7 Essential Truths About Integrated Shield Plans (IPs) You Need to Know

What is an Integrated Shield Plan (IP)?

An Integrated Shield Plan (IP) is a type of private health insurance that helps cover the costs of hospitalization and major illnesses. IPs are designed to complement the coverage provided by the government's MediShield Life and MediSave schemes, providing a more comprehensive safety net for your healthcare expenses.

Why Do You Need an IP?

1. Rising Healthcare Costs: Healthcare costs have been consistently rising over the years, making it increasingly difficult to afford the costs of hospitalization and treatment.

2. Limited Coverage from MediShield Life: MediShield Life covers only basic hospitalization costs and a limited range of treatments. IPs provide additional coverage for a wider range of expenses, including:

   

• Private hospital room and board
• Specialist fees
• Surgical expenses
• Outpatient treatments

3. Peace of Mind: Having an IP gives you peace of mind knowing that you are financially protected against unexpected medical expenses.

Key Features of IPs

1. Flexible Coverage: IPs offer a range of plans with different coverage limits and premium options, allowing you to tailor your coverage to your needs and budget.

2. Personalized Deductibles and Co-payments: You can choose a plan with a deductible (amount you pay before coverage kicks in) and co-payments (percentage of expenses you pay after the deductible) that suit your risk tolerance and financial situation.

3. Cashless Claims: Most IPs offer cashless claims, which means you can avoid paying upfront and then claiming reimbursement from the insurer.

4. Rider Options: IPs often offer additional riders to enhance your coverage, such as riders for dental, optical, and critical illnesses.

   

Choosing the Right IP for You

Choosing the right IP for you depends on several factors, including:

1. Age: Premiums for IPs increase with age, so it's important to start coverage early.

2. Health History: If you have any pre-existing conditions, you may need to pay higher premiums or may be excluded from certain plans.

3. Lifestyle: If you engage in high-risk activities or have a family history of certain illnesses, you may want to consider a plan with higher coverage limits.

Integrated Shield Plan Coverage and Premiums

Coverage Limits: IPs typically offer coverage limits ranging from S$100,000 to S$2 million or more. The coverage limit determines the maximum amount the insurer will cover for each hospitalization.

Premiums: IP premiums vary depending on the plan, coverage limits, age, and health status. The following table provides a sample of annual premiums for different coverage limits and ages:

Tips for Choosing an IP

1. Compare Plan Options: Research different IPs and compare their coverage limits, premiums, and features.

2. Consider Your Budget: Determine how much you can afford to pay in premiums and choose a plan that fits within your budget.

3. Factor in Your Health Status: If you have any pre-existing conditions or health concerns, disclose them to the insurer to ensure you get the right coverage.

   

4. Read the Fine Print: Carefully review the terms and conditions of the IP to understand what is covered and what is not.

Integrated Shield Plan Comparison Table

The following table compares the coverage of different IPs available in Singapore:

Frequently Asked Questions (FAQs)

1. Is an IP mandatory in Singapore? No, IPs are not mandatory, but they are highly recommended for comprehensive healthcare coverage.

2. Can I get an IP if I have pre-existing conditions? Yes, you can get an IP even with pre-existing conditions, but the insurer may exclude those conditions from coverage or charge higher premiums.

3. What is the difference between an IP and a private hospital plan? Private hospital plans only cover the costs of hospitalization in private hospitals, while IPs also cover expenses for outpatient treatments and specialist fees.

4. Can I claim for dental and optical expenses with an IP? Most IPs offer riders that cover dental and optical expenses, but these riders usually have separate coverage limits.

5. How do I make a claim under an IP? You can make a claim online, through the insurer's mobile app, or by calling the insurer's hotline.

6. What is a deductible and how does it work? A deductible is an amount you pay out-of-pocket before the insurer starts covering your expenses.

7. What is a co-payment and how does it work? A co-payment is a percentage of your expenses that you pay after the deductible has been met.

8. Can I cancel my IP at any time? Yes, you can cancel your IP at any time, but you will not be entitled to a refund of any premiums paid.

Conclusion

An Integrated Shield Plan (IP) is an essential part of your healthcare financial planning. IPs provide comprehensive coverage for hospitalization and major illnesses, giving you peace of mind and protecting you from unexpected medical expenses. By understanding the key features and benefits of IPs, you can make an informed decision when choosing the right plan to meet your healthcare needs.