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Smart Millennial Series #3: Is Insurance a cost or a saving?


Cost of Health Insurance


[EXAMPLE]

The average cost of an Integrated Shield Plan covering a B1 ward for non-smoking 45-year-old men and women in Singapore is S$132—not including Medishield Life premiums or Medisave contributions. Because premiums change depending on your age, this price could be as low as S$69 before Medisave contributions for 25-year-olds. For 75-year-olds, however, the price could increase to S$1,063 before Medisave contributions (or S$60 after the maximum Additional Withdrawal Limit is applied). Generally, we found that premiums increase by about 50-70% for every 10 years of age.


Factors affecting Cost of Insurance

Premium depends on a few factors:

  • Age (premiums increase with age for whole life policies)

  • Gender (Some plans cost more for Female)

  • Smoker or non-smoker (Premiums are higher for smokers)

  • Existing health conditions


Cost of Hospitalisation

Conclusion

It is always advisable to purchase health plans like shield plans to protect your income and ensure that your hospital bills will be subsidized.





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