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Cancer and its treatment costs are a growing concern in Singapore.
As of 2022, the Singapore Cancer Society estimates that 1 in 4 Singapore residents may face cancer before the age of 75[@article-insurance-cancerstats].
It's critical to understand the cost impact of a cancer diagnosis. This way, you can better protect your financial security and that of your loved ones.
Cancer treatment can cost around SGD100,000 to SGD200,000 per year[@article-insurance-cancer-estimate]. What you're covered for and how much you'll have to pay out of pocket will depend on your health insurance plan. But even with insurance, you could be facing huge bills. These may be in the form of deductibles, co-insurance, and related healthcare costs.
Common costs that you can expect during treatment include:
To cover these costs, you should insure yourself for at least 4 times your annual income.
If you're a Singapore citizen or PR, you can get up to 80% of your in-patient bill subsidised at government-funded hospitals.
But not all cancer treatments are covered under MediShield Life, MediSave and Integrated Shield Plans (IPs). They will only cover treatments on the Ministry of Health's Cancer Drug List (CDL). Plus, there are claim limits for cancer drug treatments.
You can get cancer at any age. The good news is that the earlier the cancer is found, the better the outcome usually is.
Because insurers will consider your medical history, protecting yourself from a younger age is essential. Your premiums will also be lower. With cancer insurance cover, you'll have less to worry about so you can focus on your treatment and getting better.
With an early diagnosis, you'll get a part of your insurance benefit paid upfront. You can only claim this once. The policy will still be in force to cover you for a major cancer diagnosis, up to the remaining policy amount.
For a major cancer diagnosis, you'll be paid the benefit in full. You'll receive the lump sum payment directly. You can use it to take care of your bills and anything else you need to cover.
Medical insurance and cancer coverage pay out differently. Medical insurance will pay for medical costs. Cancer insurance provides a lump sum.
The cancer insurance you opt for will depend on your healthcare needs and what you can afford. Happy with the healthcare at public hospitals? Don't want to pay more in premiums? Perhaps MediShield is enough.
But if you want to make sure you're financially covered in the event of a cancer diagnosis, then cancer insurance would give you and your family more peace of mind.
Mr Chen is a 50-year-old sales executive, living in Singapore. He's married with 2 children. Mr Chen enjoys eating out with his friends and travelling with the family.
Following a routine exam, Mr Chen was diagnosed with suspected prostate cancer. He'll require a biopsy test. Treatment will then include surgery and 4 sessions of radiation therapy.
Under his integrated shield medical reimbursement plan, Mr Chen can claim up to SGD3,600 per calendar year for outpatient cancer drug and other treatments. Here's a range of other costs[@article-insurance-msig-cancer-costs] he can expect to pay:
Biopsy test
Public (subsidised): SGD939
Public (unsubsidised): SGD1,855
Private (unsubsidised): SGD6,067
Surgery
Public (subsidised): SGD2,030
Public (unsubsidised): SGD26,244
Private (unsubsidised): SGD53,326
Mr Chen chose the public (subsidised) biopsy and private surgery. This will cost him around SGD50,665 after the health insurance cover difference.
Because of the early-stage diagnosis, Mr Chen will receive an accelerated lump sum benefit of SGD50,000 with HSBC CancerCare Plus. Cancer coverage will then continue until Mr Chen cancels or terminates his policy, or until the full basic benefit (SGD100,000) is paid out.
You may have a lot of questions about treatment costs and how to cover them. We've put together a list of the common questions and their answers, to give you a starting point.
What's excluded from cancer insurance?
When you choose a plan, you should check what's covered – and what's not.
Common exclusions include:
Is there an age limit for cancer coverage?
There's no age limit for MediShield. But the age limit varies between cancer insurance plans. For HSBC CancerCare Plus, you must be between 20 and 65 years old.
Will I be covered right away?
Many insurers have a waiting period of between 30 and 90 days before you can make a claim. This varies by insurer, so it's best to ask.
Can I cancel a policy?
You can usually cancel your insurance policy within 14 days. You'll get your premiums reimbursed as long as you haven't made any claims. This 'Free Look' clause does not apply to policy renewals.
Is the policy renewable?
Yes, it will renew automatically every year. That's unless you cancel the plan or it's terminated.
When will the policy end?
The cancer insurance policy will end after you receive the cancer benefit (payout). It will also end if the premiums are not paid on time.
You can look out for your future self with the right insurance.
See ways to make a claim under your HSBC insurance policy or pay your premiums. Find useful information for your policy and get the forms you need.
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