Debunking 4 myths associated with critical illness insurance plans

Debunking 4 myths associated with critical illness insurance plans

We all are aware of the importance of health insurance. Even if you don’t already have your own Integrated Shield Plan, MediShield Life helps in the heavy lifting of hospitalisation costs that occur during an illness. However, not many are aware of the uniqueness of another form of medical coverage known as critical illness insurance. In fact, a study by LIA Singapore revealed that working adults in the country face a critical illness coverage gap of S$256,826. That is no small figure by any means.

Critical illness insurance pays you a lump sum if you are diagnosed with any of the critical illnesses covered in the plan. This payout can be used as you deem fit – you can use it to pay for gaps in your existing health insurance coverage if your treatment expenses surpass the coverage limit or even to cover your household expenses while you receive treatment.

A diagnosis with critical illness often leaves a person unable to work as they receive medical treatment. In such a situation, the payout they get from critical illness insurance can truly help keep food on the table. So, why is there such an alarming gap in critical illness coverage in the country? Perhaps, there are some myths standing in the way of you getting the coverage you need. Let’s look at 4 of these myths and unveil the truth behind them.  Myth 1 – MediShield Life will offer enough coverage if I am diagnosed with a critical illness Truth – MediShield Life has limitations to the coverage it offers. For instance, the coverage for chemotherapy is limited to S$3000 per month. Any costs for chemotherapy in cancer treatment that go above that limit will have to come out of your own pocket and can end up depleting your hard-earned savings.  Myth 2 – I only need critical illness insurance after a certain age Truth – Critical illnesses like cancer can strike at any age. It is a misconception that such illnesses affect you only after reaching a certain age. Moreover, critical illness insurance premiums can increase as you grow older. So, it makes sense to secure yourself right away.

 Myth 3 – Critical illness insurance gives me more coverage than I will ever need or use Truth – These days, insurers offer critical illness insurance plans that are quite customisable. You can start off with a basic plan and then slowly build on your coverage at a pace that suits your need and budget. For instance, you can opt to add coverage for early stage, relapse, and recurring critical illnesses after a certain milestone in life. This way, you can get critical illness insurance that has been tailormade to suit your exact requirements at every stage of your life.  Myth 4 – I don’t have a history of critical illness in my family, so I don’t require critical illness insurance Truth – Critical illnesses can affect almost anyone. For instance, a person who smokes heavily could quite likely fall prey to lung cancer even if they have no family history of the disease. Or, you may develop heart disease if you work in a highly stressful job. It helps to know that you have the backing of critical illness insurance should you fall ill.

With these myths out of the way, do look into getting critical illness insurance for yourself and your loved ones. Speak to a financial consultant today for help in selecting a plan. Good luck.

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