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 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:
- AIA Healthshield
- Aviva MyShield
- Great Eastern Life SupremeHealth
- NTUC-Income Enhanced IncomeShield & IncomeShield
- Prudential PRUshield
Medisave can also be used to pay for premiums of these private Medisave-approved Integrated Shield plans. From 1 Nov 2013, the Medisave withdrawal limits for Integrated Shield plans are:
- $800 per policy, per year, for those aged 65 and below next birthday;
- $1,000 per policy, per year, for those aged 66 to 75 next birthday;
- $1,200 per policy, per year, for those aged 76 to 80 next birthday; and
- $1,400 per policy, per year, for those aged 81 and above next birthday