Can you buy too much health insurance for your own good?

HEALTH insurance is, without a doubt, crucial for individuals to safeguard themselves financially when unexpected illnesses befall them, or when age catches up. 

Some may even choose to load up on this insurance type – purchasing multiple policies or higher coverage levels – due to certain financial, personal and lifestyle considerations. When it comes to health insurance, this can take the form of critical illness (CI) insurance and hospitalisation plans. 

Many people in Singapore also buy an Integrated Shield Plan (IP) offered by private insurers to have access to private hospital wards, Class A or B1 wards in a public hospital, or have the ability to choose one’s doctor.