Ever wondered if investing in health insurance is worth it? Is it just a waste of your hard-earned money? Let’s shed some light on the matter.
Let’s take a look at an illustrative example: John is an avid weekend football player who recently suffered meniscus and ligament injuries during a game with his friends. Ouch! After a thorough scan, the doctor recommended reconstruction surgery as the solution. He took the doctor’s advice and went ahead with the reconstruction surgery.
Now, let’s review his treatment costs based on three different scenarios.
Scenario 1: Class B1 ward at a public hospital (using MediShield Life only)
John opted to do his surgery at a public hospital and selected a B1 ward with an attached bathroom and toilet due to mobility considerations. For the cost of the surgery, he relies on his MediShield Life to settle the hospital bill.
Fees / Payment items | Amount | Description |
|---|---|---|
Final out-of-pocket amount | $8,921 | Equate to more than 7 years worth of premiums |
Total hospital bill covering surgery and stay | $22,545
| |
Paid by MediShield Life
| $2,124 | Max amount for this surgery code in a B2 ward and above |
Balance amount | $14,671 | |
Paid using MediSave | $5,750 | Limit of $5,750 per year |
Scenario 2: Class B1 ward at a public hospital (using Integrated Shield Plan with Rider)
John opted to do his surgery at a public hospital and chose a B1 ward with an attached bathroom and toilet due to mobility considerations. He has an Integrated Shield Plan with a Rider.
Fees / Payment items | Amount | Description |
|---|---|---|
Final out-of-pocket amount | $0 | |
Total hospital bill covering surgery and stay | $22,545
| |
Paid by MediShield Life, IP and Rider
| $21,418 | |
5% co-payment | $1,127 | Paid using MediSave |
Scenario 3: Private hospital (using Integrated Shield Plan with Rider)
John recovers best when he is not disturbed; therefore, he opted to do his surgery at a private hospital and warded in a single-bedded room. He has a private Integrated Shield Plan with a Rider.
Fees / Payment items | Amount | Description |
|---|---|---|
Final out-of-pocket amount | $0 | |
Total hospital bill covering surgery and stay | $37,000
| |
Paid by MediShield Life, IP and Rider
| $35,150 | |
5% co-payment | $1,850
| Paid using MediSave |
Including an Integrated Shield Plan with a Rider as part of your financial budgeting protects you from being exposed to unexpected medical costs like John’s. Not just that, it gives you the flexibility to access a panel of specialists to get treatment options, and if your medical condition is time-sensitive, you have a choice to go to a private hospital for immediate treatment.
All these should be considered if health is your first priority.
Annex
Cost assumptions used for scenario presentation:
- MediShield Life claim limit – $2,000
- 5% insurance co-payment cap – $3,000
- Public hospitals class A/B1 ward bill ranges from $20,000 – $22,000
- Private hospitals bill ranges from $30,000 – $37,000
- MediSave claim limit for this surgery code is $5,750
TIP: To get a sense of costing on different type medical conditions, check out these bill estimators –
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