Boost Your Cancer Coverage With Cancer and Critical Illness Plans

Cancer insurance has become increasingly popular in Singapore as cancer remains the leading cause of death in the country.

Because cancer insurance typically covers a wide range of treatments and related costs, it serves as essential financial support for those diagnosed. It also helps individuals supplement their healthcare needs and reduce out-of-pocket expenses.

For many patients, cancer insurance is a lifesaver, especially since cancer treatment often comes with high costs and various miscellaneous charges.

This is even more important after the recent MediShield Life cancer coverage changes, which affect how much patients can claim.

MediShield Life cancer coverage changes

A major change in MediShield Life cancer coverage took effect on 1 April 2023, reshaping how private insurers under Integrated Shield Plans (IPs) pay for cancer treatment.

Instead of covering costs as-charged, IPs now have upper claim limits and only subsidise outpatient cancer treatments listed under the Cancer Drug List (CDL).

Currently, IPs can only cover up to five times MediShield Life’s limit of S$200 to S$9,600 per month for cancer drugs, and S$3,600 annually for cancer services. Previously, they covered treatments as-charged, after co-payments and deductibles.

This change greatly affects patients receiving treatment in private hospitals, where bills can easily exceed the limit, depending on the drugs prescribed and the severity of the illness.

Ways to supplement your medical insurance for better cancer coverage

According to the Singapore Cancer Society, about 46 people are diagnosed with cancer daily, while 16 die from the disease. In fact, one in four Singaporeans is projected to develop cancer in their lifetime.

With rising treatment costs and growing cancer cases, insurers now offer standalone cancer insurance and critical illness (CI) insurance plans that cover cancers from early to advanced stages.

These specialised plans provide financial protection through lump-sum payouts or treatment cost coverage, helping policyholders manage income loss, alternative treatments, medications, or home care.

There are two main ways to supplement your medical insurance for more comprehensive cancer protection:

Purchase a Critical Illness (CI) insurance plan
Purchase a Standalone Cancer Insurance plan

Supplementing with critical illness insurance

Instead of relying solely on your medical insurance, consider adding a CI rider or purchasing standalone critical illness insurance. Both help increase your protection and financial flexibility.

When diagnosed with a covered critical illness, including most cancers, a CI policy provides a lump-sum payout based on your insured sum. The Life Insurance Association (LIA) defines 37 standard critical illnesses, but private insurers often include additional conditions.

The payout depends on your chosen coverage amount, not your actual medical bills. You can use it for any purpose, medical or personal. However, most CI plans terminate after payout unless stated otherwise.

Many private insurers in Singapore offer CI insurance, though comparing them can be challenging due to differing terms. Below is a summarised comparison of popular plans to help you understand their key features.

Plan	Coverage	Sum assured (SGD)	Claims
FWD Critical Illness Plus	Early and intermediate stages of cancer, heart attack, stroke, 37 late-stage CIs	50,000 to 300,000	Auto-reload benefit after 12 months
GREAT Critical Cover: Complete	Early, intermediate, and late stages of 53 CIs and 121 critical conditions	50,000 to 350,000	Terminates after one claim unless paired with Protect Me Again rider
Manulife Critical SelectCare	7 CIs and 2 critical conditions	25,000 per CI conditions	25% premium refund at end of term if no claim made
PruActive Protect	37 CIs	Customisable	Allows multiple claims and relapse coverage with riders
Singlife Comprehensive Critical Illness	132 conditions across all CI stages	30,000 to 250,000	Terminates after one claim

Supplementing with standalone cancer insurance

A standalone cancer insurance plan provides a lump-sum payout upon a cancer diagnosis. Since it only covers cancer, the premium is generally lower than a CI insurance plan.

Standalone cancer insurance usually covers all stages, from early to advanced, and offers simpler claim processes. Because each plan differs, it’s not always possible to compare them directly.

Here’s a summary of several standalone cancer insurance plans in Singapore to help you assess your options.

Plan	Coverage	Sum assured (SGD)	Death benefit / Notes
AIA Multistage Cancer Cover	All cancer types, all stages	100,000 150,000 250,000
FWD Cancer 2.0 Insurance	All cancer types, all stages	10,000 to 200,000	100% payout if cancer causes death
Prudential PRUCancer 360	All cancer types, all stages	10,000 to 300,000
Tiq Cancer Insurance	All cancer types, all stages	50,000 100,000 200,000	5,000
Singlife Cancer Cover Plus II	Selected cancer treatments and services	As-charged, up to S$1.5 million per policy year

The Singlife Cancer Cover Plus II plan stands out because it covers actual treatment costs rather than paying a lump sum.

It’s a first-in-market, standalone medical plan covering outpatient cancer drug treatments (both CDL and non-CDL), outpatient drug services, and selected advanced treatments like proton beam therapy and cell, tissue and gene therapy, up to S$1.5 million worldwide per policy year.

Let’s look at a practical example.

Linda undergoes CDL-listed outpatient cancer treatment at a private hospital. She has Singlife Shield Plan 1, Singlife Health Plus Private Prime, and Singlife Cancer Cover Plus II.

Plan	Details	Amount
Singlife Shield Plan 1	Cancer drug bill	S$20,000
	Less: 10% co-insurance (capped at 25,500 / year)	(S$2,000)
	Claim payout (based on five times MediShield Life limit @ S$1,000 / month)	S$1,000
Singlife Health Plus Private Prime	Less: 5% co-insurance (capped at 12,750 / year)	(S$1,000)
Singlife Health Plus Private Prime	Claim payout	S$1,000
Total from Shield Plans		S$2,000
Out-of-pocket (so far)		S$18,000

With Singlife Cancer Cover Plus II, Linda claims part of her remaining balance:

Plan	Details	Amount
Singlife Cancer Cover Plus II	Cancer drug bill	S$20,000
	Less deductible (20% co-insurance)	(S$4,000)
	Less deductible	(S$5,000)
	Claim payout	S$11,000

Total paid by Singlife: S$13,000

Linda pays: S$7,000

Without this cancer insurance plan, Linda would have paid S$18,000 out of pocket.

If she also held another standalone cancer or CI insurance plan, she could use the lump-sum payout to cover her remaining expenses or income loss during treatment.

Conclusion

Cancer can be both emotionally and financially challenging. Supplementing your medical insurance with critical illness insurance or standalone cancer insurance helps you manage costs and protect your income.

Evaluate your existing coverage, identify potential gaps, and take proactive steps to strengthen your financial protection.

If you’re unsure how well protected you are, contact ask@plannerbee.co to find out more about cancer insurance in Singapore and how you can secure peace of mind for yourself and your family!