Prior to approving certain types of insurance policies, insurers go through the process of underwriting to evaluate the client’s risks. Any pre-existing conditions would result in limited policy coverage, increased premiums (to account for the higher risks) or rejecting the insurance application altogether.
Being born with a genetic disease however, does not mean that one cannot benefit from insurance. In this article, we highlight some of the policies you can buy even if you have a pre-existing genetic condition.
MediShield Life is a mandatory health insurance plan that provides basic protection to all Singaporeans and Permanent Residents against large hospital bills for life. Thus, all Singaporean Citizens and Permanent Residents are automatically enrolled under MediShield Life, even those with genetic diseases.
The only catch is that those with pre-existing conditions are required to pay 30% more premiums for ten years, before reverting to paying the same premiums as those in their age group. According to MOH, exceptions to paying higher premiums can be made for those who have mild pre-existing conditions or manage their conditions well. All MediShield Life premiums can be paid using MediSave, and those with financial difficulties can apply for subsidies and financial aid.
Private Insurance Policies
There is no lack of private insurance products in the market, and over the years, new policies have emerged to address the needs of those with genetic diseases.
#1 Personal Accident Plans For Individuals Or Children With Autism Or Down Syndrome
and are plans are meant for individuals with autism or Down syndrome. Both policies cover medical expenses arising from accident or infectious diseases as well as recovery expenses. Should the individual covered under the policy cause accidental injury or damage to property, the policies also cover personal liabilities up to $5,000 yearly.
#2 Critical Illness Plans That Covers Those With Diabetes, High Blood Pressure, High Cholesterol or High BMI
is specifically for those who struggle with Type 2 and Pre-diabetes. Coverage for 5 key diabetes-related conditions is guaranteed, providing a peace of mind in the event of critical illness. In the unfortunate event where limb amputation is required, the policy will pay out 20% of the coverage amount and this claim does not affect the assured plan sum.
Similarly, is a plan designed for those suffering from Type 2 and Pre-diabetes, High Blood Pressure, High Cholesterol or High BMI (also known as the 3 Highs). The policy covers 11 critical illnesses including major cancers, stroke and heart attacks as well as 4 diabetic conditions. The latter will receive extra protection upon diagnosis – an additional 20% of the assured sum – and will not reduce the assured sum of the other benefits.
#3 Maternity Insurance Provides Security For Potential Congenital Disorders
Parents-to-be, it may also be worth getting a maternity insurance that protects both mother and child. These policies typically give a one-time payout should a child be born with a congenital disorder such as deafness or cerebral palsy and covers the child up till he/she turns 3.
Explore Your Options With A Financial Adviser
Having a genetic disease is challenging enough, and it is reassuring to know that there are options in the market that provide you with a measure of protection and peace of mind. For more information, speak with a trusted financial adviser to explore your options based on your needs and budget.
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