Health Insurance Education And Literacy: Promoting Understanding Among European Citizens

Health Insurance Education And Literacy: Promoting Understanding Among European Citizens – It’s common to do some homework before spending your hard-earned cash. If you are planning to try the new Korean BBQ restaurant in town, you will probably look online for reviews. If you’re looking for the best TV to stream your favorite movies, you can check out video reviews online to make an informed decision.

However, it seems that many people overlook the importance of educating themselves about their health insurance. A survey of Singaporean millennials found that while 68 percent of respondents planned to buy insurance policies, only 44 percent felt knowledgeable about the insurance market. Often individuals are unsure of what they are buying and what insurance coverage they have. They mainly rely on word of mouth or advice from insurance companies.

Health Insurance Education And Literacy: Promoting Understanding Among European Citizens


Health Insurance Education And Literacy: Promoting Understanding Among European Citizens

If you are unfamiliar with health insurance, there is no need to worry. Everyone starts somewhere and we’re here to help. The most important thing is that you educate yourself and do your own research before purchasing insurance! This way you can be sure of what you are buying and what coverage you are entitled to.

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In this first installment of Money Matters, a three-part series on basic finance, we’ll walk you through the basics of insurance in Singapore and provide guidance on choosing the best plan for your needs.

Insurance coverage is like buying an umbrella. Just as you would buy insurance to protect yourself from rain, you also buy insurance to protect against unexpected events such as accidents or illness.

When you buy an umbrella, make sure it’s big enough to protect you from the wind and rain. It is also important when taking out insurance to ensure that the correct amount of coverage is achieved. There’s little point in spending an unbearable amount of money on a large umbrella that doesn’t fit your needs.

Just as holding an umbrella may not protect you from getting wet in the rain, insurance cannot prevent accidents or breakdowns from happening either. Instead, insurance can offer you and your loved ones financial protection and peace of mind when unexpected events occur.

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Health insurance helps you with expensive medical expenses. Without health insurance, you have to make out-of-pocket payments that can take a significant toll on your finances.

The good thing is that since 2015, all Singaporeans have had basic health insurance in the form of MediShield Life. This scheme provides Singaporean citizens and permanent residents with lifetime protection from high hospital bills and select outpatient expenses. Regardless of your age or state of health, you are always insured for life.

MediShield Life is used to cover subsidized bills on Class B2/C wards and subsidized outpatient treatments/day surgeries in public hospitals. If you choose to use Class A/B1 hospitals or private hospitals, MediShield Life will cover a smaller portion of your bill.

Health Insurance Education And Literacy: Promoting Understanding Among European Citizens

Use the MediSave and MediShield Life Claims Calculator to get an estimate of how much you can claim from MediShield Life and withdraw from your MediSave for your medical treatment.

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Did you know that your MediShield Life premiums can be paid for with your MediSave account savings?

An insurance premium is a payment you make to an insurance company to maintain your insurance coverage. Think of it as a subscription fee that protects you financially in case something bad happens.

Government grants are also available for those who need assistance with their MediShield Life premiums. MediSave top-ups are also available as part of the Merdeka and Pioneer Generation packages.

The Integrated Shield Plan (IP) is an optional health insurance offered by private insurers in Singapore. These plans offer additional benefits on top of MediShield Life, such as increased coverage for stays in private hospitals or on Class B1/A wards in public hospitals.

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However, this additional insurance protection comes at a price: you have to pay higher premiums with your MediSave savings or cash. These premiums increase with age. Therefore, be sure to consider this before purchasing an integrated protection plan.

Many Singaporeans are not fully aware of their insurance coverage, although around 69 percent of them have intellectual property.

Based on historical data, subsidized treatment in public hospitals (B2/C wards) accounts for two-thirds of all Singapore resident admissions. For these patients, MediShield Life would have provided adequate coverage for high hospital bills and the additional coverage provided by an IP may not be required.

Health Insurance Education And Literacy: Promoting Understanding Among European Citizens

Therefore, consider carefully whether you need an IP for your healthcare needs, as the extra premiums can be expensive!

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Life insurance provides a lump sum if your ability to earn your usual income is affected. Reasons for this can be, for example, disability or death.

If you have dependents such as children or elderly parents, life insurance can ensure that their financial needs are taken care of during your absence.

Life insurance is also worth considering for singles. Because unexpected tragedies can happen to anyone, regardless of age, health, or marital status.

Think of term life insurance as a kind of annual subscription. Your subscription is only valid for the agreed period and you pay a certain amount to enjoy the insurance cover. Term life insurance is usually only sold to people under the age of 75.

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One benefit of term plans is their affordability. This means you benefit from high insurance protection at a low premium. It’s also important to note that term life insurance premiums typically don’t increase over time. This facilitates the corresponding budget planning.

Unlike term life insurance, which only covers a specific period of time, term life insurance covers the entire life of the insured person. Even if you have not yet reached the age of 99, your life insurance is insured until your death.

Although life insurance is more expensive than term insurance, it offers a “cash value” component that grows over time at a fixed rate set by the insurance company.

Health Insurance Education And Literacy: Promoting Understanding Among European Citizens

The cash value increases the longer the policy is held. If necessary, you can give it to the insurance company and receive a one-off payment that you can use for significant expenses, such as your retirement plan or a trip around the world.

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Purchasing life insurance at a younger age can help you save money in the long run because the premiums are cheaper. However, early termination of the policy may result in a payout that is less than the premiums you have paid over time.

When buying your life insurance, be sure to consider factors such as your ability to pay the premiums over the long term, your dependents, and insurance coverage.

Life insurance is an expensive insurance product and requires a long-term financial commitment. Be sure to read the terms and conditions, including the return policy, before making a purchase.

Cancer is the leading cause of death in Singapore, accounting for 26.4 percent of deaths in 2021. To provide financial support in such difficult times, serious illness insurance can come in handy. It pays out a lump sum when a person is diagnosed with a serious illness, such as cancer or a heart attack. Some policies also allow multiple claims, which can be helpful when there is more than one serious illness at a time.

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Then why buy critical illness insurance when you already have a hospital plan to cover your medical expenses? Unlike bill-only health insurance, Critical Illness is a flat-rate payment, giving you the flexibility to do what you want with it. You can use it to pay for your care costs or even check things off your wish list.

Critical illnesses are generally considered a “good option” after health insurance because of the relatively high premium. The premiums are calculated on the basis of the “Sum Assured”, i.e. the lump sum payment that you receive in the event of a serious illness. If you want a higher sum insured, you have to pay a higher annual premium.

From dengue fever to sports injuries, unexpected accidents can happen at any time. Private accident insurance pays out a lump sum if you are injured or unable to work as a result of an accident. This allows you to cover your medical expenses, rehabilitation costs and loss of income due to an inability to work.

Health Insurance Education And Literacy: Promoting Understanding Among European Citizens

Compared to life and critical illness insurance, the premium for private accident insurance is lower. Note, however, that you can only make a claim in the event of an accident.

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If you have a desk job and lead a low-risk lifestyle, e.g. B. if you do not ride a motorcycle, a lower personal accident protection plan may be sufficient for your needs. Because in such cases, the probability of an accident is naturally lower.

Even people who are considered healthy can experience disabilities. This can result in significant financial costs due to the high cost of medical treatment and possible loss of income.

Disability insurance can provide a safety net to cover these costs and provide financial support during the recovery period.

CareShield Life is a long-term care

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