Singapore offers universal healthcare coverage to our citizens, with a financing system anchored on the twin philosophies of individual responsibility and affordable healthcare for all. This is done by implementing different tiers of protection.
1st tier: The Government subsidizes up to 80% of the total bill in acute public hospital wards for all Singaporeans. 2nd tier: Medisave, a compulsory individual medical savings account scheme can be used to pay qualifying medical bills. 3rd tier: Medishield, a low cost medical insurance scheme. This scheme allows Singaporeans to risk pool the financial risks of major illnesses. In addition to the above, Eldershield, a severe disability insurance is open for Singaporeans aged 40 and above. Some Singaporeans supplement their basic coverage with private insurance policies. (source: MOH website).
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Do you understand and know when to access each level of healthcare financing? Are you well-prepared for your retirement?
If you have any questions and concerns on Medisave, Medishield, Eldershield and/or private health insurances, take this chance to ask the expert online, for free.
||The experts from Financial Alliance, an independent financial advisory will be online to advice you on managing your healthcare cost in Singapore. If you have any questions and concerns on medisave, medishield, eldershild and even private health insurances, take this chance to ask the expert online, for free. |
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