2021 is off to a good start as the COVID-19 vaccine is being rolled out across many countries. In Singapore, healthcare workers have already begun receiving their doses as the rest of the masses await their turn. While the availability of a vaccine is indeed a positive development, there have been reports of people experiencing side effects. In response to this, the Life Insurance Association (LIA), Singapore has announced that all seven leading insurers in the country will cover these side effects in their Integrated Shield Plans. Apart from this, insurers in the country have also launched unique COVID-19 vaccine insurance products for added coverage too.
What are the side effects of the COVID-19 vaccine?
Some of the reported side effects of the COVID-19 vaccine include fever, chills, headache, pain in the joints, and swelling in the lymph nodes. In most cases, the symptoms tend to lessen on their own. In some cases, side effects may require hospitalization. Fortunately, you can now stay financially protected against the possibility of complications arising upon receiving your vaccination. Let’s find out more about COVID-19 vaccine coverage.
COVID-19 vaccine coverage
Even though the side effects of the COVID-19 vaccine are covered under your Integrated Shield Plan, you may also opt to buy additional COVID-19 vaccine coverage. COVID-19 vaccine insurance covers you for hospitalization expenses that may arise if you suffer from any side effects due to your vaccine. As part of your coverage, you will usually get a daily cash allowance if the side effects lead to hospitalization. This amount might be around S$100 per day for a fixed number of days.
COVID-19 vaccine coverage can be purchased by anyone aged 18 years or above. Singaporean citizens, Permanent Residents (PR), and Foreigners holding valid passes are all eligible for coverage.
Most importantly, some insurers are offering their COVID-19 vaccine insurance plans free of cost the first initial sign-ups. This is added incentive to get your protection as soon as possible. Once you sign up, your coverage should be valid until January 2022.
How to buy COVID-19 vaccine coverage?
These days, the entire process of buying insurance has been simplified to a great extent. In Singapore, you can buy coverage from insurance websites or even on health and wellness apps. You can also get your COVID-19 vaccine insurance from these apps. All you need to do is download the app, register yourself, and fill up your details to secure yourself with a policy. COVID-19 vaccine insurance coverage does not even require any underwriting to be done.
While it is not mandatory to take the vaccine, ensuring that you get your dose can be considered to be good practice. The vaccine can help keep you and those you love safe from infection. If each one does their part in staying safe, it will help keep infection rates low in the community at large. That, in turn, will reduce the burden on healthcare systems and lessen the risks faced by vulnerable groups of the population (such as the elderly and those with existing medical conditions).
We hope that this article has improved your understanding of getting insurance coverage for the side effects of the COVID-19 vaccine. Do speak to your healthcare provider for further information on getting your vaccination. Take care.