Monday, May 23, 2011

Difference between Medical insurance and Critical Illness insurance?

If I have a medical insurance plan, do I still need a critical illness insurance cover?
Is medical insurance the same as critical illness insurance?

These are some of the common questions and confusion regarding insurance plans for illnesses.

Hope the below clears it up:

Medical insurance, in Singapore the most common being the MediShield insurance,caters more to paying of medical bills. It is often on a reimbursement basis where its primary purpose is to pay off your bills (although some has features that offer some hospital cash or a small sum assured).

Critical illness plans pays the sum assured in a lump sum upon diagnosis of illnesses that meet the definitions as stated in the insurance policies (refer to critical illness definitions tag). This is not restricted to payment of bills. The sum assured can be used for income replacement or basically pay for anything you want.

You may also be interested in:

Singapore insurance planning FAQs

Critical illness vs Terminal illness

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