As a financial planner, I believe in regularly updating my clients with the latest news or policy changes. Keeping them abreast of such knowledge is important, as it keeps their risk management adequately in place. One critical area that deserves attention is cancer treatment coverage in Singapore. The Integrated Shield Plans have recently changed how they cover cancer treatments, making it essential for everyone to stay informed about these updates and their impact on financial planning.
However, this topic on common cancers for women in Singapore hits home. A doctor recently diagnosed an elderly family member with nose cancer. During this time, we’re trying to manage her emotions, while working out the treatment plan with doctors.
With a heavy heart, I’m sharing about this health condition most people shy away from.
5 Top women cancers in Singapore are at risk for
Between 2016 and 2020, the National Cancer Centre Singapore (NCCS) reports cancer statistics; the following are most common among women:
- Breast cancer
- Colorectal cancer
- Lung cancer
From 2015 to 2019, the Singapore Cancer Society (SCS) highlighted the most common cancers affecting women were:
- Breast cancer
- Colorectal and rectum cancer
- Lung cancer
- Corpus uteri (uterus) cancer
- Ovary & fallopian tube cancer
Both sets of statistics have shown that the top 5 cancers with the highest incidence in females are as reflected in the above list. While it sounds worrying, the good news is that with early detection and treatment undertaken, positive outcomes are possible.
Armed with the right knowledge, females might be able to make adjustments to lower their risk for these women-cancers.
Cancer risk: Can you inherit cancer?
First, cancer is a genetic disease. Genetic changes cause these cells to alter randomly or by a carcinogen. Such DNA changes can happen any time during our lifespan or even in the womb. Such genetic changes are only harmful when healthy cells turn into cancerous cells.
Next, parents cannot pass cancer itself or genetic changes in tumor cells down to their children. However, if a parent’s egg or sperm cells contain a genetic change that increases the risk of cancer, they can pass it down.
While prevention and early detection of cancer can boost recovery, we can reduce our risk factors that are within control. Some ways include lifestyle changes, diet, environmental exposure and smoking habit.
Cancer treatments and medication
Doctors use chemotherapy, radiation therapy, and surgery as cancer treatments. Depending on the cancer stage, patients usually undergo a concoction of treatment methods to kill cancer cells and achieve remission.
While chemotherapy is usually on the approved drug list, a patient’s condition may worsen, or not react optimally to the treatment. Doctors may prescribe him drugs from the Cancer Drug List (CDL), also known as non-CDL drugs, or a drug cocktail to keep things under control.
To elaborate, ‘approved cancer drugs’ refer to clinically proven and more cost-effective cancer treatments on the Cancer Drug List (CDL). This does not mean that non-CDL treatments may still be effective and safe, but pharmaceutical companies have not yet registered these treatments with the Health Science Authorities (HSA). This involves cost and waiting time for listing.
Latest update: cancer drug treatment coverage changes to Integrated Shield Plans (IPs) from 1 April 2023
Besides the concern of how fast cancer cells can spread, the next worry is about managing medical bills.
You can purchase an Integrated Shield Plan (IP) from a private insurer for higher coverage and benefits than MediShield Life. This requires an additional premium, which you can pay using your Medisave funds, if applicable.
As of 1 April 2023, all local insurers offering Integrated Shield Plans (hospitalisation coverage) will have to follow the new regulations imposed for covering Cancer Treatment (e.g., Chemotherapy). The new coverage comes with capped limits, i.e., up to 5x of MediShield Life Limits (MSHL).
Integrated Shield Plans (without rider) does not cover for non-approved cancer drug treatments (Non-CDL).
Jenelle’s health insurance tips: Not sure if you’ve an Integrated Shield Plan? Log into myCPF via Singpass, go to Healthcare dashboard to check your coverage status under ’Health insurance’ section.
What happens if a patient needs non-CDL cancer treatments?
This means that the patient will need to pay the costs from his own pocket, especially if he does not have a rider attached to his insurance plan. Basically, this means that without a rider, there will be no coverage for the treatment under cancer treatment coverage in Singapore.
In this scenario, having a hospital plan with an attached rider is necessary as it helps ease the financial strain. Depending on which insurer the rider is from, the insured person benefits with a monthly or yearly sum to cover expenses of cancer drugs not on the CDL.
This can make a big difference, especially when stronger medications or a drug cocktail are required, and the main goal is to cure the patient without financial constraints.
My advice on optimising your Integrated Shield Plan coverage and how to reduce out-of-pocket expenses
- Understand your current health (i.e., critical illness) and hospitalisation plans and coverage
Your existing policy details matter because the calculation for what’s covered differs across insurers. It is important to know what you already have and what is potentially missing. For e.g., those with an existing critical illness coverage which provides a lump sum pay-out upon diagnosis, this money could be used to pay for treatments not covered by the IP. Thereafter, do assess if the lump sum is sufficient as chemotherapy is a monthly treatment and a recurring expense. Ask your financial advisor: How long can this lump sum cover these costs? What about your loss of replacement income?
It is also helpful to note the recent increase in MediShield Life claim limit for cancer drug services is at $3,600 per year. Notably, this limit is a separate one from cancer drug treatments. Cancer drug services include scans, blood tests, doctor consultations and supportive care drugs over the patient’s course of cancer drug treatment. Yes, cancer treatment costs go beyond just the treatment methods!
- Manage the possible snowball of cancer treatment costs with an add-on insurance rider
Potential out-of-pocket costs incurred can escalate during the fight against cancer. In view of these changes, there is higher possibility for out of pockets costs from cancer drug treatments. One of the possible solutions would be to get an Integrated Shield Plan (IP) from one of the 7 private insurers in Singapore. They are AIA Singapore, Great Eastern, HSBC Life, Income Insurance, Prudential Assurance Company, Raffles Health Insurance and Singlife.
To bridge this gap, Singlife extends a new cancer coverage plan, called the Singlife Cancer Cover Plus, which can help to reimburse excess medical bills, along with an underwriting criterion. This cancer coverage plan is opened to all Singaporeans and PRs to apply. With an “as charged” coverage for cancer drug treatment and services, this Singlife plan has an annual limit of up to $1.5 million per policy year. With an affordable premium (e.g. $145 annual premium for 30 years old; $190 annual premium for 40 years old), this additional plan covers the excess bill for cancer services and drug treatments that are not adequately covered by your Integrated Shield Plan and riders.
Besides budgeting for possible medical costs, it’s also worth strategizing your retirement plans and old age where long term care could be required. Policy coverage changes may impact out-of-pocket expenses, making it necessary to understand the implications and what the overall care options are should one be diagnosed with cancer. Understanding cancer treatment coverage in Singapore is key to preventing the depletion of personal savings. To better learn how to protect from having to pay more from your own savings when it comes to cancer drug treatments, feel free to get in touch with me.
The statements or opinion expressed in this article are my own. The information is purely for information purposes and should not be relied upon as financial advice.
