What is the difference between the MediShield Life and Integrated Shield Plan?

medishield life

In Singapore, there are two main types of health insurance policies available: MediShield Life and Integrated Shield Plans. Understanding the key differences between the medishield life and integrated life insurance is important in making an informed decision about which policy is right for you. 

In this blog post, we’ll break down the key differences between MediShield Life and Integrated Shield Plans so that you can make an informed decision about which policy is best for you. Stay tuned!

What is MediShield Life in Singapore?

MediShield Life is an insurance scheme in Singapore that covers all residents for life, regardless of age or health condition. It provides protection against large hospital bills and helps to ease the financial burden on families in the event of serious illness or death. 

MediShield Life was first proposed by the ruling party, the People’s Action Party (PAP), during the 2013 general elections. The scheme was intended to replace MediShield, which only covered citizens up to age 85. The government felt that it was time to provide lifelong coverage for all residents, given Singapore’s rapidly ageing population. 

MediShield Life basically works like this: if you fall seriously ill or are injured, your medical bills will be taken care of by MediShield Life. This includes hospitalisation, day surgery, and selected outpatient treatments such as chemotherapy, radiotherapy, dialysis and renal transplants. In addition, people with chronic conditions such as diabetes and heart disease can also receive treatment for their conditions using MediShield Life. 

What is the Integrated Shield Plan?

Integrated Shield Plans (IPs) in Singapore are a type of insurance that covers you for both hospitalization and outpatient treatment, as well as giving you the option to customize your coverage. 

There are different riders that can be attached to your plan, which will cover you for things like general practitioner visits, surgeries, and even optical and dental treatments. Most plans will also allow you to choose your own Medisave-approved Integrated Shield Plan-recognized hospitals.

Do you need to upgrade to an IP?

It depends on your needs and budget. Integrated Shield Plans (IPs) are designed to provide additional protection for those who need it, beyond what is provided by the mandatory MediShield Life scheme. 

IPs usually come with higher premiums, but they also offer more comprehensive coverage. For instance, an IP will typically cover a wider range of outpatient treatments and procedures than MediShield Life. It will also usually offer a higher claim limit, which means you can receive more payout for treatment costs incurred. 

Ultimately, whether or not you should upgrade to an IP depends on your individual circumstances. If you feel that you need more comprehensive coverage than what is offered by MediShield Life, then an IP may be the right decision for you. 

Additional Benefits of An Integrated Shield Plan 

In addition to the basic health insurance coverage, an integrated shield plan in Singapore also provides for:

Hospital stay and surgery: This covers the cost of your hospital stay and treatment, including surgeons’ fees, consultation fees, anaesthetist fees, etc. Some plans also cover outpatient treatment.

Pre-existing medical conditions: Many plans will cover pre-existing medical conditions that are not covered by your basic health insurance plan.

Dental and optical: Most plans will provide some coverage for dental and optical treatments. Check with your insurer to see what is included in your plan.

Additional benefits: Some plans also come with additional benefits such as personal accident coverage, home nursing services, etc.

Recent changes to Medishield life and Integrated shield plans 

MediShield Life has been a great protector of Singaporeans’ healthcare needs, but it’s time to update the limits. With medical inflation on an upswing and new treatments coming out every day – they’ll need more coverage than ever before!

They recommend that claim limits for daily ward charges are raised alongside other changes in order to keep up with rising costs of treatment while also keeping premiums affordable for all members who need protection against high-cost hospital stays or major surgeries without fear they’ll face financial ruin due only on uncovered expenses beyond what their policies cover.

It is important to note that MediShield Life does not just cover hospitalization bills in subsidised wards. If you are admitted into a higher class ward or private hospital, you can still make a claim through MediShield Life. So do not worry if you find yourself in an expensive ward – your MediShield Life policy will still come to your rescue. 

To sum up:

The MediShield Life and Integrated Shield Plan in Singapore are two different insurance products that offer different benefits. If you are looking for comprehensive coverage, the Integrated Shield Plan is a better option. However, if you are looking for basic medical protection, the MediShield Life policy is more suitable. Ultimately, it is important to understand the difference between these two policies and choose the one that best meets your needs.