PROBLEM
MEDISHIELD LIFE ISN’T ENOUGH
1 COVERAGE IS LIMITED
Medishield Life – the national health insurance scheme – is unlikely to be able to cover your entire course of treatment, plus you’ll have to cough up some cash for deductibles and co-insurance. Still, payouts for government-subsidised chemotherapy are capped at $3,000 a month in public hospitals. At private hospitals and in Class A or B1 wards, it’s even less. You’ll have to top up the rest, which can be a lot of money considering that some cancer drugs can cost up to $10,000 a month.
2 PRE- AND POST-HOSPITALISATION EXPENSES AREN’T INCLUDED
You’ll have to dig into your own pocket to cover the cost of consultations with doctors, as well as for investigative tools like X-rays or biopsies (commonly used in diagnosing cancer). Some of these diagnostic tools can be covered by Medisave, but only up to $600 a year. The cost of follow-up appointments, medication and rehabilitative therapy – such as physiotherapy – will also have to be borne by you.
3 IT COULD LIMIT YOUR ABILITY TO TRY NEW CANCER DRUGS
Many newer cancer treatments, such as immunotherapy, are not subsidised by the government – even in restructured hospitals – and therefore aren’t covered by Medishield Life. Without coverage, you might struggle to foot the hefty medical bills.
SO WHAT DO YOU DO NEXT?
1 FIRST, GET AN INTEGRATED SHIELD PLAN
Meant to complement Medishield Life, an Integrated Shield Plan gives you full coverage for hospital bills in wards up to Class A1 at local private hospitals, including payments you make for deductibles and co-insurance. A good Integrated Shield Plan kicks in from the moment symptoms develop and covers all the laboratory tests necessary for diagnosis.
Most of these plans cover cancer treatments approved by the Health Sciences Authority, and will cover you even if you’re stricken with cancer a second time. Of course, they’re also more expensive than basic health plans, and premiums increase as you get older.
2 NEXT, GET CRITICAL ILLNESS COVERAGE
You get a one-time lump sum cash payment if you’re diagnosed with major cancers and other illnesses listed by the insurer, like strokes, heart attacks, and Parkinson’s disease.
The amount of money you get is based on the stage of your illness. Some plans only pay out the full sum if your cancer is at an advanced stage, while others promise payouts in full at the early stages – if you pay a higher premium from the outset. this type of plan do not increase once you’ve locked them in, so do it when you’re in good health. If you develop an illness before you get covered, you might not qualify.
Take note: Many critical illness plans do not cover female-related cancers like breast or cervical cancer. Plus, if you get diagnosed with cancer and claim your payout, you’re unlikely to qualify for coverage a second time.
3 ADD A FEMALE-SPECIFIC HEALTH PLAN TO COVER THE GAPS
Such plans provide cash benefits for illnesses relating to female organs – including breast, cervical and ovarian cancer – and surgical procedures such as mastectomies and breast reconstructive surgery. Many also provide preventive health screening and outpatient treatments.
Premiums for these plans increase with age, so you should get them while you’re still young and healthy.
4 IF YOU HAVE A PRE-EXISTING MEDICAL CONDITION, CONSIDER A CANCER-SPECIFIC PLAN
A handful of insurers offer coverage for cancer, even if you have pre-existing conditions like diabetes, obesity or raised cholesterol, which would ordinarily exclude you from critical illness coverage.
Some plans, like AXA Singapore’s 360° Cancer Care, even offer vouchers for cancer screenings, dietitian services, home care, hair-loss treatment and more.
5 A LETTER OF GUARANTEE CAN HELP EASE THE LOAD
Traditionally, Integrated Shield Plans cover the cost of treatment by reimbursing you, meaning that you must pay up front first. The reimbursement process can sometimes take months, and if the bills are adding up, this can cause you additional stress.
Opt for an integrated plan which offers a Letter of Guarantee. That will get you out of having to pay the cash deposit for hospitalisation or surgery. These plans tend to have higher premiums, with a catch – to qualify, you’ll have to consult a doctor preselected by the insurer.
At the end of the day, the amount of the bill that can be waived by a Letter of Guarantee is capped. Set aside a rainy-day fund to be safe, regardless of how comprehensive your insurance coverage is.
