Upgrade Your MediShield Life with an Affordable Integrated Shield Plan

MediShield Life is a basic health insurance scheme that offers Singaporeans and Permanent Residents access to quality healthcare at subsidized rates within B2/C wards. However, to ensure widespread affordability, it does have limitations on coverage, including certain expenses and reimbursement caps.

For instance, MediShield Life doesn’t cover pre and post-hospitalization treatments such as diagnostic scans, consultations, rehabilitation, and specialist follow-ups. Additionally, there are caps on reimbursements for specific medical procedures, potentially leaving individuals with out-of-pocket expenses. If a complicated surgery exceeds the cap specified by MediShield Life, the excess amount will not be reimbursed.

To bridge these gaps, individuals may consider purchasing an Integrated Shield Plan (IP), offering extensive coverage surpassing that of MediShield Life, thereby guarding against substantial medical expenses that could present significant financial risks.

The most economical option for extending coverage to these additional areas is the B1 “as charged” IP, available from seven insurers, including plans such as Enhanced IncomeShield and GREAT SupremeHealth.


When thinking about upgrading to an IP, it’s crucial to consider two things: your budget and your comfort level with the types of hospitals, wards, and doctors. Can you afford the IP premiums in the long term, especially as they rise with age?

Private insurers offer extra protection or riders to cover deductibles and co-insurance, which may require separate payments. All new riders from March 2018 onwards will need to incorporate a co-payment of 5% or more. Additionally, it’s important to note that IP premiums may increase over time, and additional riders to cover deductibles and co-insurance may require separate payments.

By securing an IP early on, individuals can ensure insurability regardless of future medical conditions, providing long-term peace of mind. However, it’s essential to understand that purchasing insurance is a significant commitment that should align with individual needs and circumstances. Therefore, seeking advice from a financial advisor is recommended to assess specific requirements and explore suitable insurance options.

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Disclaimer: This information serves as a general guide and does not constitute financial advice. Terms and conditions of insurance policies may vary, and coverage is subject to individual circumstances and insurance provider policies. Seek professional assistance when necessary.

Sources: 1 & 2


Your Concise Guide to Insurance Terms

Represented by a policy, insurance is a contract in which an individual or entity receives reimbursement or financial protection against losses. It is a cushion against the risk of financial losses that may result from the damage to the insured property or injury caused to a third party. The company pools clients’ risks to make payments more affordable for the insured.

That being said, here are some terms that you must familiarize yourself with.


An accident is an event which occurs by chance. It is unforeseen, unexpected, and unplanned. This results in injury and property damage, which can be covered by the insurance.


Additional interest refers to the individual, partnership, or corporation other than the actual named insured. This individual, partnership, or corporation has an insurable interest. For instance, adding an employer’s name to an employee’s policy for the company car.


Appraisal is an estimate of property value or the extent of the property damage. Appraisals are provided by the authorized persons and are performed to determine the value of the property at the time of loss.


The basic principle of insurance is that an individual should not end up in a better financial or physical state because of a loss. Hence, a benefit is partial compensation for lost wages or disability.


Cancellation is the termination of an insurance policy before the end of the stated period. There are three ways in which cancellation can take effect. These are namely: to surrender the original policy by the insured, to write a notice to the insured by the company or agent, or to sign a “Lost of Policy Release” by the insured.


The claim is a request for indemnification or compensation. A first party claim refers to the request for indemnification due to a loss involving only the insured and his or her insurance company. While a third-party claim refers to the indemnification of a loss by someone other than the insured for the damage alleged to have been due to the insured.


The deductible is the amount a policyholder agrees to pay before the insurance company covers a loss. The insurance company pays the balance of the loss up to the limits of the policy.


Depreciation is the allowance taken for age, wear and tear, and obsolescence of any item. The depreciation factor is applied to the replacement value at the time of the loss and not to the original cost of the item.


It is a printed or otherwise written statement attached to the insurance policy to alter, delete, or add coverage, terms, or provisions. Changing circumstances usually require that alterations be made to an existing insurance contract.


Premium is the amount of money an insurance company charges in return for providing coverage at a specified length of time. There are distinct types of premiums such as the additional premium, earned premium, gross premium, and minimum premium.

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When it comes to insurance, there are many terms, words, and phrases that you should know. Use this list of insurance definitions to better understand what each term means.

Sources: 1, 2, & 3


Consideration of Car Insurance When You Need One

Unlike practically everything else in the world (even vehicles!) where it’s quite straightforward to comparison-shop for the cheapest costs, car insurance is a hard one since pricing for premiums are provided on a case-by-case basis. On top of that, not every insurance would divulge their costs easily or offer you a price online.

When it comes time to renew or get auto insurance, it makes perfect sense to use free internet resources to compare rates.

In Singapore, How Much Does It Cost To Insure a Car?

Need to get a Singapore car insurance? A year’s worth of coverage might cost anywhere from $700 to $1,000 — or even more! — depending on your location.

Your yearly auto insurance premium is computed on an individual case-by-case basis. In general, insurers attempt to determine how probable it is that you will be involved in an accident and how expensive it will be for them to cover the costs (i.e., the risk they assume).

How Can I Get the Best Deal on Auto Insurance?

It’s impossible to alter one’s driving history, driving record, or automobile. You may, however, search around to find the greatest deal for your specific profile and vehicle. To begin, obtain insurance estimates from at least five or six different firms. With the help of MoneySmart’s Car Insurance Wizard, you can easily obtain this information.

Insuring your vehicle should not be as inexpensive as it appears. Cheap insurance is worse than having no insurance since you’re wasting your money and putting yourself at risk.

High excess (the amount you must pay ahead before the insurer begins to pay for the remainder) and/or terrible terms & conditions (i.e. you can’t claim crap since EVERYTHING is excluded) are often associated with cheap rates. Check the fine print of your policy to make certain you’ll receive the protection you desire.

Directly Through an Insurance or Through a Broker, Which Should I Choose?

Keep in mind that rival insurers may offer lower rates to attract new clients. After all, our auto insurance specialists will perform the comparison for you while you rest and enjoy your time off. In the event that your current insurance provider offers a better bargain, at least you won’t have to worry about missing out on a better deal.

You may, of course, get automobile insurance on your own if you don’t mind going over the tiny print and checking out the facts.

Various Kinds of Car Insurance to Consider

Comprehensive Car Insurance

This sort of auto insurance, as the name indicates, covers practically everything, even the expense of repairing or replacing your own vehicle. This sort of insurance is the most frequent in Singapore because of the high cost of automobiles here.

Third Party Only (Tpo) Car Insurance

This is the most basic and least expensive sort of insurance since it only covers damage to the property of others. You’ll be on the hook for repairs to your own vehicle if something goes wrong with it. Most experts advise against attempting to fix a really old automobile that has reached the end of its COE lifetime.

Third Party, Fire & Theft (Tpft) Car Insurance

An enhanced form of TPO vehicle insurance. Except that TPFT also covers your automobile for loss, theft, and fire damage. Despite the fact that it provides a little extra security, this is typically just an option for drivers of older vehicles.


Most insurance companies in Singapore use a $500 or $600 deductible as a baseline for their estimates. The average amount that automobile owners are prepared to spend out of their own money may be derived from this figure. When comparing auto insurance rates, it’s important to consider both the premiums and the excess. If you choose a high excess, you can save money on your premium, but are you really willing to pay $2,000 if you are involved in an accident? It’s probably not going to happen.


Travel Insurance vs International Health Insurance with selected Covid-19 Coverage

Are you unsure about the difference between travel insurance with selected Covid-19 cover and international health insurance? Here we look at the key differences between the two types of cover.

In short, travel insurance with Covid-19 cover is designed for holidaymakers and those on short business trips to cover things like emergency medical treatment (including covered events related to Covid-19), cancellations and personal belongings. International health insurance provides multi-country cover and is designed for those living and working overseas who need cover for in-patient medical check-ups, medical emergencies and ongoing treatment of chronic conditions.

Below is a general comparison of travel Insurance with selected Covid-19 cover and international health insurance. Exact coverage will depend on the chosen policy.

What about lockdowns and other kinds of general travel disruption?

It’s important to remember that travel insurance doesn’t cover you for everything*. For instance, it does not generally cover against lockdowns, border closures and other kinds of general travel disruption.

*It’s important to remember that travel insurance doesn’t cover everything. Your policy will be subject to the terms, conditions, exclusions, and benefits limits of the policy wording

Travel insurance (with selected Covid-19 cover*) – in more detail

Travel insurance with selected Covid-19 cover is travel insurance that covers you for things like trip cancellations / trip interruptions / trip delay , loss/theft of personal belongings and emergency medical treatment, and includes selected coverage for Covid-19, pandemics and epidemics before or during your trip (in line with the Policy Wording of your chosen policy).

For example:

  • If you or a travelling companion/family member are diagnosed with Covid-19 before your trip and need to cancel, you can make a claim for things like travel and accommodation costs.
  • If you or a travelling companion/family member are diagnosed with Covid-19 during your trip, you can make a claim for things like medical care and quarantine costs.

In terms of medical coverage, travel insurance is intended to provide short-term emergency medical treatment within your specified area or period of cover. The aim of this is to get you well enough to return home. Travel insurance rarely covers long term medical treatment.

Selected Covid-19 coverage* with Allianz Travel

Travel insurance from Allianz Travel Singapore includes selected Covid-19 coverage*, plus cover for epidemics and pandemics in general (when diagnosed with a disease). The Medical and Dental cover limit is S$1,000,000 (Comprehensive Bronze and Silver) and unlimited for Comprehensive Platinum.

Travel insurance in general is designed to cover you for trips of limited duration. It is intended for holidaymakers and short term trips abroad, and also offers protection against other travel related issues.

For example, Allianz Travel insurance benefits include:

  • Selected Covid-19, pandemic and epidemic cover*
  • Medical/dental cover of up to $1,000,000
  • 24/7 Medical Assistance
  • Cancellation, Delay, Curtailment
  • Loss/theft/damage of valuables
  • Rental Excess cover (Silver & Platinum Plans only)

If further treatment is required, you will be expected to return to your home country. Cover ceases once you are back in your country of residence.

*It’s important to remember that travel insurance doesn’t cover everything. Your policy will be subject to the terms, conditions, exclusions, and benefits limits of the policy wording. For more information please click on the Allianz Travel Policy Wording

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International health insurance – in more detail

International health insurance is designed for individuals and families living and working overseas for prolonged periods. It is designed to cover things like in-patient care, out-patient GP visits, emergency treatment, specialist consultations, maternity and dental. International health insurance is multi-country and provides members with flexibility in terms of choice of doctor and treatment facility, and with the ability to receive treatment anywhere within their region of cover.

For individuals or families who are unfamiliar with a country’s health system and/or language, international health insurance can make it easier and simpler to obtain medical care. Depending on which country you are moving to, it may also save you significant sums of money compared to ad hoc care if you are not entitled to local free or subsidised medical care.

International health insurance plans vary, but often include:

  • Hospital stay
  • Routine check-ups
  • Cover for pre-existing conditions
  • Cover for chronic conditions
  • Choice of medical providers

Some international health insurers make it possible to build a plan that suits specific needs. For example, Allianz offers a standard Core plan to which modules can be added, including:

  • Out-patient treatment
  • Maternity care
  • Dental care
  • Repatriation

If you choose international health insurance from Allianz, benefits include:

  • A range of treatments, inclusive of specialist fees and diagnostic tests, plus generous cover for alternative treatments and physiotherapy
  • Health and wellbeing benefits, including digital health apps
  • Cover for emergency treatment overseas, medical evacuation and nursing-at-home
  • Choice of supplemental cover including Maternity, Dental and Repatriation Plans
  • A growing network of over 900,000 quality medical providers
  • Cover for Covid-19, pandemics and epidemics

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Ask Your Insurance Agent These 4 Important Questions

Life is full of uncertainties. We are not aware of what will happen in the next hour or the next day. Despite this, we try our best to plan out our lives as best as we can. As you plan for the future, you may consider getting an insurance. Insurance is a means to cushion against financial losses and unexpected events.

Complete your financial plan by finding a suitable insurance policy that will cover your hospital bills, critical illnesses, and other needs. Do your research and ask your insurance providers for guidance to find the most suitable insurance plan for you.

On that note, here are four important questions that you may ask to your insurance agent.


The distribution of insurance is regulated by the Insurance Act. Under this act, no one is allowed to establish an insurance business unless licensed or authorized by the Government. It also entails the duties and responsibilities of the insurance agents such as arranging contracts of insurance and collecting or receiving premiums on policies in Singapore. The insurance agent helps customize your insurance policy to best suit your needs.

There are many types of insurance policies. While endowment policies focus on savings, protection-type policies protect you from unforeseen circumstances. Do your research prior to meeting your insurance agent. As you become transparent with your financial circumstance, you may ask more questions surrounding the differences in their insurance policies. For instance, you may ask your agent to elaborate on the specifications of both their health and life insurance policies. With so many types of insurance around, you cannot blame a person for getting confused at first!


Let us put a spotlight on health insurance. Although insurance policies help cover most of your hefty hospital bills, you can expect to pay some portion in form of deductibles and co-payments. Deductible is the initial amount that you need to pay for claim/s made in a policy year. You need to pay the deductible before you can get a payout from your insurance. On the other hand, co-payments are crucial principle in the design of health insurance. Co-payment is the amount that you need to split with the insurer after paying your deductibles.

Depending on your insurance provider, some health insurance policies may not cover certain illnesses or procedures. For instance, many health insurance policies will not pay for your cosmetic procedures. Ask your insurance agent about this. Know the scope and limitations of a policy before committing to one.


Whether you are getting a car insurance or a life insurance, it is vital to scan your options in order to find a policy that fits your financial capabilities. The cost of life insurance, health insurance, car insurance, etc., will vary.

From a general perspective, the price of insurance depends on the risks. People who are working in high-risk jobs (e.g., factory workers or construction foremen) may be subjected to higher premiums. The insurance practice of charging higher premiums for certain occupational classes is called occupational loading. This practice is most commonly found in personal accident insurance. Do note that the premiums will also be affected by other factors such as the number of years that you need to have the policy in place.

Ask your insurance agent about this. If you feel that you cannot afford all the insurance coverage available, you do not need to worry. Your insurance agent will help you to prioritize your needs.


Throughout our lives, our goals and needs will change. This is why experts suggest to review your insurance policies every year. You may ask an insurance agent or a financial advisor for advice regarding the possibility of increasing your insurance coverage as years pass.

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Gradual increase in your insurance coverage may help prepare for the unexpected health problems that might come as you age.

Sources: 1 & 2