Best Personal Accident Insurance Plans in Singapore for Seniors

This post was originally posted on Planner Bee.

Did you know that one in three elderly persons above 65 years old living in our community has suffered at least one fall? Or that this statistic increases to one in two for those above 80?

In Singapore, 40 percent of injury-related deaths are due to falls. By 2030, about one-fifth of Singaporeans will be aged 65 and above. These numbers all have a great impact on the healthcare system. As individuals, how can we prepare for our golden years, or help our elderly loved ones thrive?

In an earlier article, we discussed what personal accident insurance is and highlighted some of the best plans in the market for you. In this article, we will take a closer look at personal accident insurance plans tailored for seniors.

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Best personal accident insurance for seniors: An overview

If you would like to seek alternative treatments such as Traditional Chinese Medicine, physiotherapy or chiropractor at no additional cost:

• GREAT Golden Protector
• Liberty SeniorCare
• AIA Centurion PA

Plans which provide daily hospitalisation benefit at no additional cost:

• Income SilverCare
• GREAT Golden Protector
• AIA Centurion PA

Plans which provide home modification benefit at no additional cost:

• AIA Centurion PA
• Liberty SeniorCare (only for Economy and Executive plans)
• Income SilverCare

Why you should consider a personal accident insurance plan for seniors

While we may consider ourselves to be young and not yet a senior, you will be surprised to know that when it comes to personal accident policies catering to older people, the earliest age of entry can be as low as 40.

That may seem like a long time away, especially if you are now in your 20s, but for millennials that can be fast approaching.

Let’s take a look at why you should consider a personal accident insurance plan tailored for seniors, whether it is for your future self or for your loved ones.

1. More prone to accidents and falls

Older folks are more prone to accidents and falls and for them, this can mean serious repercussions. With a diminished ability to break their fall and minimise the severity of injuries, these falls can cause serious injuries such as bleeding in the brain or fractures that will affect their mobility permanently. In some cases, falls can even lead to death. Depending on the gravity of the injuries sustained, treatment and recovery can take a long time, which will incur high costs.

Interestingly, there are now programmes such as Rolling Good Times in place to teach seniors what to do to fall more safely, but the frailty of ageing remains. With a personal accident plan in force, seniors can continue leading an active lifestyle with some peace of mind.

2. No medical underwriting required

Getting insured with a personal accident plan is considerably a more fuss-free experience than getting something like an Integrated Shield Plan (IP), especially when one enters their golden years. No medical underwriting is required when buying a personal accident plan and the insured will not be asked to go through a health screening.

While some personal accident plans for seniors exclude pre-existing conditions or pre-existing physical disability, one can still purchase the plan to provide coverage for falls or infectious diseases, making it much more accessible and affordable.

Factors to consider when choosing a personal accident plan for seniors

Cost

While we know that personal accident insurance plans are more affordable than Integrated Shield Plans or other health insurance options, it is important to note that some premiums are charged according to age group instead of tiered according to the amount of coverage provided.

For example, AIA Centurion PA and Income SilverCare premiums are categorised by age groups. Premiums will increase as one moves into the next age group. On the other hand, other insurers such as Great Eastern, Liberty and AIG offer plans that are tiered according to the benefits and coverage.

Renewability / Age

Life expectancy in Singapore currently stands at about 83 years old. This longevity makes having sufficient coverage while one is alive important. Most personal accident insurance for seniors in Singapore offer renewal for policyholders up to at least 85 years old.

Reduction in benefits as age increases

Even though one is able to enjoy coverage well into their advanced years, some policies such as the ones below implement a reduction of up to 50% in benefits as the insured gets older.

• AIA Centurion PA
• Liberty SeniorCare

This amount can be a significant reduction depending on the original coverage that you have, so this is an important factor to consider when buying a personal accident plan for seniors.

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Pre-existing conditions

Even though the barrier to entry for personal accident insurance plans is low with no medical underwriting nor health screening required, it is important to note that some pre-existing conditions may complicate the claiming process.

For example, if someone has osteoporosis prior to getting insured with a personal insurance plan, they may not be able to file a claim after a fall. Hence, it is best to buy a personal insurance plan earlier.

Coverage provided for age-related diseases

When we think about ageing, a few age-related diseases come to mind. One such example is dementia, which is irreversible and causes a great strain financially and emotionally to both the patient and the caregivers.

In Singapore, it is projected that by 2030, there will be 152,000 residents with dementia. That staggering number has great repercussions on the patients as well as caregivers. In a recent report by The Straits Times, dementia can cost a family up to S$1.6 million over a decade. This amount is astronomical for many regular Singaporeans, but this projection included highly probable scenarios where caregivers may have to quit their jobs to care for their loved ones, and expenses do add up.

Some personal accident plans for the elderly may offer coverage for such conditions and it will provide some relief and support to at least tide through the initial stages. The payout could go to enrolling the elderly to a daycare centre or to get home care.

Read more: How to Care for Loved Ones Who Have Dementia

Coverage provided for alternative treatments

Traditional Chinese Medicine, chiropractor and physiotherapy treatments are often popular options for patients after an accident. With a plan that provides coverage for such alternative treatments, seniors can rest assured that at least a portion of their post-accident recovery will be taken care of financially.

Conclusion

As much as we wish for our loved ones to always stay safe and healthy, accidents and incidents are bound to happen, especially as they age. The best thing we can do for them and also for ourselves as caregivers would be to protect them wherever we can.

A personal accident insurance plan can offer some coverage without breaking the bank. When choosing the most suitable personal accident plan for the seniors in your life (or even for yourself as you approach your 40s or 50s), consider the coverage that you need, with the budget that you have planned for it.

The Planner Bee team is here to help if you want to find out more about protection for your loved ones. Email us at [email protected] today.

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