If your insurance agent had his way, you’d be insured for everything from the flu to missed MRT trains. On top of that you’d be paying every leftover cent into one of those investment-linked life insurance policies.

But don’t get all sceptical and swear off insurance altogether. Because there are certain types of private insurance that are highly advisable no matter what you do in life. Here are three Singaporeans might want to consider.

Hospitalisation policy (everyone)

Despite the changes to the MediShield Life system, it’s still financially prudent for Singaporeans who can afford to to get a private medical insurance policy that gives you some coverage for your medical costs so long as you’re seriously ill enough to be warded in a hospital.

That means you can’t make claims for those MCs you take to skip work, unless you are such a good actor you actually make it to the hospital. But it does mean you are protected if you get sick enough to ring up financially-damaging medical costs.

MediShield life provides limited coverage, which means that you’re pretty much limited to B2 or C class wards and can only use public hospitals. No matter what you think about the standard of medical care at private hospitals vis a vis public, the fact of the matter is that the waits are longer at public hospitals.

Most people will be looking at getting an Integrated Shield Plan, which basically tops up your existing MediShield Life Plan by giving you a wider choices of hospitals and wards. You’ll be able to stay in A or B1 class wards, as well as private hospitals and doctors.

Another advantage is that many medical insurance plans will cover at least part of your costs should you get hospitalised overseas. So if you get into an accident on your road trip to KL and forgot to buy travel insurance, you don’t need to be evacuated back to Singapore.

By Joanne Poh

See full story at business.asiaone.com