WHY SINGAPORE HAS THE BEST HEALTHCARE & THE IMPORTANCE OF BEING INSURED

[WHY SINGAPORE HAS THE BEST HEALTHCARE & THE IMPORTANCE OF BEING INSURED]

This is an overdued post but I believe it will be relevant as long as healthcare and insurance in Singapore are being discussed in the public.

Just months ago, Pa was hospitalised for a heart condition that occured suddenly out of nowhere. He had to go for a heart bypass surgery. The first two days saw him recovering well but after being transferred out to the High Dependency Ward, he suffered from a heart attack. He was sent back to ICU and there, he suffered two more heart attack. Luckily, he was resuscitated by the professional and dedicated team over at National Heart Centre Singapore. Really grateful of them for the professionalism. I would never forget the days he had electrical components and pipes going around his body. It was still heartbroken to see.

Pa stayed in the ICU for a good 22 days and then more a month at the HDW and isolation ward (he developed shingles halfway during his stay).

The surgeries, medical procedures and medicines over that course of close to 2 months do not come cheap. But at least, Pa ended up recovering well and came back home in one piece by August, just in time before I start my semester.

We were briefed frequently by the financial services regarding the fees and to be honest, we were mentally prepared for that huge amount of costs that will be billed to us. When the official bill was billed to us in October, there was shock but more sighs of relief.

The total cost was at a whopping $207k. That’s easily the cost of a 3-room BTO in Tengah. But we were lucky that we are Singaporeans and seeked treatment in a public hospital. There’s a government subsidy of $162k. That’s easily 78% of the total cost, leaving us with a payment of $44k. 

Like every other item in Singapore, there supposed to be a GST payable: $3k. Yet, it was absorbed by the Govt. So we are really very thankful for that.

So how was the remaining $44k covered? One of portion was covered by the Integrated Shield Plan, (IP), and the remaining through Medisave. IP are made of 2 components:

(1) MediShield Life - which covers you for life, including your pre-existing conditions (and it’s compulsory for all Singaporeans and PR, so premiums are usually paid annually through your Medisave)

(2) Additional optional insured policy provided by private insurers (eg. AIA, Income, Aviva, Manulife)

MediShield Life alone can cover up to $150k of your annual bills, in which the remaining will be payable by yourself (or through MediSave) However, there are some private insurers who will provide a higher coverage through their IP policies. For example, Prudential’s PruShield can cover up to $1.2m per year, while AIA’s HealthShield Gold Max B can cover up to $1m and MyShield Plan 1 can also cover up to $1m.

At the end of the day, the financial burden was removed because there was no need for us to pull the money out from our own pockets. I get Pa back and it’s all good.

Of course, do your own research and find the IP that best suit your needs (there are different plans with different ward type with different coverages with different premiums). But at the end of the day, get yourself insured if you’ve yet done so and also to contribute to your own or your loved ones Medisave when you are the extra cash. You’ll never know when the money will come in handy.

I am not here to sell anything, but just to share with you guys that we have the world’s best healthcare system with subsidies and how important it is to be insured.

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