Types of Health Insurance
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This E-learning module aims to help you understand various types of health insurance, specifically the basic insurance schemes provided by CPF Board to protect you. CPF stands for Central Provident Fund. It is the social security savings plan for Singapore. In this module, we will cover the following: Understanding Health Insurance; Types of Health Insurance and Understanding CPF Insurance Schemes.
Health insurance prevents you and your family from suffering a financial loss as a result of an accident, illness or disability. There are different types of health insurance policies to help you and your family cope with expenses during these times. Do note that some health insurance policies are short term, i.e. they may cover you for only a limited period. Do check that your product covers the duration that you need. If you buy a short term policy, check whether there is guaranteed renewability if this is important to you.
Health insurance is marketed as a standalone policy or added as a rider onto life insurance by charging extra premium. Depending on the type of health insurance, premium may be level throughout the policy duration or it may increase with age.
MediShield is a basic medical insurance scheme designed to help pay part of the expenses arising from the insured’s hospitalisation and certain outpatient treatments for major illnesses at approved medical institutions. It is most suitable for hospitalisation at Class B2/C level in restructured hospitals in Singapore.
MediShield Life – Starting 1 November 2015
The Ministry of Health (MOH) is working to further enhance MediShield to provide all Singaporeans with greater peace of mind and assurance against large bills.
These enhancements are aimed at:
1. Better coverage of large bills so that Singaporeans who incur large bills will pay less;
2. Life-long, universal coverage. There will be no more maximum coverage age. Those currently uninsured and uninsurable will be brought into MediShield Life protection. Pre-existing conditions will also be covered.
This module contains several case studies which will help you make relevant comparisons among various plans and take up cover which will meet your needs.
The material covered in the course is mainly applicable for Singaporeans and people living in Singapore.
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|Section 1: Introduction|
In this lecture, we look at some important points regarding health insurance.
|This MoneySENSE Core Financial Capabilities Framework consists of:
This lecture provides notes about what health insurance is. As a general rule, you should purchase health insurance when you are still young and healthy.
In this lecture, Ferris shares about a real story which illustrates the importance of health insurance.
|This lecture discusses the purpose of health insurance, how the basic CPF insurance schemes work and how you can assess the suitability of the plans for yourself and your dependents.|
|Section 2: Understanding Health Insurance|
|In this mashup, Ferris discusses the key features when considering any health insurance plan.|
This lecture provides notes about the salient features of health insurance plans.
Go through this activity to understand which types of health insurance to buy in different situations. The suggested answers are all given.
This lecture is a written exercise in matching the type of health insurance plan with your needs.
|In this lecture, Ferris explains the concept of Coordination of Benefits.|
This lecture provides notes about co-ordination of benefits for hospital and surgical insurance, which is based on reimbursing the total claimable benefits, nothing more.
|This deals with how one should manage the premiums of their plans and ensuring that their choice of treatment is kept within the limits of their plans.|
|Section 3: CPF Healthcare and Insurance Schemes|
In this lecture, we look at Singapore's Healthcare Framework. Government subsidies, MediSave, MediShield and MediFund are explained.
ElderShield, Dependants' Protection Scheme and Group Health Insurance
The lecture provides notes about Eldershield, Dependants Protection Scheme, and why simply depending on Group Health Insurance may not be sufficient.
|Section 4: MediShield Life|
Find out more about the coming MediShield LIFE plan.
Find out more about MediShield Life Premiums and the various subsidies available.
|Section 5: Integrated Shield Plans (IP)|
Find out more about Integrated Shield Plans in Singapore.
Here are some considerations on whether you should take an integrated shield plan or not.
Here are some examples of hospital claims. A large and small hospital claim is presented.
Here are some explanations on how hospital claims are made in Singapore.
This lecture provides notes about Integrated Shield Plans and its key features.
|In this Mashup, Ferris gives us a Case Study on different health insurance plans and the amounts the insured will have to pay given different scenarios.|
This lecture contains written case studies which will help you understand better how hospital and surgical plans work.
|Section 6: Impact of MediShield Life on IP|
Find out about the impact of MediShield Life on IP Premiums.
Find out more about MediSave Life withdrawal limits.
|Section 7: Standard Integrated Plans|
In this video, we look at the new Standard Integrated Shield Plan (Standard IP) targeted at Class B1-level coverage.
|Section 8: Pre-Existing Conditions|
Find out about additional premiums for pre-existing conditions.
|Section 9: Conclusion|
A summary of the main objectives of this module.
|In this Mashup, Ferris goes through the various rights and important information that we should know before buying health insurance.|
The lecture provides notes on your entitlement to free-look periods, documentation and premium grace periods.
This lecture presents a summary of the claim process.
|Quiz 1||5 questions|
Try this quiz to test your understanding on health insurance matters
|This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.|
BA (Hons) Business and Finance
Ferris Wee is a qualified Financial Planner, and through his previous workplace, a global financial services company, he has helped more than one hundred clients with his clear process in reviewing their financial needs. Specifically, he has helped clients to identify their goals and ensure that they make the right choices to meet those goals today, tomorrow and in the years to come.
Ferris is passionate about leading people beyond financial breakthroughs, and has conducted financial literacy training in Singapore and Indonesia, as well as sports camp training for youths in India. Ferris is also an experienced financial counselor, helping many people manage their budget to meet their financial responsibilities.
Ferris is a Certified Will Writer, and has provided Professional Will writing, estate planning and custody services. He is also an Associate Estate Planning Practitioner.
Prior to his career in financial planning, Ferris was with the Republic of Singapore Air Force working on budgeting, logistics, maintenance and overseeing safety issues. For his strong leadership qualities, Ferris received the Outstanding Safety Warrior Award.
Ferris has a BA (2nd Class Upper Honours) specializing in Business and Finance. He also holds industry certifications in M5, M8, M8A, M9, M9A, HI, BCP and PGI.
Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy
Peggy has 8 years of experience in the financial services industry, helping clients understand their financial needs, objectives and risk tolerance as well as reviewing company policies and procedures to ensure compliance. She was also an adjunct lecturer with a Polytechnic, teaching insurance and retirement planning subjects.
Prior to joining the financial services sector, Peggy was working in the information technology sector for 13 years, first in a government agency and subsequently served as a Senior Systems Analyst in an international bank.
She is a Certified Financial Planner, which is a professional certification specific to retirement planning and wealth accumulation in addition to overall financial planning.
Peggy has a Masters of Science, majoring in Network Management. She also holds other industry certification in M5, M8, M8A, M9 and HI.
The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.
Our financial education courses cover basic money management, financial planning and investment know-how.