AXA Shield Plan A with riders VS Great Eastern SupremeHealth P Plus with riders

What are the differences between the coverage for AXA shield plan A with riders compared to GE supremehealth P plus with riders?

GE has recently updated the premium rate and the total care for Elite P now cost as much as $600+ for 28yo (up from $300+). While AXA enhanced care only cost about $300 for the same age.

What would be the cause for such huge difference in the premium rates? Is it due to covid? Does AXA has a lesser coverage?

Also, is it possible for the premium rates to drop in the future?

AXA Shield Integrated Shield Plan

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Discussion (3)

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Jun Xi

27 Apr 2021

Financial Advisor at Great Eastern Life

Hi,

I wouldn't recommend you to switch. You could downgrade your Elite-P rider to Classic-P, the premium is about half of Elite-P's. If you use GE's panel doctors, the co-payment and benefits will be the same as Elite-P.

AXA only came into the Integrated Shield business in year 2016, they are still relatively new in this business compared to GE hence their low premiums in order to attract new businesses. Prudential also started out with very low premiums but has since adjusted their premiums up too.

The rising medical costs also means that it is hard for premium rates to drop in the future instead it will only be adjusted upwards. The increase in premiums is also expected across the industry, it is hard for a company to stay at a low premium especially with such high medical inflation rate in Singapore.

Cheers.

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