Why Singapore women should set aside money for health insurance – and how to do it smartly

Since turning 40, I've found myself thinking a lot more about my health and mortality. When I go for my annual health screening, I’m reminded that I’m of the age when I should start including certain screenings like mammograms as I’m now at higher risk of breast cancer.

Regardless of the life stage we are in, it is important to ensure we have the right insurance in place to see us through health crises and higher healthcare-related expenses as we age. Administered by the Central Provident Fund Board, the basic hospital and surgical insurance plan helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy.

“There are certain types of illnesses or conditions such as breast, ovarian and cervical cancers that can afflict women at any stage of their adult life. So, it would be advisable to ensure you have proper critical illness cover, which can replace any lost income due to inability to work for a period of time,” he said.

“Regardless of the life stage you are at, hospitalisation should be taken care of first. This is especially if you prefer staying in a private hospital or in A, B1, B2 and C wards,” said Chung Shaw Bee, Head of Deposits and Wealth Management at UOB. “If you are currently earning an income, start looking into critical illnesses and disability coverage.

To save on premium costs, you can take advantage of bank perks, such as complimentary female-related cancer insurance coverage from the He noted that about 70 per cent of Singapore residents have Integrated Shield Plans, where some cover for a higher-type ward in a public hospital, while others cover admission into a private hospital.

Over-insuring happens when your coverage is more than your current liabilities and your family’s potential loss of income, said Leaf Tan, a personal wealth manager with 25 years of experience in managing insurance and retirement portfolios. It is also important to understand the features of your policies and their exclusions. While MediShield Life covers pre-existing conditions, most private insurance policies do not do so.

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