Singapore Insurance

So what is the difference between coinsurance and deductible? These two terms will probably pop up when you are thinking of buying a hospitalisation insurance plan (or termed as health insurance in some countries) or what is also known as an integrated shield plan in Singapore. Well, a simple way to understand it is to treat the coinsurance and deductible as money that you will have to pay for your medical bills even though you have insurance coverage. The reasons coinsurance and deductible exists is probably to keep the cost of insurance low and affordable while preventing individuals from exploiting the medical system and the insurance coverage they enjoy. A deductible is similar to what is the known add excess in motor insurance. This basically means the amount of money you will have to pay FIRST before the insurance company allows for any claims. For example, if the deductible is stated as $2000, and your hospital bill is also $2000, you don't get to claim any money since y...

Aviva's Myshield is a hospitalisation and surgical insurance plan that helps to insure against medical costs. It is a Medisave Approved Integrated Plan which is an Enhancement plan on top of the basic Medishield plan operated by the CPF board. Medishield forms the basic tier of insurance whilst MyShield serves as the enhancement to Medishield. One unique feature of the the Myshield plan is that when both parents are covered under the plan, their children (up to age 20) will be automatically covered too for FREE. With the MyShield Plus rider, one will also be covered for the co-insurance portion. There are no riders available for the deductible portion. To be eligible for the plan, the person must be a Singapore Citizen or Singapore PR; age 75 years below based on next birthday; and must have a CPF Medisave Account from which to pay for the premiums of the policy. One of the strong points of this plan is its affordability especially for families because of the free coverage for ch...