Hi,
I will try to do the comparison based on what information I can find from AIA's website. I will be focusing more on the riders (co-payment and claims-adjusted pricing). For individual benefits component, they are more or less the same, you can refer to the product brochure and compare it yourself.
According to AIA's website, from 1 April 2021 onwards, if your existing rider is AIA Max Essential A, your plan will be converted to AIA Max VitalCare. Essential A Saver will be converted to AIA Max VitalHealth A.
Let's first assume you are under AIA Max VitalCare rider. Currently, AIA Max VitalCare rider is the only plan in AIA that uses claims-adjusted pricing.
Comparing against GE's claims-adjusted pricing, AIA has 4 levels of Premium Level (1.4x, 1.6x, 1.8x, 2x) with the maximum level at 2x of standard premium. Whereas GE has 3 levels of Premium Level (1.5x, 2x, 2.5x) with the maximum level at 2.5x of standard premium. However, for AIA, if the claims are between $1,000 to $5,000, the premium level will be increased by 2 levels to 1.6x, and claims above $5,000 will increase the premium level by 4 levels to 2x. For GE, we only increase the premium level one level at a time (1.5x) for claims above $2,000.
Furthermore, AIA's 4 levels of Premium Level also means that it will take a longer time to return back to standard level when there is a claim since AIA only decrease the premium level one level at a time after every year of no claim made. So imagine if it is a claim of $5,000 and above, for AIA, you will be at Level 4 (2x), it will take you 4 years of no claim before returning back to standard level. Compare that to GE, you will just be at Level 1 (1.5x), you will return back to standard level after one year of no claim.
Also, for the discount, AIA requires you to not make a claim for a longer period before a higher discount is given (1 policy year - 10%, 2 consecutive year - 10%, 3 consecutive year - 15%, 4 consecutive year - 15%, 5 consecutive year and abv - 25%). For GE, after one year of no claim, a 20% discount will be applied provided you are currently at the standard premium level.
Hence, overall in terms of claims-adjusted pricing between AIA Max VitalCare rider and GE Great TotalCare Classic-P rider, I believe GE has the advantage over AIA.
For co-payment, AIA's vitalcare co-payment is 5% of total eligible bill, capped at $3,000 if incurred under AIA panel doctors, this is the same as GE's Great TotalCare Classic-P.
Hence, the main difference I would say between AIA's VitalCare and GE's Classic-P rider is the claims-adjusted pricing which I believe GE has the advantage over AIA. However, according to AIA's website, if you are not comfortable with claims-adjusted pricing, they do offer an option for you to opt into their VitalHealth A plan. No underwriting is required if you submitted the request by 30 Sept 2022. However, the premium for VitalHealth A is also alot higher compared to GE's Classic-P rider.
Assuming you are under AIA Max VitalHealth A rider, there will not be any claims-adjusted pricing. Instead this rider uses "Deductible Waiver Pass". According to AIA, this waiver pass allows you to enjoy zero deductible on the first Private Hospital claim under the rider, you will only need to borne the 5% co-payment, capped at $3,000 if incurred under their panel doctors. Otherwise, on top of the 5% co-payment, you will need to fork out an additional $2,000 deductible. The Deductible Waiver Pass will be reset after three consecutive policy years of no Private Hospital claims.
As long as you opt for AIA's panel doctors, even without the Deductible Waiver Pass, the maximum out of pocket payment that you will need to fork out is $5,000 ($3,000 capped + $2,000 deductible). This co-payment amount will be higher than what you are going to pay compared to AIA's VitalCare and GE's Classic-P rider which is $3,000 capped. However, you will have a piece of mind that your premium will not increase even if there is a private hospital claim.
However, when comparing the premium against GE's Classic-P rider, it is already twice as expensive, even without the Booster option. With claims-adjusted pricing for GE's Classic-P rider, there is also a potential for you to further lower the premium by 20% if no claims are made. Furthermore, the premiums of their basic plan (AIA Healthshield Gold Max A) is also higher compared to GE's Great SupremeHealth P Plus.
In conclusion, I believe GE's Classic-P rider is better than both AIA's riders in both claims-adjusted pricing and co-payment approach. Our premiums are also more competitive compared to theirs.
However, if you are to consider switching over to GE, you got to be sure that you do not have any pre-existing conditions. I do encounter clients that have previous claims experience resulting in pre-exisiting conditions, exclusions were usually be imposed on them. In that case, it might be better if you stay with AIA. You can also consider downgrading to their govt A ward plan if you think that the current Private plan premiums are too high.
Feel free to contact me (email at bio) if you are interested to find out more.
Cheers.
Hi,
I will try to do the comparison based on what information I can find from AIA's website. I will be focusing more on the riders (co-payment and claims-adjusted pricing). For individual benefits component, they are more or less the same, you can refer to the product brochure and compare it yourself.
According to AIA's website, from 1 April 2021 onwards, if your existing rider is AIA Max Essential A, your plan will be converted to AIA Max VitalCare. Essential A Saver will be converted to AIA Max VitalHealth A.
Let's first assume you are under AIA Max VitalCare rider. Currently, AIA Max VitalCare rider is the only plan in AIA that uses claims-adjusted pricing.
Comparing against GE's claims-adjusted pricing, AIA has 4 levels of Premium Level (1.4x, 1.6x, 1.8x, 2x) with the maximum level at 2x of standard premium. Whereas GE has 3 levels of Premium Level (1.5x, 2x, 2.5x) with the maximum level at 2.5x of standard premium. However, for AIA, if the claims are between $1,000 to $5,000, the premium level will be increased by 2 levels to 1.6x, and claims above $5,000 will increase the premium level by 4 levels to 2x. For GE, we only increase the premium level one level at a time (1.5x) for claims above $2,000.
Furthermore, AIA's 4 levels of Premium Level also means that it will take a longer time to return back to standard level when there is a claim since AIA only decrease the premium level one level at a time after every year of no claim made. So imagine if it is a claim of $5,000 and above, for AIA, you will be at Level 4 (2x), it will take you 4 years of no claim before returning back to standard level. Compare that to GE, you will just be at Level 1 (1.5x), you will return back to standard level after one year of no claim.
Also, for the discount, AIA requires you to not make a claim for a longer period before a higher discount is given (1 policy year - 10%, 2 consecutive year - 10%, 3 consecutive year - 15%, 4 consecutive year - 15%, 5 consecutive year and abv - 25%). For GE, after one year of no claim, a 20% discount will be applied provided you are currently at the standard premium level.
Hence, overall in terms of claims-adjusted pricing between AIA Max VitalCare rider and GE Great TotalCare Classic-P rider, I believe GE has the advantage over AIA.
For co-payment, AIA's vitalcare co-payment is 5% of total eligible bill, capped at $3,000 if incurred under AIA panel doctors, this is the same as GE's Great TotalCare Classic-P.
Hence, the main difference I would say between AIA's VitalCare and GE's Classic-P rider is the claims-adjusted pricing which I believe GE has the advantage over AIA. However, according to AIA's website, if you are not comfortable with claims-adjusted pricing, they do offer an option for you to opt into their VitalHealth A plan. No underwriting is required if you submitted the request by 30 Sept 2022. However, the premium for VitalHealth A is also alot higher compared to GE's Classic-P rider.
Assuming you are under AIA Max VitalHealth A rider, there will not be any claims-adjusted pricing. Instead this rider uses "Deductible Waiver Pass". According to AIA, this waiver pass allows you to enjoy zero deductible on the first Private Hospital claim under the rider, you will only need to borne the 5% co-payment, capped at $3,000 if incurred under their panel doctors. Otherwise, on top of the 5% co-payment, you will need to fork out an additional $2,000 deductible. The Deductible Waiver Pass will be reset after three consecutive policy years of no Private Hospital claims.
As long as you opt for AIA's panel doctors, even without the Deductible Waiver Pass, the maximum out of pocket payment that you will need to fork out is $5,000 ($3,000 capped + $2,000 deductible). This co-payment amount will be higher than what you are going to pay compared to AIA's VitalCare and GE's Classic-P rider which is $3,000 capped. However, you will have a piece of mind that your premium will not increase even if there is a private hospital claim.
However, when comparing the premium against GE's Classic-P rider, it is already twice as expensive, even without the Booster option. With claims-adjusted pricing for GE's Classic-P rider, there is also a potential for you to further lower the premium by 20% if no claims are made. Furthermore, the premiums of their basic plan (AIA Healthshield Gold Max A) is also higher compared to GE's Great SupremeHealth P Plus.
In conclusion, I believe GE's Classic-P rider is better than both AIA's riders in both claims-adjusted pricing and co-payment approach. Our premiums are also more competitive compared to theirs.
However, if you are to consider switching over to GE, you got to be sure that you do not have any pre-existing conditions. I do encounter clients that have previous claims experience resulting in pre-exisiting conditions, exclusions were usually be imposed on them. In that case, it might be better if you stay with AIA. You can also consider downgrading to their govt A ward plan if you think that the current Private plan premiums are too high.
Feel free to contact me (email at bio) if you are interested to find out more.
Cheers.