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AXA Shield

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Insurance

AXA Shield

Tan Li Xing
Tan Li Xing, Financial Consultant at Prudential Assurance Company (Singapore)
Level 6. Master
Answered 4d ago
Hi Anon, I think for shield plans, the insurer that issued the plan has the right to change the terms and conditions. Also just to highlight, the shield plan is one of the highest loss making product for insurers so I am not surprised that they are making changes to the policy terms. There might even be changes to the premiums as well due to this loss. Of course, you might also want to look at whether you do need to have the highest possible coverage as some of us might just go to a restructed (government) hospital when we seek medical treatment.

2 answers

0

Insurance

AXA Shield

Tan Li Xing
Tan Li Xing, Financial Consultant at Prudential Assurance Company (Singapore)
Level 6. Master
Answered on 22 Dec 2019
Hi Anon, Yes, this has been happening for premiums on shield plans due to claims and also almost every insurer has only experience losses due to claims done by the insured. Of course we will feel the pinch, because it would feel like we are paying more for something that we did not use or claim from. However if we are under the old policy and the old rider where we are entitled to 100% claims, I do honestly think we should keep that policy, as insurance is actually more protective, and in regards to medical bills, we definitely want to have more than sufficient protection for ourselves individually

3 answers

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Hariz Arthur Maloy
Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
Top Contributor

Top Contributor (Dec)

Level 10. Unicorn
Answered on 23 Oct 2019
Yes, there may be exclusions on a new application. You can get your advisor to apply for a preliminary underwriting, but it would almost always be best to keep to what you currently have. Insurers take a lot less risk on medical policy and would more often than not, be trigger happy with exclusions.

3 answers

6

Insurance

AXA Shield

Alvin Teo
Alvin Teo
Level 6. Master
Answered on 20 Oct 2019
Hi, I can help you out, maybe can let me know what shield plan you are on at the moment and the rider? To answer your question: AXA Shield’s boasts one of the cheapest premiums compared to other insurers, even when you compare premiums for older age groups (more on this later). In terms of other benefits, AXA’s letter of guarantee is one of the best across the board, the amounts are generous and efficient. The non-panel co-payment is pretty much similar to other insurers. The basis of Co-payment is paying for what you need when you need it, rather than pre-paying for it. This is evident when other insurers have high priced premiums for older age groups and by then it’ll be very hard to switch out. If you are at a crossroads, do speak to an independent financial adviser like myself, who can compare plans from multiple insurers.

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About AXA Shield

Eligibility: Under 75 years of age

Coverage: Lifetime

Overall benefits include:

  • Complementary to the Singapore MediShield Life plan
  • Payable by Medisave
  • Increased claim limits for hospitalisation treatments as compared to MediShield Life
  • Pre-hospitalisation treatment of 180 days and post-hospitalisation treatment of 365 days
  • Value-added services comprising an extensive AXA Shield Panel and Letter of Guarantee service
  • Emergency overseas inpatient treatment covered as charged
  • Guaranteed renewability and lifetime cover
  • 10% discount on first year premium for Public Service Officers and their family

Note: Public Service Officers will get to enjoy AXA Shield Plan A, Plan B and Standard Plan with a 10% discount off yours and your family's additional private insurance premiums for the first year. Family Member refers to the spouse, child(ren) and parent of a Public Service Officer.

There are a total of 3 plans to select from:

  1. Plan A
  2. Plan B
  3. Standard plan

Choice of rides to enhance protection:

  • AXA Enhanced Care
    Coverage: Up to 95% of eligible bills
    Covers the following benefits, subject to different limits for Plan A, B and Standard Plan:
    - Emergency outpatient treatment due to accident
    - Fractures, dislocations and sports injuries
    - Hand Foot Mouth Disease, dengue and food poisoning
    - Ambulance/taxi charges
    - Accommodation charges for immediate family members

Benefits Description

Plan A

Plan B

Standard Plan

Hospital Ward Entitlement

Standard room in private hospital and below

Public hospital ward class A and below

Public Hospital Ward class B1 and below

Policy Year Limit

Up to S$1,000,000

Up to S$550,000

Up to S$150,000

Lifetime Limit

No limit

No limit

No limit

Major Organ Transplant

As charged

As charged

As charged

Inpatient Pregnancy Complications

As charged (300 days waiting period)

As charged (300 days waiting period)

N/A

Summary of Key Benefits