A patient afflicted with dementia is estimated to incur $1.6 million in expenses if the individual survives for 10 years.3 Without CI plans to mitigate medical inflation, ongoing treatments for critical illness may be beyond the means of average Singaporeans
Singapore: MSIG Insurance, a major Asia insurer, has introduced CriticalCare Plus, a new health policy covering five major critical illnesses (CIs) including cancer, heart attack, stroke, Parkinson’s disease and Alzheimer’s disease.
Designed for customers aged between 18 and 60 years old, CriticalCare Plus safeguards individuals and families from the financial burden associated with chronic illnesses. Policyholders will receive accelerated payouts for proactive heart care and early-stage cancer treatments, and a lump sum payout on the first diagnosis of a critical illness.
“Critical illness can strike at any age and leaves individuals financially vulnerable during a health crisis. With rising medical inflation and the increasing prevalence of chronic diseases, we have developed a no-frills product to encourage consumers to be proactive in building their critical illness coverage while they are healthy and premiums are lower,” said Jeremy Lian, Senior Vice President of Technical Services, MSIG Singapore.
“For young adults, accumulating critical illness coverage at affordable premiums will also better prepare them for the future and protect them from rise in the general cost of healthcare,” he added.
While Singaporeans have employer and national health plans to pay for medical costs, these are often insufficient to fully address long-term needs of critical illnesses.
Expenses associated with treatments and caretaking can be a drain on savings and prohibitive.
A report found that the average healthcare cost in Singapore has increased by 10.3% from 2023 to 2024.2 In another study, a patient afflicted with dementia is estimated to incur $1.6 million in expenses if the individual survives for 10 years.3 Without CI plans to mitigate medical inflation, ongoing treatments for critical illness may be beyond the means of average Singaporeans.
CriticalCare Plus with its accelerated payouts pays over and above employer and national health plans and provides the much needed additional funds for treatment and recovery.
About CriticalCare Plus:
-The product is available in four plan types with maximum payout of $100,000 for major illnesses such as cancer, heart attack, stroke, Parkinson’s disease and Alzheimer’s disease/severe dementia,
-Accelerated payout at 50% of sum insured upon diagnosis of early-stage cancer such as carcinoma-in-situ, early prostate cancer and early thyroid cancer,
-Accelerated payout at 10% of sum insured for Angioplasty and other invasive treatment for coronary artery,
-Automatic renewal of policy after the payout of early-stage and proactive heart care benefits,
-Premium starts at 20 cents per day* for $30,000 coverage, with monthly and annual payment options available,
CriticalCare Plus can be purchased online with minimum documentation and easy payment methods. New customers will enjoy a 25% discount on their premiums if they apply during the promotion period up until 26 September 2024.