Several IP riders have lately been introduced to provide greater coverage for cancer treatments. Here are the top five IP riders and what you should think about before purchasing one.
Cancer remains Singapore’s number one health concern. Between 2016 and 2020, an average of 44 persons were diagnosed with cancer every day, according to the Singapore Cancer Society. Furthermore, it is estimated that one in every four Singaporeans could be diagnosed with cancer during their lifetime.
Given these sobering statistics, we should all aim to live healthier lifestyles and get regular health checkups. Furthermore, sufficient cancer insurance coverage is something to think about.
Integrated Shield Plans
In Singapore, Integrated Shield Plans (IPs) are health insurance plans that provide coverage for medical expenses in private hospitals and higher-class wards in public hospitals. These plans are designed to supplement the coverage provided by the basic MediShield Life insurance, which covers a portion of the cost of hospitalization and selected outpatient treatments.
To enhance your cancer protection and coverage, you can consider adding riders and supplementary coverage to your Integrated Shield Plan. Here are some options:
Cancer Rider:
A cancer rider is an add-on to your Integrated Shield Plan that provides additional coverage specifically for cancer-related expenses. It typically covers various stages of cancer, including early-stage and advanced-stage cancer. The coverage may include chemotherapy, radiation therapy, surgery, hospitalization, and other related medical expenses. Cancer riders can help offset the high costs associated with cancer treatment.
Critical Illness Rider:
While not specific to cancer, a critical illness rider can provide coverage for a broader range of critical illnesses, including cancer. If you’re concerned about not only cancer but also other critical illnesses, this rider may be a good option. It offers a lump sum payout upon diagnosis of a covered illness, which can be used to cover medical expenses, lost income, or other financial needs.
Dread Disease Rider:
Similar to the critical illness rider, a dread disease rider provides coverage for specific severe illnesses, including cancer. It may offer a lump sum payout or coverage for medical expenses associated with these diseases.
Hospital Cash Benefit Rider:
This rider provides a daily cash benefit when you are hospitalized, which can be used to cover any expenses, including those related to cancer treatment. It offers financial support during your hospital stay.
Other Supplementary Coverage:
Some insurers in Singapore offer additional benefits and riders that can enhance your overall health coverage. These may include outpatient benefits, maternity coverage, wellness programs, and more. You can choose the ones that align with your specific health needs.
It’s important to carefully review the terms and conditions of these riders and supplementary coverage options, as they may vary among insurance providers. Make sure to understand the coverage limits, waiting periods, and any exclusions that may apply.
Before purchasing any rider or supplementary coverage, it’s advisable to consult with a qualified insurance advisor or broker to determine the best options based on your health needs, budget, and personal circumstances. Additionally, make sure to keep your insurance coverage up-to-date and review it periodically to ensure it continues to meet your needs.
Best Insurance Plans in Singapore
Great Eastern GREAT TotalCare
GREAT TotalCare, offered by Great Eastern, offers up to S$250,000 each year for cancer treatments that use drugs not covered by the CDL.
It also covers cancer drug services “as charged” and up to 18x the MediShield Life limit (MSHL).
GREAT TotalCare does not have the highest limits on the list, as you may have noticed. For CDL claims, for example, AIA’s rider gives a greater limit of 21x MSHL.
However, when viewed as a whole, this IP rider gives the highest total advantages, implying that policyholders would have the most flexibility regardless of whether their therapies are on the Cancer Drug List (CDL).
As a result, we’ve designated GREAT TotalCare the best overall IP rider for cancer.
AIA Cancer Care Booster
The Cancer Care Booster IP rider from AIA provides the highest possible claim limits for cancer treatments on the Ministry of Health’s Cancer Drug List (CDL).
You can claim up to 21x the Medishield life limit (MSHL) for cancer medicine treatments with this IP rider. Meanwhile, cancer drug services have a reduced – but still generous – restriction of 15x MSHL.
Policyholders can claim up to S$200,000 per year for treatments that are not on the CDL.
Prudential PRUExtra
Next on our list is Prudential’s PRUExtra, which ranks in the middle of the pack with 15x MSHL for cancer treatments and services employing medications on the CDL.
Policyholders will be covered for up to S$150,000 per year for non-CDL treatments.
HSBC Enhanced Care Plan
The HSBC Enhanced Care Plan, a rider for the bank’s HSBC Life Shield IP, is notable for having the highest claims limit for cancer treatments with medications not covered by the CDL.
Policyholders can claim up to S$30,000 per month for treatments, which is much more than its competitors.
However, the rider only provides up to 10x MSHL for CDL cancer medication treatments, and 5x MSHL for cancer drug services.
Income Deluxe Care Rider
If you have Income’s Enhanced IncomeShield, you can now add the Deluxe Care Rider as an IP rider.
This rider gives up to ten times the MSHL for CDL cancer medication treatments and cancer services. Policyholders will be covered for non-CDL treatments up to S$15,000 per month.
Seek professional help
Before purchasing any rider or supplementary coverage, it’s advisable to consult with a qualified insurance advisor or broker to determine the best options based on your health needs, budget, and personal circumstances. Additionally, make sure to keep your insurance coverage up-to-date and review it periodically to ensure it continues to meet your needs.
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