Imagine heading through a cancer scan and learning you develop stage 1 tumours, one of Singapore’s most prevalent cancers among men and women.
The cancer is developing in the intestine or rectum wall at this time, but it is not affecting the surrounding tissue.
You still have a fair chance of recovering from surgery.
The Costs in Cancer Treatment
One of the concerns is contracting a serious disease such as cancer.
With medical expenses at a 10% annual rate, you should expect an average medical bill in Singapore to grow significantly over time.
The next concern we have is whether we will be able to afford cancer care.
Surgery, radiation treatment, and chemotherapy are the most common cancer therapies, although there are also treatment options available.
The therapy will take years, and even then, there is no real solution, and it will recur.
Cancer therapies are costly as a result of these factors, and late-stage cancer will cost $100,000 to $200,000 per year.
What does a serious early illness (ECI) scheme cover?
Early phases of CI are usually not included by a CI contract because they fall outside of the LIA scope for serious illnesses.
However, even though the disease is in the early stages, the seriousness of acute diseases should not be underestimated.
Early-stage cancer insurance proposals fill up the gaps in this situation.
When you’re hospitalised with a serious insured condition, you get a lump-sum payment.
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This lump sum, similar to a CI account, will be used to assist you with any financial outlay you can experience as a result of catching the illness.
For example, you can need to take dietary pills, use walking aids, or pay for transportation to and from the hospital.
The following are the main characteristics of an ECI plan:
- A lump-sum payment in the event of a serious covered disease
- A small one-time death bonus
What else it includes?
- Allowing for multiple claims
- Additional payment for unique treatment scenarios or complications
- Additional protection for special or juvenile cases
- Waiver of additional insurance if a claim is effective
- Staying well comes with a monetary reward.
When will it be paid out?
You will be paid if you are diagnosed with any of the covering diseases, which can occur at any point of a serious disease.
Early-stage cancer insurance covers you a portion of the amount assured (generally 20-30%), while big stage cancer insurance pays you 100% of the sum assured.
Benefits of Buying Health Insurance at an Early Age
Health insurance is a true friend who is always there for us anytime we need it. While there is no set age for purchasing health insurance, it is still a good idea to begin as soon as possible. When you buy a health care policy early in life, you get a lot of advantages. Let’s look at the advantages of purchasing health care premiums online at a young age.
Lower premium
Many people wonder if their health care rates rise as they get older. And the cost of health care rises as you get older—the greater the risk, the greater the premium. A 21-year-old, for example, is less susceptible to infections than a 51-year-old. If you buy a health care package when you’re young, you will get a lot of coverage at a low price.
Lesser exclusions
To keep the risk rate down, health insurance providers often enforce exclusions on any illnesses you’ve had or diseases that are likely to arise in the future. You will not be able to enjoy the entire cover if you have those exclusions. You are more likely to enjoy a full-fledged insurance cover if you purchase it early because you are not recovering from any serious or significant illness.
No Health Checkup
You are not expected to get a medical check-up until you are young. However, most insurance providers want you to get a compulsory health check-up after the age of 50. If the results reveal health problems or a high BMI, one will be required to pay a higher loading on the premium rate, resulting in a rise in health insurance rates.
Given the high cost of recruiting a foreign domestic worker, it’s critical to find a programme that not only offers enough coverage but also falls into your budget. Any employer is required to purchase maid insurance. It’s important to understand which maid insurance is good and what kind of coverage, salary compensations, and outpatient costs are covered by the scheme.
In Singapore, what does maid insurance cover?
Beyond the bare minimums, not all maid insurance providers have the same benefits and bill accordingly. Clinical and administrative costs are usually covered by most insurers. The below are some of the advantages of a standard maid insurance policy:
- Reimbursement for surgical expenses
- Coverage for repatriation costs
- Insurance from criminal responsibility
- Medical and dental coverage
Any insurers may have additional benefits such as:
- Third-party liability
- Wage compensation
- Theft
Singapore’s maid insurance rules
- Health insurance: $15,000 annually. Cover day surgery & inpatient care
- Personal injury insurance: Up to $60,000 annually. Covers rapid, unforeseen, and unanticipated injuries that end in permanent injury or death.
How to pick the right FDW insurance policies?
Choosing the right maid insurance package could be more difficult than it seems. This is due to the fact that not all companies consider the same things. Few people tend to buy lower-cost plans as long as they meet MOM standards, while others want additional incentives or coverage.
However, if you’re hunting for the right maid policy in Singapore, look for policies that have more medical benefits for your peace of mind.
If you wish to avoid the hassle of reviewing insurance plans, the FDW agency will assist you. Any FDW departments have business relationships with insurance providers. When an individual employs an FDW from one of these companies, they get maid protection as part of the recruiting deal.
If you employ a maid from a maid agency that provides a maid insurance cover but chooses to buy a separate form of insurance in Singapore, you can opt-out and do the required paperwork on your own.
