Smart tips for working adults to make a post-hospitalisation claim

An insurance agent consulting someone

This article first appeared on LifeStuff by Singlife, a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

It’s not uncommon to have multiple insurance plans. For example, if you are a Singaporean or Permanent Resident, you’d have health insurance coverage under an Integrated Shield Plan (IP); and if you’re employed in Singapore, it’s likely that you also have health insurance coverage under your company’s group insurance plan. 

 

Which policy to make a claim on?

So, what’s the best way to make a claim if you have more than one health policy? And what should you do if each policy has different claim limits?

While you may think that you have to go with the policy that adequately covers your claim amount, this is not necessarily true. If the claim limit on one plan is insufficient to cover your hospital claim amount, you can claim the remaining amount from your other insurance plan.

The only thing that you should remember as the policyholder is that you have the right to settle your claim with any one of your insurers.

And as a general rule of thumb, always go with your company’s group hospital insurance first.

 

Why you should leverage your company's group hospital insurance cover first?

In order to get the most out of your different policies and protect your finances (after all, isn’t that what insurance is all about?), it’s always wise to tap on your company’s group hospital insurance first, leaving your personal Integrated Shield Plan (IP) as the last option for a claim.

Benefits of claiming from your company's group hospital insurance first

1. Reduce your out-of-pocket expenses

 

2. Maintain the claim limit on your personal health insurance

  • If you need hospitalisation again in the same policy year, your hospitalisation bill can still be covered as you maintain the claim limit on your personal health insurance.
  • If you’ve already made a claim on your Integrated Shield Plan, you could still maintain the claim limit on your personal insurance. For instance, if you’re a Singlife Shield policyholder, Singlife will restore the respective claim limit for the rest of your policy year by the amount recovered from your company group insurance.
 
 

How to claim from your company's group hospital insurance?

On the day of your admission, simply inform the business office at your selected hospital that you’d like to claim the hospitalisation bill and any out-of-pocket expenses from your company’s group hospital insurance first before tapping into your personal Integrated Shield Plan (IP).

You’ll need to get a Letter of Guarantee (LOG) from your group insurer and provide it to the hospital on the day of your admission. With the LOG, the hospital will liaise directly with your company’s group insurer on your hospital bill upon your discharge.

If you did not claim from your company’s group insurance first, simply submit a copy of your Inpatient Discharge Summary, Shield Claim Settlement Notice and your hospital bill to your company’s group insurer. Your financial adviser representative can also help you with this. You can also consult your Human Resource department on how to submit medical claims for employees.

Remember, claims recovery should be submitted to your insurer the soonest possible as generally there’s a cut-off period for claims submission, depending on the policy terms.

Now that you know how to make a claim on your company’s group hospital insurance first, you can focus on your recovery without worrying about reduced limits on your personal Integrated Shield Plan (IP) in future.

 

Notes

This article is for educational purposes and is not intended to serve as legal, tax, investment or accounting advice and nothing contained here shall constitute a distribution, an offer to sell or the solicitation of an offer to buy. Accordingly, no warranty whatsoever is given, and no liability whatsoever will be accepted by Singapore Life Ltd for any loss arising whether directly or indirectly as a result from you acting based on this information.

This is published for general information only and does not have regard to the specific investment objectives, financial situation, and particular needs of any specific person. This article is for educational purposes and is not intended to serve as legal, tax, investment or accounting advice and nothing contained here shall constitute a distribution, an offer to sell or the solicitation of an offer to buy. Accordingly, no warranty whatsoever is given, and no liability whatsoever will be accepted by Singapore Life Ltd for any loss arising whether directly or indirectly as a result from you acting based on this information. You may wish to seek advice from a financial adviser representative before making a commitment to purchase the products. If you choose not to seek advice from a financial adviser representative, you should consider whether the product in question is suitable for you.

This advertisement has not been reviewed by the Monetary Authority of Singapore. The polices are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg). 

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