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Cancer - General Cancer in Singapore Insurance Treatments

Manage Cancer Treatment Costs with Cancer Insurance Plans

Manage cancer treatment costs with cancer insurance plans

The Singapore Cancer Society in collaboration with local financial website Seedly, had estimated an annual cost of $100,000 to $200,000 for treatment of late stage cancer in Singapore. Anecdotal experience from a relative suffering from late stage stomach cancer shows that the cost can in fact be much higher. The family in fact incurred over $200,000 for less than 6 months of treatment at a private hospital. Moreover, new MOH rules that kicked in this month [i.e. Sep 2022] that restrict MediShield claims to only drug treatments that have been whitelisted as clinically proven and cost effective. Fortunately, there is an additional option – we can help manage cancer treatment costs with Cancer Insurance plans.

What Are Cancer Insurance Plans?

Cancer Insurance plans are term plans that provide financial aid when the insured person is diagnosed with cancer. Basic plans are relatively straightforward to understand. They often provide insurance coverage of up to $100,000 or S$150,000. The sum assured may be paid partially upon diagnosis of early stage cancer, and paid fully upon late stage cancer diagnosis. Payout upon advanced stage cancer diagnosis will be less any payout claimed previously for early stage cancer. Basic cancer Insurance plans also provide a small lump-sum death benefit, often around $5,000.

Premiums payable for basic plans are modest and should be affordable to most Singaporeans. Premiums may start at around $150 per year for non-smoker young adults for $150,000 sum assured. The premiums payable increase with the age of the person assured though.

Basic Cancer Insurance plans are usually “single payout” and are terminated upon full payout of the benefits. There are some that allow for multiple claims, but these are more expensive and annual premiums can be in the thousands of dollars, versus in the hundreds for single payout plans. 

Why Are They Good For Helping You Manage Cancer Treatment Costs?

Singaporeans would have MediSave and MediShield Life (which is essentially a health insurance plan that provides hospitalisation and outpatient treatment benefits) that help with managing cancer treatment costs. MediShield can also be enhanced with an Integrated Shield Plan that provides more benefits (e.g. coverage for stays in A-class wards or in private hospitals). However, the benefits under these plans might not be sufficient, given the potentially high cost of cancer treatment. There may also be some treatments that are not claimable under these plans.

In addition to health insurance plans, we can also get cancer protection under Critical Illness plans. These are plans that cover a number of different critical illnesses and are payable upon diagnosis of applicable critical illnesses. Cancers are included as part of the list of Critical Illnesses covered under these plans.

Cancer Insurance plans are a type of Critical Illness plans, just that they specifically cover only cancer. This narrower focus makes these plans significantly cheaper than Critical Illness plans which can be 3-4 times more expensive for comparable sums assured. Lacking protection for other critical illnesses, Cancer Insurance plans should be considered as an addition to critical illness plans, rather than replacements. Due to their affordability, they are an excellent choice for people who might have a higher risk of cancer – for instance, those who have a family history of cancer.

Unlike health insurance, cancer insurance payments are not tied to claimable treatment costs. The sums paid out can be used to fund treatments not supported under health plans, or used for other purposes such as loss income mitigation.

What Are Some Cancer Insurance Plans You Can Consider?

The good news is that there are many Cancer Insurance plans available for you to choose from. We have put together a few covering different types of features and payout options for your convenient reference.

Cancer Insurance Plans

Plan

Coverage

Features

  • Early, Intermediate and Advanced Stage Cancer.

  • Covering recurrent or new primary cancers.

  • Early or Intermediate Stage Cancer: 15% of sum assured.

  • Advanced Stage Cancer: 100% sum assured, less any Early or Intermediate Stage Cancer claim paid previously.

  • Free Child Cover of 15% sum assured for your child should he/she be diagnosed with any Advanced Stage Cancer.

  • Waiver of Premium in the event of Early or Intermediate Stage Cancer claim (premiums for the next 24 months waived).

  • Death and Terminal Illness Benefit of 15% sum assured if the Life Assured passes on or is diagnosed with terminal illness.

  • Early and advanced stage cancer coverage.

  • Choose from three different levels of protection: $100,000, $80,000 or $50,000.

  • Payout of 25% of sum assured when diagnosed with early stage cancer.

  • No reduction in sum assured even after claim for early stage cancer.

  • Additional advanced stage cancer benefit of 25% of the sum assured if a claim was not made for early stage cancer.

  • Up to 100% of the sum assured in the event of accidental death. You will also be covered for non-accidental death.

Prudential
PRUCancer 360

  • All stages of cancer

  • 100% payout for all cancer stages.

  • Affordable, customisable protection with sum assured from $10,000 up to $300,000.

  • Hassle-free, easy application.

  • Coverage up till age 100.

  • Death benefit of $5,000.

Tokio Marine
TM Protect Cancer

  • Death.

  • Early Stage Cancer.

  • Advanced Stage Cancer.

  • 50% of sum assured payable upon diagnosis of early stage cancer.

  • Simplified issuance offer.

  • Death.

  • Early, Intermediate & Advanced Stage Cancer.

  • ICU Admission.

  • Cancer Supportive Therapy for Mental Illness and Pain Management.

  • Early, intermediate, and advanced stage cancer coverage.

  • Multiple payouts for advanced stage cancer that is newly diagnosed, or has spread, persisted, or recurred.

  • Monthly income for 25 months.

  • ICU Admission Benefit.

  • Cancer Wallet Benefit (reimbursable for cancer supportive therapies on mental illness and pain management).

  • Total payout of up to 475% of Sum Assured (based on 100k Sum Assured).

Critical Illness Plans

We include also some Critical Illness plans should you want to consider those.

Plan

Coverage

Features

  • Early, Intermediate and Advanced Stage Critical Illness.

  • Unlimited claims payout up to 600% Sum Assured.

  • Coverage for Re-diagnosed Cancer.

  • Recurrent Heart Attack and Stroke at any stage.

  • Diabetes Care Programme.

  • Extra protection for 11 Special and 10 Juvenile conditions.

  • Death Benefit of $10,000.

  • Optional riders to waive future premiums upon diagnosis of Early to Advanced Stage critical illness, or involuntary loss of income.

  • 132 conditions across early, intermediate and severe stages of critical illnesses.

  • Plus specified recurrent critical illnesses.

  • Choose your desired duration of coverage.

  •  Multiple payouts - total payout of up to 900% of assured in multiple payouts.

  • Stop paying premiums once you’ve received at least 300% of sum assured.

  • Option to turn Recurrent Critical Illness Benefit into an extra payout.

  • Payout for special conditions.

  • Death benefit of $5,000.

Tokio Marine
TM MultiCare

  • Death

  • Early, Intermediate & Advanced Stage Critical Illnesses

  • Special Conditions

  • Juvenile Conditions

  • Multiple payouts across early, intermediate and advanced stage critical illnesses.

  • Total payout of up to 900% of sum assured.

  • Additional coverage for 10 Special Conditions and 10 Juvenile.

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Contingency Against The Cost of Cancer Treatment – TN Advisory Group Can Assist With Your Financial Planning

You can consult an experienced financial advisor to ensure that you are well protected against the cost of cancer treatment and other potential financial impacts from cancer. TN Advisory Group is a group of representatives from Legacy FA Pte Ltd. They believe that financial planning is an intricate process that requires a sincere listening ear, an empathetic heart, and a relentless commitment towards improving the financial wellness of the lives they touch. Their experienced financial consultants will help you ensure that your portfolio remains relevant in our ever-changing world, and that every purchase fits in the grand picture of your financial blueprint. Arrange for an appointment with TN Advisory Group using their contact form here. Quote the promo code “TN365” and receive a meet up gift (Yuan Skincare and Soap set, while stocks lasts) and a complimentary portfolio evaluation of 20 mins (no product purchase required).

TN Advisory Group is the sponsor of the webinar LET’S TALK on “Understanding The Cost Of Cancer Drug Treatments And How To Manage The Financial Impact Of Cancer” on 30 Sep 22. Read our summary of the webinar.

This article is informative only and is not intended to be a substitute for professional medical advice, diagnosis, or treatment, and should never be relied upon for specific medical advice.