About this article:
- Be aware of how different stages of life mean different needs and priorities and how this affects your insurance coverage.
- Understand that premiums are lower when you buy insurance at a younger age.
- Know that being younger also means a lower risk of health conditions; hence, buying insurance before contracting a medical condition will ensure sufficient coverage.
Our needs and priorities evolve as we journey through life. From graduating and starting a career to getting married, purchasing a home, and preparing for retirement, these significant milestones shape the stages of our lives as we grow older.
Each stage of life also brings changes to our health insurance needs. It’s important to review your coverage regularly to ensure it aligns with your evolving circumstances and provides adequate protection.
With age also comes more health conditions; therefore, adapting your insurance coverage to align with major life events and health changes is essential.
Table of Contents
Entering Adulthood (20s to Early 30s)
What insurance should you get in your 20s and 30s? In your early working years, you may feel like you do not have enough money to spend on health insurance and may rely on basic health insurance from your employer. However, it’s best to assess whether this coverage is sufficient for unexpected medical needs or accidents, as not all corporate insurance is equal and may not suit your needs.
Getting married is a significant life event, and it often requires reviewing both partners’ health insurance policies to see if they may need an Integrated Shield Plan (IP) to provide better overall coverage. It’s more cost-effective to purchase an Integrated Shield Plan (IP) while you’re younger, as it allows you to lock in lower premiums early. At a younger age, you’re also less likely to have pre-existing health conditions that could limit your coverage.
Major life changes (30s to Early 40s)
When you hit your 30s and 40s, you’re more financially secure and may start having other life changes, such as buying your own home and starting a family.
Buying a home often comes with significant financial commitments, such as deposits and housing loans. It’s also an opportune moment to review your health insurance. Ensuring that you and your family are adequately protected against major medical expenses can safeguard your finances and maintain healthy cash flow during this important stage of life.
If you plan on having children, consider upgrading to a plan offering comprehensive maternity coverage and covers dependents. This could be Integrated Shield Plans (IPs) that cover maternity expenses and paediatric care for your newborn. You may start considering health insurance for your child, too, as premiums are cheaper for them. You may also wish to consider a Personal Accident Plan for your child as they are at higher risk of falls or infectious diseases such as Hand, Foot, and Mouth Disease.
Midlife and Approaching Retirement (40s to 60s)
As people age, the risk of developing chronic conditions, such as diabetes or hypertension, increases. It’s essential to review your health insurance to make sure that treatments for common chronic illnesses are adequately covered.
This is also a good time to review your MediShield Life and any IPs to ensure they cover potential health issues adequately. Consider upgrading your plan to include coverage for specialist outpatient treatments or regular screenings, and check if your plan covers private hospital stays or higher-class wards in public hospitals. There’s also the option of adding a Rider to reduce the co-payment cost.
Consider adding or increasing Critical Illness Coverage to protect against conditions like cancer, which can be financially burdensome without adequate insurance.
Consider the need for long-term care insurance, such as CareShield Life, to provide financial support if you become severely disabled and require assistance with daily activities. CareShield Life can be supplemented with private insurance (paid for using MediSave) for even more comprehensive coverage.
You may also explore riders that extend coverage to dependents. This helps ensure that your family can access the necessary care without depleting your savings.
Retirement and Beyond (60s and Older)
While MediShield Life continues to provide basic coverage for all Singaporeans, reviewing your IP can help ensure it aligns with your needs, especially if you prefer treatment in private hospitals.
Health insurance premiums also tend to increase with age. It’s important to ensure you can afford the premiums without sacrificing coverage. If necessary, you may consider downgrading your plan so that you remain covered instead of letting your policy lapse.
Older Singaporeans can also leverage government subsidies, such as the Pioneer Generation and Merdeka Generation packages, which provide MediSave top-ups to help cover healthcare expenses.
Know Your Coverage Before You Need It
Before time ticks away and insurance premiums get more costly with age, review your insurance regularly or as you hit new stages in life where your needs and priorities change.
Use our Coverage Checker to find out what your current coverage is, or seek out an insurance consultant to help you with your coverage.
