Changes to Integrated Shield Plan (IP) – What can you can do about them?

Woman confused by changes to cancer treatment for IP providers

Share This Post

Changes are a part of life, and the healthcare industry is no exception. With time, medical costs increase and treatment options evolve in response to changes in health risks of a given population. To keep up with these trends, Singapore’s Ministry of Health (MOH) announced some revisions to the Integrated Shield Plans (IPs) from 1st April 2023.

As per the new guidelines set by Life Insurance Association of Singapore (LIA), IPs may not cover non-CDL treatments beyond this date. So, it’s essential for individuals who have opted for IP coverage or are planning to purchase an IP policy soon to explore different options available regarding financial support and additional coverage.

Options for Financing Cancer Treatments

One option available for those looking for complementary insurance plans would be adding integrated shield riders on top of their current health policies. This type of rider provides additional benefits such as extended hospital stay days or higher daily room rates that allow better flexibility during times when more extensive medical care is required.

However, it’s important to note that IP riders are payable only through cash payment; they cannot be funded by MediSave accounts. In addition, whether certain non-CDL treatments fall within LIA Non-CDL Classification Framework depends upon individual insurers’ assessment criteria and approval terms.

Another option would be getting critical illness plans which offer comprehensive protection against all registered illnesses under LIA’s framework at advanced stages. There are other plans that provide extensive coverage from early-stage illnesses.

Cancer Insurance plans could also provide peace-of-mind protection against cancer-related conditions solely without other disease/sub-category groups mixed-in between offering lump sum payouts based upon both diagnose & treatment intensity levels after meeting initial waiting periods depending on plan types and provider-specific clauses/fine prints. There are also new cancer treatment reimbursement plans these days that are cost-effective and provide high coverage.

Assuring Your Coverage

Holistic planning is one of the best practices in insurance management. A balanced portfolio ensures that you have coverage for each critical area, leaving no or little loopholes or gaps within your policies.

It’s essential to review your current policies regularly with a professional financial planner who can identify any risks linked to insufficient protection from emerging healthcare trends, and thereafter propose solutions that can help tackle them. It is also recommended not to rely on only one particular type of insurance plan as it may lead individuals into trouble when these types cannot cover specific treatments in unforeseen circumstances.

The Right Plan For You

It’s always wise never to switch IP insurers excessively due to loss/ineligibility of pre-existing conditions currently covered under existing health policies but rather consider additional upgrading/adding rider components over time as affordable offerings change or perhaps get standalone cancer/critical illness policies based on affordability/preference. You never know how the new IP insurer may change their coverage in future.

A comprehensive insurance plan will ensure that you have adequate coverage, flexibility, and scalability at all times without compromising quality care.

Conclusion: Keep Informed And Stay Prepared

Staying informed regarding changes taking place within Singapore’s healthcare industry can help individuals prepare themselves better for potential future scenarios. With constantly rising medical costs and new treatment options constantly gaining attention internationally and locally, it is essential always to keep abreast of these developments so we can make well-informed decisions. I make it a point to constantly send out changes and updates to my clients and friends as well.

Seek Professional Help

Navigating the changes to CDL and maintaining an optimal insurance portfolio can be daunting tasks. With healthcare trends constantly evolving, it’s important now more than ever to review your policies regularly with a financial planner who can help identify risks and propose independent solutions that are tailored to your needs. It’s also essential not to rely on one type of insurance plan as unforeseen circumstances may arise where certain plans do not cover specific treatments. At times like these, having a comprehensive insurance portfolio will ensure you have adequate coverage, flexibility, and minimise any potential gaps.

If you’re struggling to navigate these challenges or have any questions about managing your insurance portfolio effectively, consider reaching out to me for professional guidance. We’ll walk through your unique situation, and I can come up with personalised and help create a comprehensive strategy that meets all of your needs.

Don’t leave the future of yourself or loved ones up in the air – take action today.

More To Explore