Wider and Better Choices for Integrated Shield Plan

By | April 5, 2016

axa shieldGood news – Singaporeans can look forward to a wider choice of Integrated Shield plans with the launch of AXA Shield on 1st May 2016.

Currently only 5 insurers offer such Integrated Shield Plans i.e private health insurance integrated with Medishield Life, with premiums payable by Medisave. Most of the existing plans are comparable with slight differentiation in benefits and pricing.

Just like how Starhub changed the game for telco services when they first entered the S’pore market;  I see the launch of AXA Shield will challenge the status quo and redefine the standards for hospitalisation coverage in Singapore.

AXA Shield – Redefining the standards

1. Longest Post Hospitalisation Coverage of 365 days

Current Standards

AXA Shield
90- 180 days

365 days

Major illness such as stroke and heart attack or progressive medical conditions like Parkinson’s disease or muscular dystrophy may require a longer recovery time with multiple follow- ups after a hospital discharge. Even simple accidents can also result in a long follow up period.

Last September, my sister in law fractured her leg in an accident and was hospitalised. Til today – over 6 months has passed since her discharge from hospital, and she is still going for reviews with the specialist and physiotherapy sessions.

But because her existing integrated shield plan only covered her for expenses incurred within 90 days post discharge, she had to fork out the rest of the follow up consultation and treatment expenses herself.

This is where having sufficient post-hospitalisation coverage is important and can make a difference to cover the ongoing expenses.

2. Highest Annual Limit of up to $1mil

Current Standards

AXA Shield
Up to $700k/yr for private hospital plan

Up to $1mil/yr for private hospital plan

With the rising medical costs especially in private hospitals, having that extra limit gives the additional peace of mind

3. Highest Letter of Guarantee limit

Current Standards

AXA Shield
Up to $10k in both govt and private hospitals

Up to $15k in govt hospitals and $100k in private hospitals

 4. Flexibility to choose the riders to meet your coverage needs and budget

Most insurers currently have 1 to 2 standard optional riders which covers the co-insurance and/or deductible portion of the bill. The riders typically also bundles in additional benefits like daily hospital cash, parent’s accommodation, TCM treatment etc, which may or may not be applicable or important to some people. However, consumers don’t get to choose what they want because it’s all bundled in the “package” and priced in as well.

AXA Shield offers more practical choice of “ala-carte” riders ranging from the basic no- frills option – for those who just want to get coverage from the 1st dollar up and keep the cost affordable , to the more comprehensive General and Home Care – for those who want to get complete coverage.

  • AXA Basic Care: This offers first-dollar coverage by reimbursing the deductible and co-insurance costs
  • AXA General Care: This extends the coverage to include full suite of medical treatments such as TCM, Planned Overseas Medical Treatments and Emergency Outpatient Treatment due to accidents, even outpatient treatment for fractures, dislocations, sports injuries, hand foot mouth, food poisoning and dengue fever.
  • AXA Home Care: This is a rider unique to AXA. AXA Home Care brings convenience to customers in the comfort of their home. It covers visits to their home by a General Practitioner, home nurse and home care medical services such as physiotherapy.

So is AXA Shield for you? Which plan and rider is most suitable for your needs and budget?

To find out more if you are suitable for AXA Shield and what to consider, contact me here

To your Success and Happiness,

Yong Hui

 

 

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