Buying health insurance can be confusing and frustrating, more so for Millennials. It is understandably clear why millennials find it hard or even the need to purchase health insurance. For starters, most of them are as healthy as they can be and in their transformative years where everything seems to be going their way.
Amidst the chest beating, even healthy people do develop ailments occasionally. It is only when such scares happen that people come to terms with why health insurance plans were established in the first place.
In Singapore, Millennials are on the microscope in part because they are looked upon to replace the baby boomer generation that is slowly exiting the workforce. Insurance companies are increasingly targeting this subset of the population all in the effort of safeguarding the future generation.
As a young person In Singapore, the cost of buying health insurance is relatively affordable. Below are some of the best Health Insurance covers that Millennials can consider in the island Nation.
Whole Life by NTUC
NTUC is a top health insurance provider reputable for some of the best deals when it comes to insurance policies. The company offers a wide range of health insurance plans designed to provide comprehensive coverage depending on needs.
For Millennials the Whole life Policy should fit the bill given that it is designed to offer cover for death and terminal illnesses. In addition, the policy provides coverage for permanent disability. The health insurance plan is open to anyone above the age of 18 to 65 years.
NTUC pays the sum assured plus bonuses in case the insured dies, contracts terminal illness or incurs permanent disability before the age of 65. The minimum amount assured under this policy is S$50,000 and the maximum capped at S$200,000. Millennials can decide to make payments monthly, quarterly half yearly or yearly.
AIA Health Shield Gold Max
AIA Health Shield Gold Max is a health insurance policy that combines MediShield Life Component and private insurance coverage. The added private insurance aspect is for Millennials, and people who want more benefits such as staying in private hospitals or in A/B1 Class wards in public hospitals.
The health insurance plan also covers organ transplant for both the insured and non-insured donor. It also covers congenital abnormalities for biological children as well as emergency overseas medical treatment. In addition, the policy comes with a 20% discount on consultation fees.
Issuance starts from the age of 0 to 74 with the highest annual claim capped at $2 million. The plan comes with a pre and posts hospitalization coverage of up to 13 months as well as unlimited claims and guaranteed lifetime renewal.
The policy is ideal for millennials looking for hospitalization and insurance coverage as well as those planning to pay premiums using MediSave Funds. It is also perfect for integrated Shield Plan and Integrated Shield Plan riders.
Great Life by Great Eastern Insurance Company
Great Life is another top health insurance policy that any millennial can consider. The policy offers lifetime protection against death, terminal illness, and total or partial disability. With this policy, you can enhance your basic coverage with a critical illness benefit rider. By doing so, one would be able to receive a lump sum on being diagnosed with one of the 30 critical illnesses.
Premiums with the policy are payable until one is 70. On signing up, one is entitled to bonuses accumulated as well as temporary accidental health coverage for up to 90 days. What makes this policy stand out for millennials is the fact that it also comes with a savings element that accumulates cash value from when one starts paying premiums.
The AVIVA MyShield Plan
AVIVA MyShield plan is a popular health insurance plan for millennials given the benefits it comes with. For starters, it is complimented with MediShield and offers coverage in both private and public hospitals with policy limits of up to $1 million.
The health insurance plan is also ideal for millennials who are about to start a family as it offers free shield coverage for newborn kids until they are six months. It also comes with discounted premiums for children if both parents own MyShield Plan 1 or Plan 2.
When it comes to hospital stays, one can enroll in a private ward or Class A and B1 wards in public hospitals. It also covers all treatment received in the accident and emergency department. The policy covers living organ transplant up to S$50,000 as well as stays in community hospitals. AVIVA also promises to cover preventive surgery for further cancer a feature not offered by other insurers.
NTUC Income Shield Enhanced C
NTUC Income Shield Enhanced C is one of the cheapest health insurance plan ideal for healthy people who want a little extra coverage. The policy’s premiums cost 75% below average. However, it provides a S$150,000 annual protection that also covers outpatient cancer treatment as well as inpatient room and boarding. Surgery and emergency overseas treatment are also catered for.
Other additional perks under the plan includes$5,000 of inpatient psychiatric treatment per session as well as s$ 1,500 final expense benefit.
FWD International Health Insurance
For millennials who are always on the move, from one country to another, then FWD International Health Insurance would come in handy. This is an affordable health insurance plan that costs around 70% below, the average for international health insurance plans.
The policy provides 100% coverage for life-threatening procedures including cancer treatment as well as organ transplant and pregnancy treatments regardless of where one is. This policy stands out for millennials on the fact that FWD promises to double the annual limit should one fail it make any hospitalization claim in two years.
Going without health insurance coverage just because one is full of health as a millennial is suicidal. Health insurance is for everyone as they help relieve the financial burden that comes into being unexpected. It is also important to remember that getting cover while full of health tends to be a little bit cheaper than when one is in their sunset years.
(By Neha Gupta)
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