Shield Plan Comparison
Getting an insurance cover with pre-existing conditions is definitely difficult in Singapore. Even if an insurer is ready to offer this, you need to be aware that this can be a costly affair. The only way is to get an Integrated shield plan Singapore if you are healthy. You need to have a clear understanding of what the integrated shield plan and the rider is all about and the working of the same combined with Medisave. Listed below are some of the reasons you need to plan on the Singapore integrated shield plan.
- Reasons 1:
Chances of getting cancer are more than the chances of winning a prize:
It has been researched that in Singapore almost 35 people are diagnosed with cancer every day. At current times cancer works out to be the biggest killer. The approximate risk of developing this dreadful disease is quite high. That is because 1 out of 4-5 people are diagnosed with this disease. As known this disease can work out to be a costly affair and most of the people are unable to afford the treatment. With the apt Singapore integrated shield plan the treatment gets affordable with the medical expenses being defrayed.
- Reasons 2:
The Waiting Time:
Medical costs for critical conditions cannot be taken lightly and this needs to be looked into immediately. Without the integrated shield plan it is almost impossible to plan on medical facilities for critical conditions as the normal insurance takes an extremely long time and this waiting can cause more damage than good. Opting for Singapore integrated shield plan works out the only option.
- Reasons 3
Recovery time in comfort:
You need to be aware that without opting for an integrated shield plan you might have to spend the time in a hospital in discomfort. This is because with just insurance you can be provided a ward but that which is shared with 4 or more patients. Integrated shield plan is one sure way to ensure comfort during a hospital stay. Opt for integrated shield plan comparison and opt for the one which fits your requirement to the tee.
Earlier the better:
Opting for Singapore integrated shield plan at the earliest is definitely a wiser decision. As known, insurance companies do not accept existing illness. If you intend waiting till a specific calamity strikes you need to know this might be a bit too late and you will have to provide for the medical bills from your pocket.
- Reasons 5
Expenses with Major Illnesses:
Singapore is considered as an expensive place for any medical treatment. Opting for the specific Singapore integrated shield plan is a ‘must’ and not a choice. There is no way you can afford the very high medical bills if struck with a major illness.
Comparison of Integrated Shield Plan:
As mentioned, it is definitely important to opt for a Singapore integrated shield plan without any delay. Listed below is the comparison of the different integrated shield plan for the required assistance.
Most Singaporeans believe that you have the option of making a choice between Integrated Shield Plan and MediShield Life. This is not so. The Singapore integrated shield plan is an add-on to the coverage of Medishield Life coverage. This integrated plan can enhance the coverage of MediShield partially or even totally, depending on the choice made.
Understanding Integrated Shield Plan:
Integrated Shield Plan consists of mainly 2 parts.
*Additional coverage of a private insurance.
- MediShield Life:
MediShield Life covers for a lifetime all the citizens of Singapore and also Permanent Residents. This also covers the pre-existing condition, even though the additional private insurance does not cover this. Opting for Singapore integrated shield plan means you already have the MediShield Life.
- Integrated Shield Plan:
The total number of Singapore integrated shield plans are 36, including MediShield Life. The coverage are
- Public hospitals: Wards of Class A and below
- Private Hospitals: Room which is standard and below
- Public Hospitals: Wards of the B1 class and below
- Public Hospitals: Wards of class B2/C
The integrated shield plan premium comparison can help you make a choice in accordance to your requirement.
There are 7 providers of integrated shield plans in Singapore. Listed below are the names of the providers along with the name of the plans.
*AIA – AIA Health Shield Gold Max
*AXA – ACA Shield
*Raffles Health Insurance – Raffles Shield
*Great Eastern – Supreme Health
*Income – Enhance Income Shield
*Prudential – PruShield
Private Hospital Integrated Shield Plans:
- Day Surgery and Inpatient:
All the 7 insurers cover treatment and ward charges on a daily basis along with ICU and as charged surgical benefit. Out of the 7 insurers you have 2 covering Community hospital stay ‘as charged’. This is in accordance to the statement released by the MOH (Ministry of Health).
*AIA Health Shield Gold Max A , Income Enhanced Income Shield Preferred, Prudential PruShield A Premier, Great Eastern Supreme Health P Plus, Aviva MyShield Plan 1, AXA Shield Plan A and Raffle Shield Private cater to Daily ICU, Surgical Procedures and Daily room and Board as charged.
*Out of the above only Prudential PruShield A Premier and AIA Health Shield Gold Max A cater to the community hospital benefit as charged while the other have specific restrictions.
- Benefits of Pre and Post hospitalization:
Pre hospitalization benefits are different for the different insurers and this means almost 6 month prior to hospitalization, covering consultation and medical check up with the medicines prescribed is provided.
- Major Organ Transplant and Outpatient Treatment:
The integrated shield plan premium comparison indicates that all the 7 insurers cover major organ transplant and outpatient treatment as charged. This includes treatment like chemotherapy and also dialysis.
- Prosthesis and Critical Illness benefit:
According to the report of the Ministry of Health (MOH) out of the 6 insurers only 2 provided any additional benefit for any critical illness and only 1 offered prosthesis benefit. It is advisable to conduct a thorough research of the different Singapore integrated shield plan before making a choice.
The critical illness benefit is provided above the overall lifetime limit and the limit of the policy year.
- Medical Treatment Overseas for an Emergency:
The Singapore integrated shield plan can also cover the urgent medical treatment required when you are travelling, but this has a specific limit. Among the different insurers only Aviva covers overseas treatment which s planned. This is reimbursed only if the hospital has an arrangement which is established with an Institution which is accredited by Medisave or the referral centre of Singapore.
- Limit of the Policy Year:
This limit indicates the maximum amount that can be claimed for expenses of hospitalization.
*The policy limit year for Income is 1 million, for AIA it is 600,000 or 2 million (if the treatment is by the Panel of Providers), for Prudential this is 1.2 million, for Great Eastern this is 1.5 million, for Aviva this is 1 million and 1.25 million (if the treatment is by the Panel of Providers), for AXA this is 1 million and for Raffles Health this is 1.5 million (if the treatment is at a Raffled hospital or Government Restructured) and for other private hospitals this works out to be 600,000.
Co-insurance and Deductibles:
Singapore Integrated Shield Plan works out more like Car insurance where you pay in excess first before you make the rest of the payments to the insurer. This sum of money which is paid is termed as ‘deductibles’ and ‘co-insurance’ before the insurer can cover the rest of the hospital bill.
Deductible of $3,500 is charged by all the 6 insurers in case a patient is admitted to a hospital which is Private.
After the $3,500 is deducted of your bill you need to make a payment of 10% of the specific bill before the insurer takes over.
Integrated Shield Plan Riders:
With the integrated shield plan premium comparison you are able to cover almost 80% of the co-insurance and deductibles if there is a possibility of you adding riders at some additional cost.
Premiums of Different Integrated Shield Plans:
These Premiums of a specific Singapore integrated shield plan can be paid via the CPF Medisave Account in accordance to the limit of withdrawal. These Premiums tend to increase with age band of 20 years onwards. That is, the Premium tends to get costlier as you age. You find that AXA tends to offer a premium considered as the lowest and Prudential and AIA offering coverage considered as the highest.
Difference between the coverage of Prudential and AIA are
- You are offered a longer pre and post-hospitalization benefits with Prudential
- AIA has no limits for the coverage for Major Organ Transplants while Prudential has specific limits.
- You are offered additional coverage for Critical Illness with AIA but not so with Prudential.
- AIA offers a premium which is lower.
- The policy year limit with Prudential is higher.
Duration of Claims Processing:
Listed below is information on the time taken by different insurers for processing the claim.
*AIA, AVIVA, Prudential. Income takes only 1 day to process the claim while Great Eastern takes 2 days and AXA takes around 3 days.
Choosing a rider for the Integrated Shield Plan:
Opting for a Rider for a Singapore integrated shield plan solely depends on the individual and also the budget as most of the benefits offered do not seem very essential for most people. As the Riders are not covered by your MediShield they can work out a wee bit costly. Before opting for a specific Rider you need to weigh out the benefits of the Rider to the Premium you will be paying.
Some Reasons for the Claim Rejected:
Having a policy does not mean you are always paid for the claim made. There are different reasons when the claims are rejected by an insurer. Listed below are few of these but you need to also check with the specific insurer before you put in a claim.
*The amount of the claim is below the deductible.
*The policy does not include the specific medical condition.
*General exclusions like maternity or pregnancy.
Singapore Integrated Shield Plans policies are accepted only if an individual is healthy. The insurer can exclude the existing condition from the policy or even reject the policy. It is advisable not to switch plans if the present policy covers the existing condition. Seeking help of professionals can work out best for any Singapore integrated shield plan. You need to ensure you have all the medical records organized before you plan on putting up a claim. This can help you avail total benefits of the integrated plan you have opted for.