Coronavirus and Insurance Singapore
As COVID-19 continue to spread across the world, some questions appear to resonate among all citizens – Does my health insurance plan cowl COVID-19? Does COVID-19 fall under disability insurance? What if I can’t pay my insurance premium on time because of COVID-19? The following article will cover some of the common questions about the insurance and COVID-19.
Key takeaways: 1. Most Integrated Shield Plans (IPs) will cover COVID-19 medical expenses. 2. Critical illness plans may not cover COVID-19 medical expenses until complications that meet the definition of a critical illness (as mentioned in your policy) comeup during the illness. 3. The grace period for payment of premium has being extended up to six months. Though the Government in Singapore has introduced that it's going to foot the cost of all COVID-19 victims in public hospitals, doubts concerning the coverage of insurance plans still loom. Fortunately, during these hard times, you’ll be happy to realize that maximum health insurance or medical insurance plans will offer insurance in opposition to the financial effect precipitated because of the novel coronavirus. Some insurance firms have even announced cash benefits. Leading insurance companies have introduced a string of cash benefits for his/her policyholders. For example, Prudential Life Insurance is presenting one-time cash benefit of $500 for policyholders who've been quarantined. In addition to this, they're additionally presenting day by day cash benefit of $200 for the ones who've been hospitalized; a benefit with the intention to be supplied to the policyholder for up to 3 months!
These advantages are part of the PRUCare Package. Any person holding an in-force insurance policy, group medical insurance plan or term life plan, and their instantaneously family members dwelling in Singapore can avail those advantages. Other insurance vendors are following healthy and presenting lump sum payment or day by day cash benefits for hospitalization because of COVID-19. What about Integrated Shield Plans? More positive news! Most Integrated Shield Plans will offer insurance for COVID-19 expenses. Therefore, hospital admissions, at the side of pre- and post-hospitalization medical expenses that rise up because of COVID-19 must be covered, as per the context of your plan. Of course, the exception to this will be any person who departs from Singapore on and after 27 March 2020. Such people will now no longer be capable of declare reimbursement from Medishield Life or Integrated Shield Plans for COVID-19 treatments; no longer at public hospitals or non-public hospitals – they must cover the fee of treatment entirely on their own. What if I can't pay my insurance premiums? This is one more a query policyholders throughout the board appear to be asking. If you're not able to pay your premium because of COVID-19, you may breathe a sigh of relief. The grace length for the payment of premium has been extended to 180 days and may be relevant on premiums due among 1 April 2020 and 30 September 2020 (both dates inclusive).
It’s vital to know that each plans work in a different way in terms of COVID-19. Since, insurance services are categorised as essential, all leading insurance vendors will continue to be open for business and are right here to help you along with your insurance needs. Therefore, when you have any doubts concerning the insurance of your coverage plan, simply pick the phone and get your queries answered.
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