Understanding MediShield Life & What should you do (Part 1: MediShield Life in a Nutshell)


Article Author - Eddy Cheong
By Eddy Cheong
Jul 04, 2014

MediShield Life is a significant upgrade of the current MediShield to help address the basic healthcare needs of Singapore.

Beginning in end 2015, all Singapore citizens and permanent residents will be included in the new compulsory scheme, regardless of age and health. In addition, all pre-existing conditions will be covered.


MediShield Life in a Nutshell

Compare Eligibility

 

MediShield

MediShield Life

For who

Most people

ALL people

  • Only good health is accepted. Seriously ill persons are not insurable.
  • Pre-existing conditions are excluded
  • Can opt out
  • All Singaporeans and PRs are included regardless of health condition.
  • Pre-existing conditions are covered
  • Compulsory

How long can I keep the plan

For those who are not too old and
have not claimed up to the lifetime limit

For Life

Age limit: 92
Lifetime claim limit: $300,000

Age limit: No limit
Lifetime claim limit: No limit


MediShield Life offers better protection by increasing its claimable benefits and lowering the co-insurance (the portion you need to bear). Besides higher inpatient benefits, outpatient benefits such as chemotherapy for cancer will also be increased. Essentially, a larger portion of the hospital bill is now claimable, resulting in smaller out-of-pocket expenses.


Compare Key Benefits

 

MediShield

MediShield Life

Appropriate ward class

B2 / C wards

B2 / C wards
(no change)

Claimable Benefits


  • Annual claim limit
  • Daily ward/ICU charges
  • Surgical procedures (Table 1-7)
  • Daily claim in community hospitals
  • Chemotherapy for cancer

Basic Protection

Better Protection

  • $70,000
  • $450 - $900
  • $150 - $1,100
  • $250
  • $270 per 7-day cycle
  • $1,240 per 21/28-day cycle
  • $100,000 (40% higher)
  • up to 55% higher
  • 25% - 93% higher
  • $350 (40% higher)
  • $270 per 7-day cycle
  • $3,000 /month (140% higher)

Annual Deductible 1

up to age 80: $1,500 - $2,000
age 81 onwards: $2,000 - $3,000

No change

Co-insurance 2

10% - 20%

3% - 10% (smaller)


1 The amount the insured must first pay before the insurance policy starts paying out any claim. If the claimable amount is less than the deductible, no claim will be payable. The deductible applies on a policy year, which means a number of smaller bills can be added up within the policy year to meet the deductible.
2 The portion of the claimable amount that the insured needs to bear after setting aside the deductible.

In summary, MediShield Life:

  • Offers higher benefits
  • Covers pre-existing conditions
  • Is for all people and for life
  • Is compulsory, no opt out
  • Is suited for B2/C class wards
  • Starts in 2015

What about the premium, will it be affordable? Stay tuned for Part 2!


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