Leading homegrown financial services company Singlife has launched Singapore's first as-charged cancer coverage plan, Singlife Cancer Cover Plus. This product offers insurance coverage on top of Medisave-approved plans.
From 1 April 2023, Singapore’s Ministry of Health is limiting how Medisave-approved insurance plans can be utilised to cover cancer treatment. Singlife Cancer Cover Plus enables policyholders to claim for treatments and drugs not covered under these changes and offers high annual coverage of up to S$1.5 million which can even be used to pay for treatments undertaken abroad.
Cancer is one of the leading causes of death in Singapore, with one in four Singaporeans developing some form of the disease within their lifetime. Treatment for certain late-stage cancers can range in the hundreds of thousands of dollars, with existing medical insurance plans alone wholly insufficient to cover the cost of certain cancer treatments. With Cancer Cover Plus, affected individuals can reduce their out-of-pocket expenses by up to 88%.
Ms Helen Shen, Group Head of Health, Singlife, said, “Cancer poses significant health burdens not only for those afflicted with it, but for their families and loved ones who care for them. We are proud to develop this industry-leading product that can alleviate some of the financial burden and create better outcomes for patients. No matter what treatment is required, nothing should stop patients from getting the care that’s best for them.”
Earlier this year, Singlife announced a partnership with Icon Cancer Centre, Singapore’s first fully integrated cancer care provider, located at Mount Alvernia Hospital. Through this partnership, Singlife Cancer Cover Plus policyholders will also be able to enjoy access to affordable and personalised cancer treatments, reported Fintech Finance News.