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Critical Illness - Why You Should Start Planning For It
Critical Illness - Why You Should Start Planning For It

Due to the Covid-19 pandemic, life insurers in Singapore have reported a higher demand for insurance products as people pay more attention to their health financial plans. These insurance policies, naturally, would include critical illness plans.

Critical illness plans are health insurance policies that would pay the covered individual a lump-sum benefit following the diagnosis of a covered condition. This lump sum would aid patients with their daily expenditure for the period of their recovery if they are unable to work for an extended period of time.

Most insurers in Singapore typically cover the same range of multi-stage critical illnesses, which include cancer, organ transplant, heart attack, stroke, renal failure and more. Some policies might even allow individuals to claim multiple times.

Find out why it is absolutely essential for everyone to plan for critical illness now.

1. The Odds Are Stacked Against You

When you are young and healthy, it might be difficult to imagine yourself falling critically ill. However, with statistics showing the increase of individuals between the age of 31 to 40 making a claim for critical illnesses, and that cancer is the leading cause of death in Singapore and many developed nations there is no telling when major illness will strike.

Furthermore, the incidence rate of cancer had risen for both males and females during the period between 2014-2018 with breast cancer being the most common cancer among women and lung cancer being one of the top conditions for men (1 in 7 men).

While you might be active and healthy at the moment, critical illness policies will cost more as you grow older, since the risk of getting a major illness increases with age. This is why it is imperative that you invest in one while you are still free of any conditions.

2. Savings Are Insufficient For Critical Illness

Your savings might cover you in the event of a small accident or minor medical conditions, but it will not last a long time if you get critically ill. This is because critical illnesses involve long-term treatments which are usually high in cost and keep you away from work for a longer period of time. You also have to consider the possibility of needing professional care during your recovery, which can be expensive as well. When faced with a huge bill without a stream of income, critical illness plans can help patients tide through a difficult time without having to make major lifestyle changes, especially during a time where the cost of healthcare is continually rising.

3. MediSave and MediShield Life Coverage is Insufficient

It is common for Singaporeans to think that private insurance plans are unnecessary since we are covered by MediSave and MediShield Life. However,  there are limits to what the government health insurance can cover when it comes to the high costs of treatment that comes with a critical illness.

In most instances, patients will only be able to use their MediSave and MediShield Life for a small part of their bill and fork out the rest on their own. With Integrated Shield Plans (IPs) provided by private insurance companies, patients are eligible for additional coverage on top of their MediShield Life plan. These additional benefits include up to 95% coverage for medical events such as surgery, in -patient treatments, room and board, cancer treatments and organ transplants. Patients will also be able to opt for higher-tier wards at private hospitals with their IPs.

However, IPs do not cover expensive out-patient follow-ups that cancer patients need, possibly for an extended period of time. In this case, the lump sum paid out by critical illness plans will come in handy to cover any other additional treatment fees that are not covered by government insurance plans and IPs.

Plan Ahead For Your Health Now 

Getting health insurance is a great way to ensure that you and your loved ones will be protected from financial loss in the event of a catastrophic health emergency. Besides, having health insurance will allow you to access specialist care as well.

OncoCare is on the specialist panel for ALL local insurers NTUC Income, AIA, Great Eastern, Prudential,  AXA, and AVIVA just to name a few. We are also on the panel for most international health insurers such as Bupa, Cigna,   Aetna, etc… Find out more about our wide range of treatments for cancer patients now.

“Expert knowledge means better care for cancer”

Written by:
Dr Thomas Soh
MBBS (Singapore)
MRCP (United Kingdom)