Raffles Health Insurance is among the lesser recognized insurers in Singapore, however they’re really certainly one of seven insurers providing built-in defend plans.
We extremely advocate getting an built-in defend plan in case you can afford to take action, as they prevent from having to depend on the very bare-bones MediShield Life must you get hospitalised.
Let’s see if the Raffles Shield Plan is value shopping for.
What are built-in defend plans?
All Singaporeans and PRs have a really fundamental type of authorities medical insurance coverage known as MediShield Life. MediShield Life can supply payouts in case you get hospitalised. But that doesn’t imply the protection is enough.
MediShield Life is designed to solely cowl stays in Class B2 or C wards at public/restructured hospitals, so in case you keep at the next class ward or a non-public hospital, you’ll need to both pay a ton of cash out-of-pocket or depend on non-public medical insurance or an built-in defend plan. What’s extra, MediShield Life caps its payouts, so it’s important to watch out to not go over the restrict or threat having to pay extra out-of-pocket.
MediShield Life additionally doesn’t supply payouts for pre- and post-hospitalisation prices. This is by no means comforting when you think about that pre- and post-hospitalisation prices can typically exceed the precise value of hospitalisation. Ouch!
An built-in defend plan provides safety the place MediShield Life doesn’t, with greater declare limits, entry to greater class wards and/or non-public hospitals, and protection for pre- and post-hospitalisation bills.
Raffles Shield built-in plan premiums
|Raffles Shield||Access to||Annual premium*||Pre-hospitalisation cowl||Post-hospitalisation cowl||Annual protection restrict|
|B||Class B1 ward||$310 (payable by MediSave) + $83 = $393||90 days||90 days||$300,000|
|A||Class A ward||$310 (payable by MediSave) + $112 = $422||180 days at panel specialists or public hospitals, in any other case 90 days||365 days at panel specialists or public hospitals, in any other case 180 days||$600,000|
|Private||Private hospital||$310 (payable by Medisave) + $339 = $649||180 days at panel specialists or public hospitals, in any other case 90 days||365 days at panel specialists or public hospitals, in any other case 180 days||$1,500,000 – panel hospitals
$600,000 – non-panel hospitals
*For Singapore citizen aged 35
There are three tiers of Raffles Shield plans. A portion of your premiums for any of those plans is payable by Medisave. The the rest have to be paid by you on an annual foundation.
The most simple plan, Raffles Shield B, provides you entry to B1 wards in public/restructured hospitals.
Raffles Shield A provides you entry to A1 wards in public/restructured hospitals.
And for essentially the most full safety, Raffles Shield Private provides protection for stays in non-public hospitals.
Raffles Shield B, the bottom tier plan, provides fundamental protection at a reasonably low value, nonetheless, the mere 90 days of pre- and post-hospitalisation protection isn’t nice.
However, Raffles Shield A and Raffles Shield Private carry out a lot better, providing above-average protection at common costs.
Raffles Health Insurance is owned by Raffles Medical Group, which additionally owns Raffles Hospital. One perk of the Raffles Shield A Plan is that you could buy a Raffles Hospital Option. This lets you get 100% protection not solely at Class A public/restructured hospitals, but additionally Raffles Hospital, which is a non-public hospital. That means you’ll have the ability to get non-public hospital therapy whereas paying lower than you’d for a non-public hospital plan.
If you’re on the A or Private plan, ensure you go to a public hospital or panel specialist as that may have an effect on the quantity of pre-hospitalisation and post-hospitalisation protection you obtain.
Raffles Shield extra rider premiums
The following rider lets you decrease your deductible and co-payment portion so that you simply pay much less out-of-pocket everytime you make a declare.
- Raffles Key Rider – Reduces co-payment to five%, capped at $3,000 per 12 months whenever you go for pre-authorised therapy or get handled at a public/restructured hospital or by a specialist on their panel. This rider additionally comes with different perks like a day by day hospital money profit whenever you go for a ward that’s decrease than what you’re entitled to.
How does Raffles Shield complement MediShield Life protection?
Raffles Shield lets you keep at greater class wards or non-public hospitals, which you can not do whenever you rely totally on MediShield Life, except you’re ready to pay large out-of-pocket bills.
Another essential space of protection is pre- and post-hospitalisation bills, which might be appreciable. Going for assessments earlier than being identified can value some huge cash, particularly if yours is a uncommon or hard-to-diagnose situation. After getting discharged, you may additionally end up being charged some huge cash for follow-up visits or rehabilitation. None of that is lined by MediShield Life, however will likely be lined by Raffles Shield as long as it falls throughout the pre- and post-hospitalisation cut-off dates.
Should you get Raffles Shield?
If you’re positive with utilizing Raffles Hospital, the Raffles Shield A with Raffles Hospital Option could be a cost-effective manner to have the ability to afford non-public hospital care.
Otherwise, all of the Raffles Shield plans supply respectable protection at affordable costs in any respect three tiers with above-average pre- and post-hospitalisation cowl, supplied you’re keen to go to one of many non-public hospitals on their panel or a public/restructured hospital. They’re not absolutely the most cost-effective, however they do supply good value-for-money.
If you need the flexibleness to go to a non-panel non-public hospital, you would possibly wish to take a look at non-public hospital plans from Prudential PruShield or AXA, which provide comparable pre- and post-hospitalisation protection, however with decrease annual protection limits.
Do you’ve got any expertise with Raffles Shield medical insurance? Share your experiences within the feedback.