Do children under the age of 18 need a health insurance plan?
If this is a question that crossed your mind before, let me try to address this after doing some research on my own.
Parenthood is a remarkable journey filled with joy, but it also comes with its fair share of uncertainties. As a father, I always strive to provide the best for my son Asher, and one crucial aspect of his well-being is his health.
In Singapore, where healthcare costs are continually rising, it is essential to have a reliable insurance plan for the unexpected. There is no denying that an insurance plan is necessary, but which one to get is dependent on key factors like costs as well as the coverage terms.
Singlife Shield Starter, which was first launched in July this year, is an excellent budget-friendly Integrated Shield Plan to start with and it also lets you add a rider for just S$1. It is the first such product in the market to offer basic coverage of up to $20,000 per year and reduce out-of-pocket expenses for medical needs.
This plan bundle (rider can be optional) is also a digital only product which will appeal to parents who can purchase it online on your own after doing your own research.
The Reality of Child Hospitalisation in Singapore
Childhood is a time of exploration and curiosity, but it’s also a period when children are more susceptible to illnesses and accidents. To put things into perspective, let’s look at some statistics and facts.
Accidents: Accidental injuries are a leading cause of child hospitalisation. KKH Child Injury Surveillance Report 2022 showed that from 2012 to 2020, there were a total of 3,562 cases of child road traffic injuries. Other common accidents include drowning and fall from heights.
Infectious Diseases: Children are also more prone to infectious diseases due to their developing immune systems. Common illnesses like influenza, gastroenteritis, and respiratory infections can lead to hospitalisation, especially in severe cases. This is particularly a concern now in the post Covid-19 endemic world we live in.
Food Poisoning: Foodborne illnesses is another significant concern. Children may consume contaminated food, leading to hospitalisation due to food poisoning and related complications.
Of these three stated events, Asher had brushes with all of them in his growing up years even though he is not more active or accident-prone than the average child.
Why Singlife Shield Starter is a Necessity for Parents
Given the potential risks and the unpredictability of childhood illnesses and accidents, having a reliable insurance plan like Singlife Shield Starter is a necessity for parents. Here’s why:
Private Coverage: Singlife Shield Starter allows you to access more than 500 Singlife preferred medical doctors, as they have partnered up with IHH Heahlthcare SG which operates private hospitals like Gleneagles, Mount Elizabeth, Parkway and more. This will offer parents more options to find a specialist.
Financial Protection: Singlife Shield Starter offers financial protection against unexpected medical expenses. In the event of a hospitalisation, the plan helps cover hospital bills, reducing the overall financial burden. With the rider Singlife Health Plus Starter, co-payment can be reduced to just 5% of your hospital bill.
Affordability: Singlife Shield Starter is designed to be budget-friendly, making it accessible to parents from various financial backgrounds. With its low premium, you can ensure your child’s health without breaking the bank. The S$300 annual premium for Singlife Shield Starter is payable via MediSave. No or little out-of-pocket cash-at-hand is required.
Simplicity and Convenience: Applying for Singlife Shield Starter is hassle-free. There’s no need for a medical check-up; you can apply online by answering just five health underwriting questions. This simplicity is a boon for busy parents.
Additional Coverage: One of the key selling points of Singlife Shield Starter is the option to add Singlife Health Plus Starter for just S$1. This rider enhances the coverage, providing an even more comprehensive protection for your child.
Promo Code for GST Waiver
GST Waiver: For a limited time, Singlife is offering a waiver of the Goods and Services Tax (GST) for the first-year premium when you purchase Singlife Shield Starter and Health Plus Starter using the promo code GST0. This means additional savings for parents who choose to invest in their child’s health.
Asher had two operations previously which required surgery and hospitalisation. Each time, the bill came up to about S$20,000 and having an insurance coverage would have been a great help.
As a parent, our child’s health and well-being are of paramount importance. Singapore’s healthcare landscape can be costly and unpredictable, making it crucial to be prepared. With the common reasons for child hospitalisation in Singapore in mind, Singlife Shield Starter emerges as an ideal solution to provide financial security and a peace of mind, balancing between cost and coverage for the best of both worlds.
Don’t wait for a health crisis to strike—act now to secure your child’s future with Singlife Shield Starter.
Terms and conditions apply.
This policy is underwritten by Singapore Life Ltd. Alvinology is not an insurance agent or intermediary and is not allowed to solicit any insurance business or give advice on or recommend any product nor be involved in any discussions, negotiations or the arrangement of any insurance contract between you and Singapore Life Ltd. Please direct all enquiries to Singapore Life Ltd.
This material is published for general information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person. You should read the Product Summary and seek advice from a financial adviser representative before making a commitment to purchase the product.
As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely. Buying a health insurance policy that is not suitable for you may impact your ability to finance your future healthcare needs.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Protected up to specified limits by SDIC.
The information contained in this broadcast is accurate as at 27 November, 2023.