MSIG launches new health policy with coverage for Parkinson’s and other critical illnesses

MSIG Insurance, a provider of general insurance solutions in Asia and part of the MS&AD Insurance Group, has introduced CriticalCare Plus, a new health policy covering five major critical illnesses: cancer, heart attack, stroke, Parkinson’s disease, and Alzheimer’s disease.

Aimed at individuals aged 18 to 60, CriticalCare Plus offers financial protection for both individuals and families facing the costs associated with serious illnesses.

The policy provides accelerated payouts for early-stage cancer treatments and proactive heart care, along with a lump sum payment upon the first diagnosis of a critical illness.

Jeremy Lian, Senior Vice President of Technical Services, MSIG Singapore, commented: “Critical illness can strike at any age and leaves individuals financially vulnerable during a health crisis.

“With rising medical inflation and the increasing prevalence of chronic diseases, we have developed a no-frills product to encourage consumers to be proactive in building their critical illness coverage while they are healthy and premiums are lower.”

“For young adults, accumulating critical illness coverage at affordable premiums will also better prepare them for the future and protect them from rise in the general cost of healthcare,” he continued.

Although Singaporeans benefit from employer and national health plans to cover medical expenses, these plans often fall short in meeting the long-term needs associated with critical illnesses.

The costs of treatment and caregiving can significantly strain savings and become unaffordable. A report showed that healthcare costs in Singapore rose by 10.3% between 2023 and 2024.

Additionally, another study estimated that a dementia patient could face $1.6 million in expenses over 10 years. Without critical illness (CI) coverage to counter medical inflation, ongoing treatment may become unaffordable for many Singaporeans.

CriticalCare Plus offers accelerated payouts that supplement existing employer and national health plans, providing crucial additional funds for treatment and recovery.

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