An Integrated Shield Plan may be just what you need for full coverage of your child’s hospitalisation bill.
An Integrated Shield Plan may be just what you need for full coverage of your child’s hospitalisation bill.
If your child has to be hospitalised, you want her to be treated effectively and quickly, in the best possible environment. But worries about financial coverage and a lack of understanding about insurance policies can lead to unnecessary compromises on your children’s care. Here, we demystify insurance speak and show you how full coverage for hospitalisation bills can be achieved.
KNOW YOUR COVERAGE
According to the MediShield Life Review Committee White Paper, which came out in 2014, 60 per cent of Singaporeans who have Integrated Shield Plans that cover private hospitals will still opt to go to a public hospital for treatment. That means that they may be concerned about the extent of their insurance coverage for large hospital bills.
INTEGRATED SHIELD PLANS
This is an additional private insurance plan that sits on top of your MediShield Life coverage. It allows you to receive treatment in the Class A/B1 wards of public and private hospitals.
WHAT’S A RIDER?
Without a rider, you will have to pay out for deductible and part of the bill (co-insurance). Riders that use terms such as “from First Dollar Coverage” cover the co-insurance and deductible portion, so your final hospital bill may be $0.
DEDUCTIBLE AND CO-INSURANCE
“Deductible” is a clause in an insurance policy that dictates how much you must pay before the insurer will cover any expenses. “Co-insurance” is the percentage of costs of a covered service that you pay, after you’ve paid your deductible.
FIND OUT MORE
Insurance is complicated business. To help you understand it, Mount Elizabeth Hospitals has launched a special hotline. Call 6653-6066 or go to www.mountelizabeth.com.sg/YP to find out:
• What an Integrated Shield Plan is.
• What a rider is.
• What types of Integrated Shield Plans cover a private hospital bill fully.
• How the claiming process works.
• Your estimated bill size.
Here’s how your bill might be broken down if you have an Integrated Shield Plan, with or without a rider.
*Deductible is projected if patient is warded in a Class B2/C ward.
**Medishield Life co-insurance is tiered at 3% for a bill size above $10,000; for Integrated Shield Plans, the co-insurance is calculated at a flat rate of 10%.
^The Medishield Life and Medisave claimable amount varies, and the amount is projected on a hypothetical procedure and hospital stay estimate. You can claim from your Medisave only if you have a minimum balance of $10,000 in your Medisave account and you have not exceeded your annual withdrawal limit.
