Understanding MediShield Life & What Should You Do (Part 1: MediShield Life in a Nutshell)

Find out more on the eligibility and benefits of Medishield Life that help address the basic healthcare needs of Singapore
3 September 2015
00b

Find out more on the eligibility and benefits of Medishield Life that help address the basic healthcare needs of Singapore

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

Beginning at the end of 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.

Compare Eligibility

Source: Ministry of Health (MOH)

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

Source: Ministry of Health (MOH)

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

Read more on our series of Understanding MediShield Life & What Should You Do:

Share this

More Articles From MoneyOwl

Stay informed on our latest updates and happenings.

What are the differences between multi-pay and single-pay critical illness plans? We examine the benefits and trade-offs
23 Sep 2022

Critical Illness Insurance

Inflation may be an all time high and deterring potential investors from starting to invest, our investment team shares why now is the best time.
20 Sep 2022

Insights

Find out how to deal with market volatility and why you should stay invested in the long term
16 Sep 2022

Investments