Types of Health Insurance
- Internet access
- Computer of Smart Phone
- Basic knowledge of spreadsheets
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.
- Working Adults
- those who want to find out about health insurance schemes, particularly in Singapore
- About Health Insurance01:00
- MoneySENSE Core Financial Capabilities Framework01:34
- About Health Insurance00:59
- The Importance Of Health Insurance01:26
- Introduction To Health Insurance04:24
- Common Features Of Health Insurance07:23
- Text: Common Features Of Health Insurance05:16
- Activity - Which health insurance policies should you choose01:37
- Activity: Type Of Health Insurance Policy00:25
- Coordination of Benefits01:38
- Text: Coordination of Benefits00:27
- Policy Maintenance03:26
- Singapore's Healthcare Financing Framework and Insurance Schemes03:54
- ElderShield, Dependants' Protection Scheme and Group Health Insurance05:07
- Text: Eldershield, Dependants' Protection Scheme and Group Health Insurance01:48
- Benefits of MediShield Life00:59
- What About MediShield Life Premiums?01:40
- Integrated Shield Plans01:37
- Do I Need An Integrated Shield Plan?00:47
- Hospital Claim Examples01:45
- How to Claim?00:56
- Text: Integrated Shield Plans01:38
- Case Study02:27
- Text: Case Study01:15
- Impact on IP Premiums01:17
- Additional Withdrawal Limits02:10
- Standard IP02:01
- Additional Premiums for pre-existing conditions02:55
- Know Your Rights03:45
- Text: Know Your Rights01:30
- Claim Process00:41
- Basics of Health Insurance Quiz5 questions
- Additional Resources01:40
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 Institute for Financial Literacy is a collaboration between MoneySense and Singapore Polytechnic Enterprise.
Our financial education courses cover basic money management, financial planning and investment know-how.