Basic medical expense insurance as the first level of cover is useful because it pays from the first dollar, but it is often not enough and you need major medical insurance…

Medical / Expenses

Basic medical expense insurance, commonly known as hospital and surgical insurance, provides reimbursement of certain medical costs that result from accidents or sicknesses. There are two broad types of hospital and surgical insurance:

  • Plans with sub-limits for room and board, surgery, miscellaneous hospital expenses, etc.
  • Plans with overall limit for in-hospital and out-hospital expenses.

Usually, hospital and surgical policies pay from the first dollar, but have relatively low coverage.

Major medical or catastrophic medical plans also cover hospital and surgical expenses, but have much higher limits and usually have a deductible (the portion that must be paid by the patient) and co-insurance (the percentage that must be paid by the patient).

Medishield Life plans are examples of major medical.

On CPF Approved Private Medical Insurance Scheme (PMIS):

CPF Approved PMIS which is a Medisave-approved Integrated Shield Plan. The list of participating private insurers for the PMIS are:

  1. AIA Healthshield
  2. AXA Shield
  3. Aviva MyShield
  4. Great Eastern Life SupremeHealth
  5. NTUC-Income Enhanced IncomeShield & IncomeShield
  6. Prudential PRUshield
  7. Raffles Shield

Medisave can also be used to pay for premiums of these private Medisave-approved Integrated Shield plans. From 1 Nov 2015, the Medisave Additional Withdrawal Limits for Integrated Shield plans are:

  • $300 per policy, per year, for those aged 40 and below next birthday;
  • $600 per policy, per year, for those aged 41 to 70 next birthday;
  • $900 per policy, per year, for those aged 71 and above next birthday