Medisave Withdrawals for Medishield Life Premiums

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Medishield Life is a national health insurance scheme that provides basic healthcare coverage to all Singapore Citizens and Permanent Residents (PRs). The premiums for Medishield Life are heavily subsidised by the Government, and can be paid using Medisave.

Benefits of Medishield Life

Medishield Life covers a wide range of hospitalisation expenses, including:

• Ward* charges
• Doctor’s fees
• Surgery costs
• Rehabilitation
• Certain outpatient treatments

Medishield Life also provides coverage for pre-existing conditions, which are medical conditions that you have before you join the scheme. However, there is a waiting period of one year before you can claim for these conditions under Medishield Life.

How to Pay for Medishield Life Premiums

The premiums for Medishield Life can be paid using Medisave. Medisave is a national savings scheme that all Singapore Citizens and PRs have. Medisave can be used to pay for a variety of healthcare expenses, including Medishield Life premiums.

You can use up to $500 of your Medisave balance to pay for your Medishield Life premiums each year. If you are unable to pay your premiums using Medisave, you can pay them using cash or other means.

How to Claim for Medishield Life Benefits

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To claim for Medishield Life benefits, you must submit a claim form to your insurance provider. The claim form must be accompanied by supporting documents, such as your hospital bill and doctor’s report.

Your insurance provider will review your claim and determine if you are eligible for benefits. If you are eligible, your insurance provider will pay the benefits directly to your hospital or doctor.

Step-by-Step Approach to Claiming Medishield Life Benefits

1. Submit a claim form to your insurance provider
2. Attach supporting documents to form
3. Insurance provider reviews claim and determines benefits
4. Benefits are paid directly to hospital or doctor

Pros and Cons of Medishield Life:

Pros:

• Provides basic healthcare coverage to all Singapore Citizens and PRs
• Premiums are heavily subsidized by the Government
• Can be paid using Medisave
• Covers a wide range of hospitalisation expenses
• Provides coverage for pre-existing conditions

Cons:

• Coverage is limited to basic healthcare needs
• There is a waiting period of one year before you can claim for pre-existing conditions
• Premiums may increase over time
• May not be sufficient coverage for those with high healthcare needs

Table 1: Medishield Life Premiums for 2023 Insurance Provider Annual Premium Subsidy Monthly Premium after Subsidy

                                                                                    Integrated Shield Plan  $2,200   70%    $66
                                                                                   NTUC Income  $1,320   70%    $40
                                                                                   Aviva    $1,289   70%    $39
                                                                                   Great Eastern    $1,200   70%    $36
                                                                                   Prudential   $1,180   70%    $35

Table 2: Medishield Life Coverage Hospitalization:

• Ward charges
• Doctor’s fees
• Surgery costs
• Rehabilitation

Outpatient:

• Certain outpatient treatments, such as chemotherapy and dialysis

Table 3: Medishield Life Waiting Periods

• Pre-existing conditions: 1 year
• Other conditions: No waiting period

Table 4: Medishield Life Exclusions

• Cosmetic surgery
• Dental care
• Vision care
• Mental health care
• Long-term care

Conclusion

Medishield Life is a valuable health insurance scheme that provides basic healthcare coverage to all Singapore Citizens and PRs. The premiums for Medishield Life are heavily subsidized by the Government, and can be paid using Medisave. Medishield Life covers a wide range of hospitalisation expenses, including pre-existing conditions. However, it is important to note that Medishield Life only provides basic healthcare coverage. Those with high healthcare needs may need to purchase additional private health insurance.