Why should you consider getting a private integrated shield plan?

An encouragement by company to us to help more people :) What is private integrated shield plan? A Shield plan is designed to cover major/catastrophic events related to Hospitalisation & Surgery (H&S). It is not meant to cover minor ailments and visits to General Practitioners. CPF Board operates the CPF Medishield, which covers up to 80% of your H&S bills at subsidised wards in restructured hospitals. The private Integrated Shield Plans run by private insurers are designed for coverage for hospitalisation in A & B1 wards in Restructured Hospitals and private hospitals. You may  still choose to stay in a subsidised ward if you have a private Shield plan. Figure 1: Compares some key details between Medishield and private Shield plans. Intended Coverage Features Payment Mode Co - Payment  Riders/ Add Ons  CPF Medishield Restructured hospital B2 ward & below Has a Sub Limit CPF Co- Insurance Deductible  No Private Shield Plan (Also known as Integrated Shield Plan) Up to private hospital (depending on choice of plan) As Charged CPF + cash Co-Insurance Deductible  Yes Below are some of the Q&As related to shield plan and integrated shield plan. I have basic Medishield from the CPF Board. Do I need an integrated Shield plan ? Yes. I strongly believe that everyone living in Singapore should purchase an integrated  Shield plan (if you can afford the premiums). CPF Board administers Medishield, which  is only basic medical insurance. An integrated shield plan is designed to complement it  and works to cover major hospitalisation events as our government recognizes that the  basic Medishield may not be sufficient to meet a person’s medical needs. Both private Shield plans and CPF Medishield plans impose a deductible and  co-insurance. The newer private Shield plans work on an “As Charged” basis when  compared to CPF Medishield, which has sub-limits. Also, the integrated Shield plans cover the insured's entire lifetime while CPF Medishield  only provides coverage until the age of 90. How does the private shield plan work ? When you purchase a private Shield plan, it actually sits on top of your basic Medishield. That simply means that you are extending the hospitalisation coverage. Think of  Medishield as an umbrella. Now when you buy a private Shield plan, you are upgrading  to a bigger umbrella. When riders are added on, it gets even bigger. What is the difference between an integrated Shield plan and other H&S plans? Other H&S plans in the market are payable by cash only. These include your employer's Group H&S plans and comprehensive health plans. Typically, outpatient treatment, eg,  a visit to your general practitioner, is covered as well. In terms of premium, the integrated Shield plans are very competitive due to the large  pool of insured (as compared to cash H&S plans).  Please refer to the following link for  more information:http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=342 What is a Letter of Guarantee and how does it work? When you are hospitalised, you need to place a deposit with the medical institution  before treatment even begins. This usually comes from your Medisave account or cash. However, major private insurers offer a Letter of Guarantee (LOG), which obtain a  waiver of the upfront cash deposit required by the hospital. I am already covered with an earlier integrated Shield plan. Should I upgrade the plan to the newer enhanced plans with “As Charged” features? Yes. Medical cost is rising. The older plans have sub-limits. And in general, there are limitations like a lower annual limit and lower lifetime limit. With the new enhanced plans  in place, you have peace of mind that the bulk of your medical bills will be covered. Original Article from HealthXchange SG