Medical Insurance Integrated Plan

As we are all quite old, 23, and you never quite know when the benevolent God would test our faith like Job. Bad things can happen to righteous people my friends, that's why we need the insurance. Some of you have asked me about insurance plans and stuff and i found this comparison of the various medical insurance plans quite useful.

Check this out http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=342 It has a link to a spreadsheet that compares the various health care insurance plan so that you know how much Medishield is paying for your surgery etc. At a glance, you can tell the premiums of the various plans and decide which one makes more economic sense. My parents got AIA Healthshield Gold B which doesn't seem that good, in my opinion.

Note that Medical Insurance Integrated Plan is different from those insurance plans that supposedly protect you against 30 major illnesses and give you a lump sum of money. Contrary to popular misconception, the Medical Insurance Integrated Plan (which is an expanded version of Medishield, should you decide to have more coverage) is sufficient to cover the bulk of of your medical bill. Buying protection against 30 major illnesses is, in a perverse sense, buying a lottery on your ill health. For instance, if you get cancer, you can get a lump size of $100,000 (assuming that you can claim it and they don't find a loophole.) Of course, you may decide that you need a lump sum of money if you are the sole breadwinner of the family.

There are so many insurance plans out there. I suspect a lot of people including my parents don't know what they are buying or how exactly they are protected.

The more i think about it, I think Singaporeans should be thankful we have a very good health-care system in Singapore. It is a sustainable model, allows for choice at a really low cost. Just go and check out the US if you don't believe me. US is super messed up, i pay more premiums as a healthy college student than a 80 year old man in Singapore!