Health insurance

Health insurance is a policy designed to help cover the costs of medical care—whether it's for hospital stays, prescription medications, specialist consultations, critical illnesses, or other necessary treatments. If you're diagnosed with a covered illness or experience an accident that requires medical attention, your health insurance can help ease the financial burden of treatment.

We can’t always predict when illness or injury will happen. But what we can do is to plan for it, that’s where health insurance steps in. It acts as a safety net, allowing you to focus on recovery without worrying about overwhelming medical bills.

The funds can be used whenever you see fit (whether for medical treatment, daily expenses, or income replacement) so you and your loved ones can maintain financial stability during a difficult time.

As healthcare costs continue to rise due to medical inflation, having comprehensive health insurance isn't just a safeguard; it's peace of mind. With the right coverage, you’re not only protecting yourself, but also shielding your family from financial strain in the event of a health emergency.

There are several types of health insurance policies available, each catering to different needs such as healthcare, income replacement, coverage for living expenses, and more. Understanding these options can help you decide what level of protection suits you best. Here are several types of health insurance, including but not limited to the ones listed below:

Hospitalisation & Surgical Insurance
Covers medical expenses for hospital stays and surgeries due to illnesses or accidents that are covered under the policy. This typically includes the cost of procedures, diagnostic tests, and aftercare, subject to annual or lifetime limits.

Critical Illness Insurance
Pays out a lump sum upon diagnosis of a list of specified critical illnesses such as cancer, heart attack, or stroke. Many modern critical illness plans provide coverage from early to advanced stages, allowing for claims at different severity levels.

For example, covered conditions may include:

Early Stage: Early stage cancer or carcinoma in situ

Intermediate Stage: Chronic kidney disease or moderately severe Parkinson’s disease

Advanced Stage: Kidney failure, major organ transplant, or advanced stage cancer

This tiered structure ensures that policyholders receive financial support at multiple stages of their illness, not just during the most critical phase.

Hospital Income Insurance
Pays a daily fixed amount for each day you're hospitalised due to illness or injury. This is meant to help with incidental expenses during your stay.

You can sign up for a policy that covers one or multiple types listed above.

Every health insurance plan is unique, with varying coverage and benefits depending on the insurer and policy type. To help you work out how much coverage you might need, you can use our Critical Illness Cover calculator to give you a clearer picture of your budget and coverage requirements, helping you make informed decisions about your protection needs.

Medical insurance (often referred to as a medical card) helps you manage your healthcare costs by covering some or all the expenses associated with illness or injury. Here are some key concepts to familiarise yourself with:

Please note that the features described below may not apply to all medical insurance plans and are subject to the specific terms and conditions of each policy.

• Annual Limit: The maximum amount your policy will pay for covered treatments within a policy year.
  
• Lifetime Limit: The maximum amount your policy will pay for covered treatments throughout the entire duration of your policy.
  
• Guarantee Letter: A formal letter from your insurer to a hospital, confirming they’ll cover the cost of your treatment up to a certain amount.
  
• Panel Hospital: A list of approved hospitals where you can receive treatment under your policy. You can still seek treatment at non-panel hospitals, but the process differs from that of panel hospitals.
  
• Cashless vs Reimbursement:

o   Cashless: You receive treatment at a panel hospital, and the bill is settled directly between the hospital and your insurer.

o   Reimbursement: You pay first, then claim the amount from your insurer afterwards.

• Room & Board: This refers to your hospital room, nursing care, and meals provided during your hospital stay.
  
• Deductible: A fixed amount you need to pay out-of-pocket before your insurance starts to cover the costs.
  
• Co-Insurance: A cost-sharing arrangement where you pay a portion (usually a percentage) of the medical expenses, and the insurer pays the rest.

Understanding these terms can make it easier to compare plans and choose one that meets your specific needs and expectations.

And if you are still unsure, don't worry, our friendly Life Planning Advisors are here to walk you through your options and help you make the right choice.

The answer to this question varies based on several factors, including where you seek treatment (private vs semi-private), the illness you're receiving treatment for, and the level of care you desire. These factors significantly influence the premiums your policy will require. 

Yes, you may surrender or terminate your Medical Insurance anytime. However, do note that you will be subjected to your policy’s terms and conditions. 

• Medical Insurance: Typically has a 30-day waiting period for most illnesses except for accidents, and 120 days for specific illnesses such as cancer, hypertension, diabetes mellitus and more.
• Critical Illness Insurance: Waiting periods of 30 or 60 days are applicable, depending on the type of critical illness.

o   Always refer to your policy contract for the exact waiting period applicable.