Integrated Shield Plans (IPs) are healthcare insurance plans that offer coverage for both hospital and outpatient care. They are one of the most popular health insurance products in Singapore, as they provide comprehensive protection against medical expenses. In this article, we will discuss what are integrated shield plans and how they work. There are several benefits to getting an Integrated Shield Plan in Singapore. For one, it can help you save on your medical expenses. According to the Ministry of Health, an Integrated Shield Plan is a “comprehensive and portable insurance plan that helps pay for outpatient treatments, selected complementary diagnostic procedures, warded hospitalisation in public and private hospitals.”
This type of plan gives you more comprehensive coverage than what is typically offered by MediShield Life alone.
Integrated Shield Plans Benefits
In addition, an Integrated Shield Plan can also provide coverage for pre-existing conditions and preventive health screenings. This can help you stay healthy and catch any potentially serious health issues early on.
MediShield Life is planned for B2/C classward costs
MediShield Life is designed to cover B2/C classward costs in Singapore because these are the most common ward types that people in Singapore typically require hospitalization for. By covering these costs, Medishield Life helps to ensure that everyone in Singapore has access to quality healthcare, regardless of their financial situation. Additionally, this also encourages people to make use of healthcare services when they need them, which ultimately helps to keep healthcare costs down for everyone.
Difference between hospitals wards in Singapore
The difference between hospital wards in Singapore can be quite significant, with B2/C class wards costing much less than A or B1 wards. This is why MediShield Life is designed to cover B2/C ward costs, as these are the costs that most people are likely to incur.
In addition, there is also a cap on the amount that MediShield Life will pay for each claim. So even if someone were to stay in an A or B1 ward, they would only be responsible for the difference between the cost of the ward and the cap. And this difference is usually not very large, so most people should not have to worry about it.
Does Integrated Shield Plan complement MediShield Life?
An Integrated Shield Plan (ISP) is a type of health insurance that complements MediShield Life, which is Singapore’s basic healthcare insurance scheme.
An ISP provides coverage over and above that of MediShield Life. It typically covers a wider range of treatments, including those in private hospitals and/or with more expensive staged billing tiers. In addition, an ISP usually has no or lower co-insurance and deductibles than MediShield Life. This means that the policyholder pays less out-of-pocket when making a claim.
Besides having better coverage, an Integrated Shield Plan also gives policyholders the flexibility to upgrade their MediShield Life cover.
How much does an Integrated shield plan cost?
Integrated shields plans in Singapore typically cost anywhere between $200 to $600 per year. The actual price will vary depending on the insurer, the Shield type of plan you choose, and other individual factors such as your age and health condition. For example, a 35-year-old healthy individual who purchases an AIA Vitality Planshield basic plan with a yearly policy limit of $500,000 will pay an annual premium of just over $200.
On the other hand, a 40-year-old smoker with hypertension who buys Manulife’s refreshed escalation advantage diamond shield comprehensive plan with no policy limit will need to pay an annual premium of around $600.
How to claim an integrated shield plan?
If you need to make a claim under your Integrated Shield Plan, you will need to file a claim form. From the insurance company or from their website, you can obtain a copy of the claim form.
The claim form will ask for details about the incident that led to your injury or illness. You will also need to provide proof of payment for the medical treatment that you received. This proof can be in the form of an invoice, receipt, or statement from the hospital or doctor’s office.
Once you have completed the claim form, send it to the insurance company along with all of your supporting documentation. The company will review your claim and let you know if they are willing to pay for your medical costs or not.
To sum up:
So, there you have it. A comprehensive look at the benefits of integrated shield plans and why you should consider one for your business. If you’re looking for a plan that covers all the bases and gives you the peace of mind that comes with knowing your business is protected from any potential liability, an integrated shield plan is definitely worth considering.
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