Health insurance

My mother-in-law recently got admitted into a public hospital for an operation and was warded in a subsidized Class B2 ward. For the past few days, she had been complaining about being unwell and in acute pain. On a few occasions, we informed the nurses about this but they appeared nonchalant and were not helpful at all. It was indeed a frustrating experience but it also vindicated my decision to upgrade my family’s health insurance to private medical shields since last year.

The follow-up appointment was an even worse experience. We waited for 7 hours before the doctor’s consultation. The nurse was also very rough in her handling and caused a lot of discomfort for my mother-in-law.

When Singapore government rolled out the Medishield Life in 2015, many Singaporeans assume that there is no need for private medical shield plans. After all, the coverage of the new Medishield Life seems comprehensive, covers everyone and protects you for lifetime.

health insurance

So why waste money on upgrading your health insurance to private medical shield plans? But then again, not many people realize the gaps that exist in the system.

Firstly, since Medishield Life [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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Updated: November 9, 2019 — 2:14 pm

2 Comments

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  1. private health insurance was always a comforting factor in the possible event of illness .however the companyies have introduced restrictions on the risk they will payout .eg the policies specify different types of heart problems and cancers that they will pay but should you a health problem that is not specified you have no cover .some of the companies now insist on seeing your family health history and then they will tailor a policy to limit risks on any family health problems .beware

  2. Hi John,

    Indeed it is important to get insured when you are in the pink of your health. Otherwise no insurance companies would accept your application because you are deemed as high risk to them. As for checking the family health history, I guess this is part of their risk management. After all, cancer is on the rise in Singapore. Probably they want to limit their liabilities as well.

    Nonetheless, very good point you have raised. I would take note of that in my wealth journey!

    Regards,
    Gerald
    https://www.sgwealthbuilder.com

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