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Financial: Purchase A Private Integrated Shield Plan Pronto
« on: August 12, 2017, 07:44:12 pm »
Once upon a time, a private tutor's elderly father was admitted to a public hospital for treatment of Diverticulitis (small sacs developing in the colon wall). Thankfully his condition wasn't sufficiently serious to warrant a round of surgery, and he was treated with a course of strong antibiotics administered intravenously over a period of 48 hours.

Then came the hospitalization bill, which was substantially huge enough to induce a mild heart attack. While every Singaporean and permanent resident is automatically enrolled in the national MediShield Life insurance scheme which provides a payout to reduce the overall financial burden, whatever is left of the pending fees can still cause many sleepless nights. Fortunately this lad was astute enough to secure a private integrated shield plan for his dad years back, and he needn't fork out a single cent in the end. Moral of the story? Get yourself and your loved ones sufficient, relevant insurance coverage. This is a true story by the way.

The components of a typical hospital bill, and how MediShield Life factors in the scheme of things

Let's start from the very beginning and be properly acquainted with the stuff that constitutes a hospital bill. It is essentially made up of 3 portions:

1. X: A co-insurance component (perceived percentage of the bill size which you are responsible for)

2. Y: A deductible component (a fee you must pay in an insurance claim before actual coverage kicks in)

3. Z: An outstanding aggregate component net of the co-insurance and deductible components

Put it simply, if we let the total hospital bill be H dollars, then H=X+Y+Z. For the co-insurance and deductible components, they can be settled by means of using cold hard cash and/or existing funds from one's Medisave account. For example, a hefty $11,000 bill will see it comprising a deductible component of $3000 and co-insurance component of $800 (10% of overall bill net deductible, ie $11000 - $3000 =$8000), plus a final component net of the first two cited, ie $11000 - $3000 - $800 = $7200.

This is where MediShield Life comes in, as it will deliver a payout which may or may not cover the entire outstanding amount of $7200 (contingent on which type of hospital and ward one is putting up at, existing claim limits in a policy year etc). In the event it doesn't, one might be inclined to wail big time, because he has to top up the potentially significant shortfall personally.

More at http://www.domainofexperts.com/2017/08/financial-get-private-integrated-shield.html

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