Important Changes to Your "Shield" Plan

I trust that you had a good Chinese New Year. For those who don’t celebrate, I trust that it has been a good rest. But now it’s time for me to get back to business. About a month ago, I started passing out blood. The concerned spouse forced me to see the doctor. It turned out to be just a simple case of piles which medicine cured. However, it got me thinking about whether my hospitalization coverage is as ideal as I want it to be. Come 1 March, the government will increase the coverage and premium of the national CPF Medishield plan. Private insurers have followed suit. In this issue we look at how AIA’s Healthshield plan stacks against the rest.

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By now some of you might have received notice that the premiums of your AIA Healthshield plan will be increased. In a nutshell here’s why:

1. Rising Medical Cost and Complexity of Conditions – the plan needs to increase the breadth and scope of coverage to keep up with the times.

2. CPF increased premiums – AIA pays a portion of Healthshield premiums to CPF to maintain clients’ CPF Medishield (hence the “integration”).

3. It is a nation-wide exercise by CPF and most insurers to increase coverage to be in line with Singaporean’s medical needs.

4. Give clients more value for money – After the change, AIA Healthshield is one of the most competitive plans in terms of coverage for premium.

AIA Healthshield’s Competitive Edge

Besides being one of the lowest in premiums for most age groups, AIA Healthshield Gold Max A Basic Plan also has the following advantages:

1. The only insurer that covers pre and post-hospitalization in a short stay ward

2. The only insurer that covers Congenital Abnormalities of Female Insured’s newborn for up to 2 years.

3. The only insurer that waives premium for one year on total permanent disablement.

4. The only insurer that covers hazardous sports (no need for supervision under licensed organization).

5. No waiting period for Congenital Abnormalities of Insured coverage unlike most other insurers.

6. Unlimited number of days coverage for stay in Community Hospitals, on “as-charged” basis.

7. Longest post-hospitalization coverage (200 days) if due to 30 Critical Illnesses

8. Longest post-hospitalization psychiatric treatment. Most others don’t even cover.

9. Breast reconstructive surgery after mastectomy (for medical reasons) is covered unlike most other insurers.

10. Highest per policy year limit for plans A and B

11. Highest Pro-ration Factor (for applicable plans). This means AIA pays out more.

12. Lowest maximum Deductible. This means AIA pays out more.

Competive Edge of AIA Essential Rider:

1. Only insurer that doesn’t put a limit on age or number of days for Immediate Family Member Accomodation. For all others, insured must be below 18 years old and limited to only 10 days.

2. Only insurer to cover post-hospital home nursing.

For all other coverage, AIA’s Healthshield Gold Max A and Essential rider are just as competitive or even better than the rest.

The question we should be asking ourselves is whether our current hospitalization arrangement is ideal for us. Do we even know what is ideal? It would be prudent for us to seek assistance from our Personal Financial Services Consultant, who would be equipped to suggest the most appropriate plan.