Which Insurance Riders Do You Actually Require In Singapore?

An insurance rider Singapore is an add-on that can be added to your insurance policy. A rider adds additional benefits or protection to the original plan's protection. When comparing insurance plans across insurers, it is critical to compare not only the basic plans but also the riders.

In Singapore, the most common riders are health insurance riders and life insurance riders. The best part is that the riders for these two different types of insurance are typically quite similar across almost all insurance companies in this city state which makes comparison easy.

Every Singaporean knows about health insurance covering med shield covers the basic hospitalisation costs. But if you want more then you need to learn about Integrated Plans or IPs which are hospitalisation insurance plans working in combination with MediShield Life, Singapore's basic government health insurance scheme that covers Singapore citizens and PRs.

In a nutshell, IPs cover the majority of your medical expenses if you are hospitalised. The plan will cover the majority of your hospital bills as well as related outpatient costs such as GP visits incurred within a specified time frame.

Previously, IP policyholders could purchase full riders to avoid paying both – the deductible and the co-insurance. However, according to the policy renewals in April 2021, these full riders, which previously provided IP policyholders with coverage completely, will instead be downgraded to co-pay riders which require a minimum 5% co-payment.

Fortunately, most insurance companies have set a cap of $3,000 to keep it affordable for policyholders. However to avail this benefit you have to take treatment from their panel of doctors and hospitals.

In case you don’t buy an insurance rider Singapore then you will have to the deductible first and the co-payment of 10% of the hospital bill which is usually a hefty amount. Hence when buying health insurance, you should ensure that you buy the right riders and it is a good idea to take the guidance of a professional insurance advisor on this matter.