Family Matters: Health Insurance Policies for Every Life Stage

About this article:
  • Explore the key health insurance policies suited for each stage of life.
  • Learn practical tips for selecting the right coverage, ensuring financial protection through life’s transitions.
  • Understand the importance of reviewing and updating insurance plans regularly.

Embarking on the journey of adulthood brings a whirlwind of changes, from saying "I do" to planning for a family.

As we go through the different stages of life, we must be ready to navigate the twists and turns of each life stage. Let’s delve into the importance of health insurance as we transition through the key moments of adulthood, with some practical tips to guide you along the way.

1. Entering National Service (especially for male Singapore Citizens and Permanent Residents)

For young Singaporean males embarking on their mandatory National Service (NS) journey, it is a time of physical demands and potential health concerns.

Do not worry as you are protected by the MINDEF & MHA Group Insurance scheme. All Singaporean males serving their NS are covered with term life and personal injury policies that provide you with coverage up to $300,000. These premiums are paid for by the Ministry of Defence (MINDEF) and the Ministry of Home Affairs (MHA).

Pro Tip: There will be an insurance briefing session during the NS enlistment process. It may sound boring or complicated but take this chance to opt in for additional and more coverage and/or insure your dependents (spouse or children).

There are several add-ons to cater to different needs such as critical illnesses, etc. Best thing is, you will still retain your coverage after your NS period ends.

2. Starting your First Job

For those just starting their careers, it’s crucial to understand the diverse health insurance policies tailored to their needs.

Many employers offer basic medical coverage as part of the employment package, encompassing hospitalisation and outpatient benefits.

However, young professionals should also supplement their corporate health insurance with personal health insurance plans. For hospitalisation policies, consider getting an Integrated Shield Plan (IP), which enhances your MediShield Life so that you can get better coverage if and when you get hospitalised. 

As individuals in their early career stages may not have extensive financial reserves, make sure you prioritise certain policies such as hospitalisation and personal accident.

Pro Tip: If and when something happens, use your corporate insurance policy first. So it is highly recommended that you familiarise yourself with what your company’s insurance covers, including who and what numbers to call when you need to make a claim.

3. Climbing the Career Ladder

Comprehensive coverage during career growth is essential, and individuals should consider a range of health insurance policies that align with their evolving needs. At this point in your career, it is highly recommended to consider disability insurance policies as well as critical illness policies with the option for early-stage coverage.
Pro Tip: Do not get over-optimistic when budgeting for insurance. Stick to the recommended 10% to ensure that you continue living within your means. Also, regularly review your policies with your financial adviser to check that you do not have duplicate coverage.

4. Tying the Knot

As you exchange vows and dance the night away, health insurance might be the last thing on your mind. At this moment, it also marks the beginning of shared responsibilities, and taking care of each other’s health should be a priority.

For a start, it is always wise to look through your insurance plans as a couple. Make sure that you have at least the foundations covered—hospitalisation and personal accident policies; what Integrated Shield Plans (IP) do you and your spouse have? How about IP riders?

Also, since many employers offer health insurance plans, it is also recommended that you are aware of each other’s company insurance policies and coverage.

Pro Tip: Take the time to understand the terms, coverage limits, and potential out-of-pocket expenses.

5. Your First Home

Now, you might find yourselves thinking about creating a cosy space to call your own.

This is also the time to review and perhaps upgrade your health insurance coverage. As you build your life together, make sure your insurance plans can handle the unexpected and provide for both of you. If budget is on your mind, start off with term life policies and personal accident policies.

Pro Tip: Consider setting up a joint account just to cover medical expenses not covered by insurance.

6. Planning for Parenthood

As you start thinking about expanding your family, health insurance becomes even more crucial.

Check your health insurance if they cover maternity care and/or paediatric services. Look for policies that include hospital stays, delivery costs, and postnatal care. Supplemental plans or riders, like maternity insurance or critical illness coverage, can provide added financial support.

Pro Tip: Understand the waiting periods for maternity coverage; some plans may require a waiting period before covering pregnancy-related expenses.

7. The Family

Now as your kiddos grow up, more categories of insurance policies will take centre stage. Regular check-ups, vaccinations, not forgetting the occasional falls and tumbles all are part of the adventure.

Make sure yours and your family’s policies keep up with the dynamic needs of your growing family. Look for family plans that offer comprehensive coverage for each member. This should include critical illness coverage, disability policies, and most importantly, hospitalisation policies.

The key is to ensure that you can have a financial peace of mind when an unexpected medical emergency occurs.

Pro Tip: Familiarise yourself with the panel of healthcare providers covered by your plan to ensure convenient access to medical services should the need arise.

8. The Golden Years

As your children move into the young adult years, you and your spouse are able to enjoy life as a duo once again. This is also when your health insurance needs might change. Use this as a good time to reassess and make sure you’re prepared for whatever this next chapter holds. Look for plans that offer coverage suitable for your evolving needs, whether it’s travel, hobbies, or simply enjoying the fruits of your labour.
Pro Tip: Speak to your financial adviser about legacy planning that can include retirement policies so that you can enjoy your golden years together with your spouse.

Make Health Insurance Your Priority

Throughout these life stages, budgeting plays a crucial role. Health insurance should not be viewed as a financial burden. Set a budget, explore different plans, and find a balance between coverage and affordability. Speak to your trusted adviser for options that cater to different budgets, ensuring that health protection remains accessible for you and your loved ones.

In a nutshell, health insurance is the biggest safety net for you, your spouse and your family. So, whether you’re tying the knot, planning for a family, revelling in the empty nest, or savouring the retirement years, let health insurance be a constant in every chapter of this beautiful adventure called life.



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