These measures aim to ensure individuals continue to get the level of healthcare they need while encouraging them to use healthcare responsibly, keeping healthcare costs affordable.
It is important to understand the coverage your IP provides. This is where having a trusted Financial Planner can be helpful. Some procedures which may not be covered by IPs include Lasik surgery, and aesthetic or plastic surgical procedures except in specified situations like breast reconstruction after a mastectomy due to breast cancer. The purchase or rental of medical equipment for use at home, such as walking or home aids, wheelchairs, and kidney dialysis and oxygen machines may also not be covered.
3) Do IPs provide coverage for pregnancy?
IPs do not typically provide coverage for normal pregnancies or childbirth. However, IPs do cover certain complications arising from pregnancy such as eclampsia or premature birth. It is recommended to check with your IP provider or Financial Planner to understand your coverage for pregnancy-related complications as it varies from insurer to insurer.
4) Will my IP cover overseas medical treatments?
Many IPs provide coverage for medical treatments abroad. However, the coverage may subject to certain conditions, such as emergency treatments. Coverage is often limited to the equivalent cost of treatment in Singapore. Planned medical treatment overseas may be covered under IP riders but do pay attention to conditions, such as waiting periods and coverage.
5) What are riders and do I need one?
Riders are optional add-ons that you can purchase for your insurance policy. A rider provides additional benefits to enhance the coverage of your basic plan and could also reduce your out-of-pocket expenses. It's important to note that the premiums for IP riders can only be paid in cash while MediShield Life and IPs can be paid using MediSave.
For example, you can consider adding a rider to supplement your IP cancer coverage. From 1 April 2023, the Ministry of Health has revised the coverage for cancer treatments and introduced the Cancer Drug List (CDL). With the revision, only cancer drug treatments on the CDL will be covered under IPs and both cancer drug treatments and cancer drug services such as consultations, scans, and lab tests will no longer be covered "as-charged" under IPs. Instead, IPs now offer up to multiples of the coverage provided by MediShield Life depending on the plan you choose.
By complementing HSBC Life Shield (Plan A or B) with the HSBC Life Enhanced Care rider (Plan A or B), you can claim up to 23 times the monthly claim limits of MediShield Life for cancer drug treatments on the CDL. Additionally, you can also claim up to 20 times the annual claim limits of MediShield Life per year for cancer drug services. On top of this, there is coverage for non-CDL cancer drug treatments of up to $30,000 per month. These enhanced benefits are applicable to policyholders who bought or renewed their policies from 1 April 2023. The best part is, that you can enjoy these enhanced benefits without any changes to the premiums you pay. |