06 Apr 2021
Cancer treatment is expensive, especially if the treatment is extended over a long period of time.
There are also non-medical costs to consider:
That’s why private health insurance – cancer insurance in particular – is a serious option.
(Read more: Cost of battling cancer in Singapore)
Singaporeans are covered by government subsidies of up to 80% of the total bill in acute public hospital wards. Note that you’ll have to opt to stay in a subsidised ward (B2+/B2/C) to qualify for these subsidies.
Medisave and Medishield Life are starting points for financial coverage for cancer and other critical illnesses. However, there are limits to claims from both Medisave and Medishield. Non-medical costs are also not covered by these schemes.
Comprehensive private health insurance is a broader option if you can afford it. However, not all of these policies have adequate coverage for cancer. Read the fine print. If your policy is one of these, it may be worth getting an additional policy that’s specific to cancer care.
But if all you want is coverage for cancer, there are specific policies at rates that are generally cheaper than comprehensive health coverage.
Mr. Tan is a Singaporean citizen with a family of four: wife and two married daughters. Aged 55, he enjoys taking care of the grandchildren, and is looking forward to his golden years.
He has always led a healthy lifestyle, but was recently diagnosed with colon cancer. His treatment involved a colonscopy for diagnosis, and subsequent surgery to remove part of his intestine and rectum.
*Treatment costs source: Ministry of Health, ‘Fee benchmarks and bill amount information’, accessed on 15 July 2019.
This however assumes no complications, and doesn’t take into account chemotherapy, follow-up checks, and screenings.
(One blogger estimates the cost of treating late stage cancer in Singapore at $100,000 to $200,000 per year. This is a generalisation, but it is possible for treatment of some forms of late stage cancer at private hospitals.)
With a private health insurance policy like CancerCare, Mr. Tan would be able to alleviate his financial burden from the cancer benefit payout of S$50,000 to S$150,000, depending on the plan type he bought.
Typically, cancer insurance covers only the later stages of cancer, is troublesome to apply for as it involves health checks and page after page of health declarations. In addition, cancer insurance is perceived to be expensive.
This is where CancerCare turns its head on the competition (and why we named it ‘Care’):
If you already have cancer coverage, take this chance to review. You might find benefits from enhancing your coverage for the costs of cancer treatment and recovery.
It’s different from medical expense insurance, where your claims depend on the actual medical expenses. Having more medical expense insurance policies doesn’t necessarily provide more benefits. But with CancerCare? It’s like a booster shot to your finances when dealing with the cost of cancer treatments and recovery.
Sources and notes1 National Cancer Centre Singapore, accessed 15 July 2019. ‘Using Medisave’. 2 The premium amount is based on a male, aged 18. Refer to the Product Documents for the Policy Illustration and Product Summary. 3 There won’t be a cancer benefit payout if: the life insured did not survive for at least 7 days from the date of diagnosis of a cancer; the date of diagnosis of a cancer is within 90 days from the policy issue date or the date of reinstatement of this policy, whichever is later; if the life insured has contracted HIV, AIDS or any AIDS-related condition; or if cancer was pre-existing.
Disclaimers and Important Notice This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability. All investments come with risks and you can lose money on your investment. Invest only if you understand and can monitor your investment. Diversify your investments and avoid investing a large portion of your money in a single product issuer.
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