DPS Insurance Relevance

[soneat]

oic, i thought insurance is meant to cover till one pass on, but what happened if one is sick after the maximum age?

Insurance is a piece of contract to provide financial coverage (can be fixed - e.g. level term, or decreasing - e.g. decreasing term, or increasing but increase not guaranteed - e.g. whole life) for an agreed period (can be number of years - e.g. term life insurance. or for as long as you live - e.g. whole life insurance), in consideration of a premium (can be fixed - e.g. for death/tpd coverage, or can be variable - e.g. CI coverage) for a set of events (e.g. death, tpd, ci)

If you want something that covers for as long as you live, that would be whole life insurance.

 

[chongpang]

As DPS has been automatically terminated for my parents as they are 60, does it mean that the government do not have any insurance for them now?

 

[akwl88]

As DPS has been automatically terminated for my parents as they are 60, does it mean that the government do not have any insurance for them now?

medishield life bro

https://www.moh.gov.sg/content/moh_web/medishield-life.html

 

[Shion]

medishield life bro

https://www.moh.gov.sg/content/moh_web/medishield-life.html

Maybe he is thinking of term insurance or something else

 

[chongpang]

medishield life bro

https://www.moh.gov.sg/content/moh_web/medishield-life.html

You mean my parents are automatically covered with MediaShield Life now since DPS has been automatically terminated? My main concern is they should have insurance coverage in case they fall sick.

 

[Shion]

You mean my parents are automatically covered with MediaShield Life now since DPS has been automatically terminated? My main concern is they should have insurance coverage in case they fall sick.

MediShield Life is for all locals and PR, no matter whether still under DPS coverage or not

 

[akwl88]

You mean my parents are automatically covered with MediaShield Life now since DPS has been automatically terminated? My main concern is they should have insurance coverage in case they fall sick.

What is MediShield Life


MediShield Life replaced MediShield from 1 Nov 2015, and will offer:

Better protection and higher payouts, so that patients pay less Medisave/cash for large hospital bills
Protection for all Singapore Citizens and Permanent Residents, including the very old and those who have pre-existing conditions
Protection for life

MediShield Life is a basic health insurance plan, administered by the Central Provident Fund (CPF) Board, which helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy for cancer.

MediShield Life coverage is sized for subsidised treatment in public hospitals. Those who choose to stay in a Class A/B1 wards or in a private hospital are also covered by MediShield Life. However, as MediShield Life payouts are pegged at Class B2/C wards, the MediShield Life payout will make up a small proportion of the bill only. The patient may therefore need to pay more of their bill from Medisave and/or cash.

The Government will also provide significant support to keep premiums affordable, including those who need to pay Additional Premiums:

Premium Subsidies for the lower- to middle-income;
Pioneer Generation Subsidies for Pioneers;
Transitional Subsidies to ease the shift to MediShield Life for Singapore Citizens; and
Additional Premium Support for those who are unable to afford their premiums even after premium subsidies.

MediShield Life premiums will be affordable, and may be fully paid from Medisave.