The premiums may not be a significant concern in your youthful working years. However, consider the affordability in the long-term.
In your 70s or 80s, when you're no longer working, the supplementary private insurance component could amount to 4 times the premiums of MediShield Life. (Source: CPF)
In the event that your child is hospitalised, Medisave can pay for your child’s medical costs. However, there are caps to the coverage.
If your child is a Singaporean or a Permanent Resident, he or she will be covered by MediShield Life, a basic health insurance plan in Singapore. Many parents also complement their MediShield Life with an Integrated Shield Plan (IP) to get better protection and healthcare coverage for their children.
With an IP, you have a choice of medical specialists, stay at wards with enhanced amenities, and higher claim limits. You can also make use of Medisave to pay the premiums for your child’s IP.
Securing health insurance for your children at a young age ensures they are protected without the concern of pre-existing conditions affecting their coverage.
