Types of Health Insurance

Knowing your CPF Insurance Schemes
Rating: 4.2 out of 5 (945 ratings)
8,761 students
Types of Health Insurance
Rating: 4.2 out of 5 (945 ratings)
8,761 students
Covers CPF Insurance Schemes
Look out for limitations and exclusions
Understand deductibles and co-insurance
Importance of reviewing your health insurance plans

Requirements

  • Internet access
  • Computer of Smart Phone
  • Basic knowledge of spreadsheets
Description

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.

Who this course is for:
  • Working Adults
  • Students
  • those who want to find out about health insurance schemes, particularly in Singapore
Curriculum
9 sections • 33 lectures • 1h 11m total length
  • About Health Insurance
  • MoneySENSE Core Financial Capabilities Framework
  • About Health Insurance
  • The Importance Of Health Insurance
  • Introduction To Health Insurance
  • Common Features Of Health Insurance
  • Text: Common Features Of Health Insurance
  • Activity - Which health insurance policies should you choose
  • Activity: Type Of Health Insurance Policy
  • Coordination of Benefits
  • Text: Coordination of Benefits
  • Policy Maintenance
  • Singapore's Healthcare Financing Framework and Insurance Schemes
  • ElderShield, Dependants' Protection Scheme and Group Health Insurance
  • Text: Eldershield, Dependants' Protection Scheme and Group Health Insurance
  • Benefits of MediShield Life
  • What About MediShield Life Premiums?
  • Integrated Shield Plans
  • Do I Need An Integrated Shield Plan?
  • Hospital Claim Examples
  • How to Claim?
  • Text: Integrated Shield Plans
  • Case Study
  • Text: Case Study
  • Impact on IP Premiums
  • Additional Withdrawal Limits
  • Standard IP
  • Additional Premiums for pre-existing conditions
  • Conclusion
  • Know Your Rights
  • Text: Know Your Rights
  • Claim Process
  • Basics of Health Insurance Quiz
  • Additional Resources

Instructors
Financial Literacy Trainer
Ferris Wee
  • 4.2 Instructor Rating
  • 3,600 Reviews
  • 55,359 Students
  • 7 Courses

Ferris Wee

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.

Financial Literacy Trainer
Peggy Chan
  • 4.1 Instructor Rating
  • 5,217 Reviews
  • 81,501 Students
  • 14 Courses

Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy

MSc, CFP

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.

Unbiased Financial Education Courses
Institute for Financial Literacy
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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.