Saturday, April 20

Criteria when choosing the best Critical Illness Insurance in Singapore

Hospital bills are a nightmare for most working people. Even a short stay for two days can end up significantly hurting someone’s savings. Insurance is a savior for such treacherous days in your life. Paying a small amount every year can take off the burden of a sudden hospital visit. With the onset of a global pandemic, as more and more people are getting hospitalized every day, the need for good insurance is paramount. Because without proper insurance, many will hesitate to visit the hospital to get them checked out, leading to a further rise in COVID-19 infections.

Critical Illness Insurance

Critical illness insurance assures the policyholder a lump sum payout if they are diagnosed with a critical illness. Many diseases are covered under the critical illness insurance policy like kidney failure, aortic diseases, meningitis, blood cancer, Parkinson’s disease, to name a few. This insurance payout is pre-decided by the policyholder and the insurer while finalizing the contract. The lump-sum payout is given only when the policyholder is diagnosed by a physician specializing in the field. For the insurance contract to be valid, the policyholder must survive for 8 to 14 days after getting the said critical illness diagnosis.

Difference between critical illness insurance and health insurance

Critical illness insurance gives the policyholder a lump sum amount of money on getting a critical disease diagnosis. It covers the medical costs and transportation costs and, most importantly, income lost during the recuperation period. Many additional expenses, such as medical supplements and therapy sessions, are also covered under these insurance plans.

On the other hand, health insurance covers only the medical costs incurred during a disease’s treatment. Most patients are forced to take time off work due to their illness’s lengthy recovery period and made to take a pay cut, which causes great inconvenience.

Criteria when choosing the best Critical Illness Insurance in Singapore

Several companies are comping up with policy plans. But before finalising which policy to invest in, you should weigh out all the benefits provided by each program and choose the one that fits your needs. Selecting one single insurance plan among a handful of other plans is not an easy task. A single insurance company often offers multiple deals, so you should base your decision solely on your requirement purposes. So it is usually advisable to go through the perks and drawbacks of every policy through an online website or customer care services, compare them and then make a well-informed decision. Few of the essential criteria to consider while making such a decision are:

  •     Budget:Critical illness insurance policies usually cover only a few specific diseases. The approximate cost of such treatments is often offered online. If not, such information is readily available among family and friends who suffer/have suffered from the same critical illness. After that, you should compare the approximate total cost of outpatient visits, diagnostic tests, surgical expenses, and post-treatment care to the insurance company’s compensation. This rough estimate of costs will help you narrow down your choice of insurance companies by a few.
  • Critical Illnesses Covered Under The Policy – Before choosing a policy, you should ensure that policy covers the critical illness/illnesses of your concern. Only then should you go ahead with that policy. If someone with a history of heart disease is looking to get themselves insures, they must check to see if the insurance gives payout for all heart disease stages. Critical illness insurance policies usually cover diseases like paralysis, cancer, heart attack, Coronary Artery Bypass Graft, stroke, transplants, and kidney failure. These diseases require intensive post-operative care and patients and are either prescribed to not or cannot perform basic household chores.
  •     Waiting period of the policy:Critical illness insurance policy has a large range of waiting periods. After that period, the company will give a lump sum payout if a proper diagnosis is received. Usually, waiting periods range from about three months to four years. So it is more advisable to choose an insurance plan with a shorter waiting period because medical emergencies can happen at any time. Hence, it is better to have coverage as early as possible.

A large variety of insurance plans are available, starting from basic plans to family plans. So while choosing which insurance plan is best for you, read all the companies’ documents properly and make an informed decision keeping your future in mind.

Maid insurance Promotion

Maid insurance is a government policy that becomes mandatory if you hire a foreign domestic worker. The government of Singapore does not cover any foreign domestic workers. These insurance policies protect the employer from bearing any losses in medical emergencies or their domestic employee’s accidents. The maid insurance is mainly of three types. The expensive plans come with higher coverage and wage reimbursement, while the cheaper ones give lower payouts and exclude outpatient expenses. In most cases, it is seen that it is much cheaper to get separate maid insurance than to spend thousands of extra dollars to update your existing insurance. Some of the maid insurance plans also include third-party liability.

All insurance plans are renewable and give a payout for testing and treatment for the COVID-19 virus. But on the downside, some of these plans have a waiting period of 12 to 24 months between two claims. If your health is delicate, then this is one of the most important deciding factors for you. Even with a higher costing than the basic program, a family plan is more suited for you if you are a parent. If you are at risk for contracting diseases due to low immunity, you will be better off choosing a plan covering all stages of several diseases. On the other hand, if you are just starting your career, you are better suited for basic insurance plans. Which policy you choose is dependent upon what your requirements and your pre-existing health conditions are.