Best Life Insurance For Nurses – CPF MediShield Life: premiums, benefits, coverage and claims What is MediShield Life? How much is the MediShield Life premium? What does MediShield Life cover? Find out everything you need to know about MediShield Life.
If you are reading this, you are most likely from Singapore and want to know what MediShield Life is, how to use it and what are its limitations. Simply put, MediShield Life is a universal health scheme managed by Singapore’s Central Provident Fund. As long as you are a citizen or permanent resident of Singapore, you are covered by MediShield Life.
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MediShield Life is a basic insurance plan that replaces the old MediShield program and is effective from November 2015. It is a program that aims to help Singaporeans with their hospital bills, with a particular focus on providing robust basic healthcare to the class bottom and middle. Affordable prices.
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MediShield Life can help pay for expensive health treatments such as chemotherapy and dialysis for cancer and is designed to reduce the financial burden if such treatment is required. Note, however, that there are strict limits to what MediShield Life can cover, which we’ll get to in the next section.
Every Singapore citizen and permanent resident (PR) is automatically enrolled in MediShield Life based on their Singapore citizenship status. This means you won’t need to apply for it and will be able to receive MediShield Life benefits when required.
A frequent question about MediShield Life is whether we can opt out. Unfortunately, as MediShield Life is a universal program designed to cover all Singaporeans, the only way to opt out is to renounce your citizenship.
MediShield Life’s primary objective is to ensure that the health needs of Singaporeans and middle-class Singaporeans are taken care of. While MediShield Life offers cover for all ward classes, including private hospitals, its benefits are designed around class B2/C accounts in public hospitals. It will also subsidize outpatient or day surgery treatment in public hospitals.
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If you choose to ‘upgrade’ to A/B1/B2+ class wards or seek treatment in private hospitals, MediShield Life will cover a small portion of such bills. As such, you will need to pay the rest of the bill through Medisave, cash or your private insurance. Note that there is a claim limit of $150,000 per year.
Here are the details of what MediShield Life covers, taken from the Department of Health on 14 February 2023. These benefits apply to admissions or treatment received on or after 1 October 2022.
Deductible refers to a fixed amount you have to pay out of pocket before MediShield Life starts. You only need to pay the deductible once per calendar year and it can be paid in cash or through MediSave.
¹Subsidized patients will follow the Class C deductible and unsubsidized patients will follow the Class B2 deductible for Community Hospital, Inpatient Palliative Care, Short Stay Unit and Continuous Autologous Marrow Transplant for Multiple Myeloma.
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For this part of the medical bill, you can check MediShield Life benefits: What does MediShield Life cover? Please note that bills for class A/B1/B2+ wards, private hospitals and non-subsidized treatment as well as for permanent residents will be prorated.
The co-insurance part of the bill is the percentage you have to pay to load MediShield Life. Co-insurance for MediShield Life starts at 10% and decreases as the bill increases. This helps ensure that the more severe the condition, the less of a financial burden your medical bills will be.
If your medical bill exceeds the claim limit, you will need to pay the balance in cash or through Medisave. The policy has a limit of $150,000 per year with no term limit.
However, there is a list of medical expenses that you cannot claim from MediShield Life. This is the full list downloaded on 20 March 2021* and you can check the latest exclusion list at the Ministry of Health.
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As a general rule, if the procedure is elective (such as cosmetic surgery), it is more likely to be excluded.
You can contact your private insurer or insurance agent and they will pay on your behalf, including the MediShield Life part of the bill. You can pay the remaining bill with MediSave or in cash.
Tell the nurse you want to apply for MediShield Life. The healthcare facility will submit the claim on your behalf and you can pay the balance via MediSave or cash.
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Now you may be wondering if MediShield Life is enough or if you should “upgrade” your coverage to include an integrated shield plan.
Integrated Shield plans are offered by private insurance companies and are designed to complement MediShield life. This means that if you get an Integrated Shield plan, you won’t be charged twice for the same coverage.
The main advantages of Integrated Shield plans are that they provide coverage to private hospitals or class A/B2+ wards in public hospitals. You may be able to pay for some Integrated Shield plans with Medisave, subject to the following restrictions:
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MediShield Life is administered by CPF and you will pay the premium annually through your CPF account under the MediSave component.
As we get older, a larger percentage of our CPF contributions go into Medisave. This is because the older we get, the more likely we are to need medical care. The CPF policy ensures that each generation remains independent and self-sufficient.
If your policy starts or renews on or after 1 March 2021 but before 1 January 2023, you can see your premium in the table below.
However, if your MediShield Life policy expires on 1 January. If you renew or start in 2023 or later, your premium may vary slightly. You can refer to the following table for your premium:
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While MediShield Life covers all pre-existing conditions, those with serious pre-existing conditions like cancer, kidney failure, stroke or heart disease will have to pay an additional 30% premium for 10 years due to higher health risks.
With your MediShield Life premiums, you can pay for yourself and your family members with MediSave.
There are discounts and subsidies for MediShield Life so that the scheme remains affordable as we age.
The structure of MediShield Life Rebates ensures that members pay higher premiums before age 66, which reduces the premiums they pay after age 66. More information can be found here.
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To check more precisely how much you have to contribute, you can use the MediShield Life Premium Checker.
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Medical emergencies are something we cannot avoid, especially as we age and our health begins to deteriorate. However, you can avoid worrying if you have enough money to pay for your medical expenses with the help of CareShield Life Supplements.
CareShield Life Supplements are plans that can cover additional medical expenses on top of your existing CareShield Life plan. We’ll explain what CarShield Life Extras are and explain the different options available so you can be informed about which plan is best for you.
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CareShield Life was launched on 1 October 2020 as an extension of the existing ElderShield scheme. CareShield Life provides essential long-term health insurance for people who cannot perform at least three out of six activities of daily living (ADLs). This includes washing, feeding, dressing, moving, using the toilet and transferring between beds directly in a chair. If you are a Singapore Citizen or Permanent Resident (PR) who meets these requirements, you will be eligible to claim monthly payments under CareShield Life.
Monthly payments will start when you successfully apply or when you turn 67, whichever comes first. Payment