MORE Singaporeans are buying additional medical insurance on top of the basic one provided under MediShield.
Of the 2.8 million people covered under the Government's basic health-care insurance scheme, 1.6 million - or more than half - have dipped into their Medisave to buy enhanced plans from private insurers.
Three out of every four Singaporean have MediShield coverage but this number will grow now that the Government has introduced automatic coverage for newborns from last month and will do the same for those below the age of 20 starting this July, said the Health Ministry.
The additional health-care plans, known as Medisave-approved private integrated plans, are targeted at those who want additional coverage on top of what MediShield provides, like stays in Class A or B1 and private wards. MediShield is meant for B2 or C class wards.
Statistics from the Health Ministry show that about half of the 1.6 million who are on the integrated plans want coverage for some private hospital treatments, and stays in Class A wards in restructured hospitals or in private wards.
Premiums for these plans can be paid through a person's Medisave account up to $800 per person per year. Five companies now sell the plans: NTUC Income, American International Assurance, Great Eastern Life, Aviva and Prudential Assurance.
Policyholders can be covered for as much as $500,000 a year under these private schemes and get unlimited, lifetime coverage while paying yearly premiums ranging from $70 to $7,000, depending on age.
MediShield, by comparison, has a claim limit of $50,000 a year and annual premiums of between $30 and $375.
Senior administration manager Stephanie Tay, 30, gladly pays about $130 a year for the top-tier plan offered by NTUC Income after the cost of surgery to remove a cyst 10 years ago 'scared' her.
Then a university student, she spent $6,000 of her father's Medisave savings for a week-long stay in an A class ward of a private hospital.
She said the premium is a small price to pay for improved coverage and peace of mind.
