In this context, I will be discussing mainly on the importance of having a comprehensive medical coverage. As with what I will normally do for all my clients, Health Insurance (or Hospitalization and Surgical plan) forms the foundation of a financial portfolio. And to do it for Singaporean and Singapore PRs, the best way is via Integrated Shield Plans. Hence shortly after Bryceton was born, I signed him up for Company A Private Hospital Plan and Rider. Or like many might understand, you pay this plan from MediSave (Milo-Ping) and top it up with a rider (Dinosaur) to cover 100% for medical expenses.

Company A Private Hospital Plan
Covers Private Hospital Ward & below
Premium: $142.70.yr (from MediSave)

Company A Rider
Covers Deductible & 10% Co-Insurance
Premium: $247.05

I cannot stress more, the importance of having a comprehensive health insurance. The feeling is never good when you have to pay for medical expenses out from your own pocket. Luckily for us, Bryceton was covered soon after he was born. In fact, I was already “slow” as I submitted the application after our One Month Baby Shower on 22nd March 2012 and the policy would only commence on the 1st of May 2012 (i.e. 2.5 months after born).

August 2012 – Day Surgery to Remove Infected Lymph Node

Unfortunately, Bryceton developed infected lymph node near his thigh area. It was somehow infected with pus and became more and more swollen by the days. Eventually, the infected area burst and created an open wound. We saw our PD in the morning and with his referral, we went to see a specialist at Mount Elizabeth right in the afternoon. That was a Friday. The cause of the infected lymph nodes were unknown, but possibly due to the BCG at birth. But anyway, there were 2 courses of action. First, we could manage the wound by disinfecting and dressing it up 2-3x a day for the next 1-3 months, depending on how it heals up. Second, we could opt for a day surgery to remove the infected lymph nodes and then stitching up the wound, and the whole process should take about 3-4 weeks for full recovery. After much discussion, we went for the latter, though we were very worried about the fact that Bryceton has to go through general anaesthesia. The operation was arranged the next day Saturday morning, and it took just about 30 min for the surgery to be done. We left in the afternoon after Bryceton seemed to be ok. So the total bill including pre & post-hospitalization ended up $3,888. Fortunately, it was fully covered and we did not have to fork out much. Certain items like registration fees are not covered.

December 2012 – Severe Diarrhoea

One day in December, Bryceton developed a bad diarrhoea. He pooed throughout the day and once every 1/2 to 1 hour. In total for the day was about 15 times! We were monitoring and became more and more worried during the course of the day. Eventually we decided to bring him to the hospital to see our PD at Mt Alvernia Hospital. So the typical treatment was to have Bryceton on drip to replenish the fluid loss, at the same time, he could stop feeding to “rest” the stomach. So we stayed with him for the night and were discharged 2 days later, after significant improvement to the condition. Total bill including pre & post-hospitalization: $2,580. And fortunately again, it was fully covered.

Jan 2013 – Severe Diarrhoea

Bryceton’s diarrhoea developed again. After some research, we went to see another PD who specialized in gastro-intestinal problems. But anyway, the immediate treatment was the same, putting Bryceton on drip to replenish his fluids and at the same time, resting his stomach. We were discharged the next day (or the day after). Total bill including pre & post-hospitalization: $1,807.

All in all, we were able to get covered for about $8,276 within the first policy year, all because of the Integrated Shield Plan we took up for Bryceton, at just a yearly premium of $389.75. Maybe the amount covered is not so significant, but I wouldn’t want to pay this out from my own pocket, even if I have the means to. Insurance is a game of probability using law of large numbers. For the premiums that we set aside for Health Insurance, Integrated Shield Plans especially, it is well worth the peace of mind that it can give.

So my advice is, please check to make sure that you are well-covered for Hospitalization and Surgical expenses. They cover for catastrophic out-patient treatments like cancer treatment and kidney dialysis too. You never know when you need it. It will be too late if you discover certain medical conditions and then trying to apply for Health Insurance.

Some Useful Tips and Advice:

1. Baby can sign up for Integrated Shield Plan after just 15 days old.
2. However, due to processing and MediSave deduction, typically, applications submitted in the first half of the month can commence immediately on the 1st of the next month. Around 2 weeks.
3. Applications submitted on the second half of the month will only commence on the 1st of the month after next. Around 6 weeks.
4. Decide on the level of hospitalization treatment you wish to get. We decided on the Private Hospital plan because we want to have fast response, in the event of emergency. In Bryceton’s case, his consultations and surgery was done in just 2 days (and fully covered).
5. Decide whether if you need a rider to cover 100%. Different insurers call it by different names. AIA HealthShield Gold Max Essential, Aviva MyShield Plus, GE TotalShield, NTUC Plus Rider and Prudential PruShield Extra. Bear in mind that your company coverage may cease when you leave employment and left on your own. Full coverage is only possible if you are perfectly healthy, otherwise, the best case scenario may be an exclusion in your health insurance coverage.
6. Before #5, decide if you want to rely on MediShield Life instead? See the key differences in the comparison in one of my previous blog article. That’s a question many people ask me about. What is the impact of MediShield Life when it is launch, on the Integrated Shield Plans that one may have. Should I cancel my Integrated Shield Plan totally and rely on MediShield Life instead?
7. What if you have a pre-existing condition? At the moment, Company A is the only company that offers Moratorium Underwriting. i.e. if you do not require medical treatment or advice on your pre-existing condition(s), you can be fully covered after a 5 years trouble-free period.
8. Integrated Shield Plans are always on a Last Payer Status, i.e. if you have some other forms of coverage by your company or personal health plans (other than Shield Plans), they should bear for your medical expenses first, before Integrated Shield Plans kicks in.

NB: Information presented is correct as of Jan 2013

If you like to understand more, do drop me a message below…