Insurance

All You Need To Know About Hospital Insurance

Worried about not having income replacement in the event of a prolonged hospitalisation? We have the solution for you.

  • Phuan Wei Ning
  • |
  • Published on 22 Sep 2023

What is MediShield Life?

MediShield Life is a basic health insurance plan that provides coverage for all Singaporeans and Permanent Residents (PRs) regardless of age and pre-existing condition. Administered by the CPF board, MediShield Life is fully payable by MediSave.

While there are no restrictions on the ward type or hospital you may choose to receive treatment at, coverage from MediShield Life is pegged to Class B2 and C wards in public hospitals. Should you choose to receive treatment in a private hospital or other ward classes in public hospitals, you would have to top up the difference in cost for your treatment either using your MediSave or in cash.


How can Integrated Shield Plan help me?

Managed by private insurers, Integrated Shield Plans offers additional insurance coverage and can be used to enhance your MediShield Life. If you are looking to receive treatments at Class A and B1 wards in public hospitals or at private hospitals, then an Integrated Shield Plan is suitable for you.

Additionally, a portion of the premiums of your Integrated Shield Plans may be payable using your MediSave, up to the additional withdrawal limits each year.


Available Integrated Shield Plans on FSMOne:


Do I need Integrated Shield Plan riders (IP rider)?

While Integrated Shield plans offers coverage for Class A and B1 wards in public hospitals or at private hospitals, a deductible and co-payment is still applicable on your final hospital bill.

To reduce the out-of-pocket expenses needed you may wish to consider Integrated Shield Riders. With IP riders, you may be able to replace the deductible and 10% co-insurance required with a 5% co-payment per claim. If you visit panel institutions for your treatment, IP riders will also help to cap your payable co-payment needed.


Available Integrated Shield Plan Riders on FSMOne:

Income - Deluxe Care Rider, Classic Care Rider


Raffles Health Insurance - Key Rider, Premier Rider



A comparison

MediShield Life
Integrated Shield Plan
Integrated Shield Plan Rider
Administered by
CPF board
Private insurers
Private insurers
Covers for bills for:
Public hospital (B2 / C wards)
All wards in Public hospitals and Private hospitals
Deductible required?
Yes
Yes
No
Co-payment required?
10% co-payment needed.
10% co-payment needed. Amount payable per policy year for panel treatments is capped.
Co-payment can be reduced to 5%. Amount payable per policy year for panel treatments is capped.

Hospital Income benefit

Hospital income refers to a benefit that the insured can receive if he/she is hospitalised for a specified period. While in the past individuals with IP riders were able to receive additional cash benefits when they chose to stay at a ward that was lower than their entitlement, this is no longer applicable. With effect from 1 April 2021, individuals no longer receive any additional benefit for choosing to stay at a lower ward class.

Additionally, while those employed are entitled to paid hospitalisation leave, this is only given for up to 60 days. Anything in excess of 60 days will likely be taken as unpaid leave. Moreover, self-employed individuals will not enjoy this benefit of paid hospitalisation leave.

If you are worried about not having any income replacement in the event that you are hospitalised for a prolonged period, a plan with hospital income benefit may be what you are looking for.


iFAST Digital Term – Hospital Cash Rider

Introducing iFAST Digital Term, a fully digital solution that is underwritten by Raffles Health Insurance (RHI). This is a term insurance plan and covers for death and terminal illness. There are four riders available for add-on should you wish to enhance your coverage.

One of the riders offered in this plan is the Hospital Cash Rider. This rider provides a daily hospital cash benefit of $100, $200, or $300, and will pay for up to 180 days of hospitalisation a year. This benefit is given for each completed twenty-four-hour period of hospitalisation and pays double if the hospitalisation occurs in an ICU.

Offering fuss-free application, just answer 3 health questions and easily make your application and purchase for iFAST Digital Term and Hospital Cash Rider online!


Affordable term life coverage with iFAST Digital Term

And enjoy up to 45% commission rebates!

or Click here if you would like to speak to us



Available Products on FSMOne Insurance

Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment, General Insurance (Personal and Commercial)


from AIG, Allianz, Chubb, Etiqa Insurance, FWD Insurance, Great Eastern, Manulife, Income, QBE, Raffles Health Insurance, Sompo, and Tokio Marine Life Insurance


*Please check with our advisory team if the product you want is available on FSMOne Insurance


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