In Singapore, where healthcare costs can be steep, relying solely on MediShield Life might leave you with significant out-of-pocket expenses. That's where integrated shield plans like HSBC Life Shield come in. Previously known as AXA Shield, this plan is designed to complement your existing MediShield Life coverage, providing enhanced protection and peace of mind.
Let's dive into a comprehensive review of HSBC Life Shield to help you decide if it's the right choice for your healthcare needs.
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HSBC Life Shield is one of seven integrated shield plans available in Singapore. It's designed to work alongside your MediShield Life coverage, offering additional benefits and higher coverage limits. With HSBC Life Shield, you can choose from three different plans:
Each plan caters to different needs and budgets, providing coverage for various hospital types and ward classes.
If you're looking for private hospital coverage and want the most bang for your buck, HSBC Life Shield Plan A stands out as one of the best options in Singapore.
Covers up to a Standard Room in private hospitals
Generous annual limit of $2,500,000
180 days of pre-hospitalisation treatment coverage
365 days of post-hospitalisation treatment coverage
For a 31-35-year-old non-smoker male, the annual premium is $292. This translates to a cost-benefit ratio of $8,561.64 in coverage for every dollar spent on premiums - the highest value among all insurers in Singapore for private hospital plans.
NTUC Income Enhanced IncomeShield Preferred: $6,666.67 coverage per dollar spent
AIA Healthshield Gold Max A: $5,555.56 coverage per dollar spent
Singlife with Aviva MyShield Plan 1: $4,889.98 coverage per dollar spent
| Age | What suggestion covers | Premium |
|---|---|---|
| 27, Male making $3,200 a month | $234.3 | |
| 28, Female making $4,166.667 a month | hospitalisation $2,500,000 | $721.7 |
| 28, Female making $3,870 a month | hospitalisation: limit $1,000,000 | Not provided |
| 24, Female making $9,000 a month | private hospital $1,000,000 restructured hospital $2,500,000 | $58 |
| 28, Male making $5,000 a month | hospital ward Standard Room in Private Hospital and Below policy year limit $2,500,000 healthcare partners $300 pre post hospitalisation period PRE: 180 DAYS, POST: 365 DAYS | $974.04 |
HSBC Life Shield Plan B covers up to Class A wards in public or restructured hospitals. While it offers good pre- and post-hospitalisation coverage, it falls short in terms of value compared to other Class A plans.
Covers up to Class A wards in public/restructured hospitals
Annual limit of $550,000
180 days of pre-hospitalisation coverage
365 days of post-hospitalisation coverage
For a 31-35-year-old non-smoking male, the annual premium is $156. This results in a cost-benefit ratio of $3,525.64 in coverage for every dollar spent on premiums - one of the lowest in its category .
Great Eastern Supreme Health A Plus: $9,433.96 coverage per dollar spent
NTUC Income Enhanced IncomeShield Advantage: $6,756.76 coverage per dollar spent
AIA Healthshield Gold Max B: $5,952.38 coverage per dollar spent
The HSBC Life Shield Standard Plan covers up to Class B1 wards in public/restructured hospitals. However, it lacks pre- and post-hospitalisation coverage, which is a significant drawback compared to competitors.
Covers up to Class B1 wards in public/restructured hospitals
Annual limit of $150,000
No pre- or post-hospitalisation coverage
For a 31-35-year-old non-smoking male, the annual premium is $62. This translates to a cost-benefit ratio of $2,419.36 in coverage for every dollar spent on premiums - the lowest in its category .
Great Eastern Supreme Health B Plus: $6,493.51 coverage per dollar spent
NTUC Income Enhanced IncomeShield Basic: $5,681.82 coverage per dollar spent
Singlife with Aviva MyShield Plan 3: $5,000 coverage per dollar spent
The specific coverage limits and terms vary depending on the plan you choose (Plan A, Plan B, or Standard Plan).
Inpatient hospital treatment
Day surgery
Outpatient hospital treatment
Major organ transplant
Stem cell transplant
Pregnancy complications
Congenital abnormalities
Living donor organ transplant
Psychiatric treatment
Emergency overseas treatment
The rider is subject to deductibles, coinsurance, and copayment caps, but it covers all deductible and coinsurance amounts under the main HSBC Life Shield plan.
Limits out-of-pocket costs to 5% of the total hospital bill
Covers pre-planned foreign treatment
Includes post-hospitalisation TCM therapies
Covers urgent outpatient care due to accidents
Provides coverage for sports injuries, dislocations, and fractures
Includes fees for ambulances and taxis
Offers accommodation costs for immediate family members
Covers dengue fever, food poisoning, and hand, foot, and mouth disease
Making claims with HSBC Life Shield is generally straightforward:
For hospitalisation claims, all documents should be e-filed.
You may need to pay part or all of your hospital bill before submitting your claim. If your claim is successful, the hospital will reimburse you.
For other medical claims (pre- and post-hospitalisation, psychiatric claims), submit the required forms and original bills within 90 days of the date the claim was incurred.
If you encounter any difficulties, contact your financial advisor who sold you the policy.
According to the Ministry of Health, HSBC Life takes about 1-2 days to process claims. This is slightly longer than other health insurers, which mostly process claims within the same day.
HSBC Life Shield Plan A offers excellent value for private hospital coverage
Extensive pre- and post-hospitalisation coverage for Plan A and B
High annual claim limits, especially for Plan A
Comprehensive rider option with HSBC Life Enhanced Care
HSBC Life Shield Plan B is less competitive in the Class A ward category
The Standard Plan lacks pre- and post-hospitalisation coverage
Slightly longer claims processing time compared to other insurers
However, if you're considering coverage for Class A or B1 wards in public hospitals, you might find better value with other insurers like Great Eastern or NTUC Income.
If you want private hospital coverage with excellent value for money, HSBC Life Shield Plan A is a top contender.
If you're looking for extensive pre- and post-hospitalisation coverage, both Plan A and B offer attractive options.
If you want the flexibility to add comprehensive rider benefits, the HSBC Life Enhanced Care rider provides valuable additional coverage.
HSBC Life Shield offers a range of plans to suit different needs and budgets. While its Plan A stands out as one of the best value options for private hospital coverage, its Plan B and Standard Plan face stiff competition in their respective categories.
Before making a decision, it's crucial to carefully assess your healthcare needs, budget, and long-term plans. Consider consulting with a financial advisor who can provide personalized recommendations based on your specific situation.
Remember, the best integrated shield plan is one that provides comprehensive coverage at a price you can afford, giving you peace of mind in times of medical need. Whether HSBC Life Shield is the right choice for you depends on your individual circumstances and priorities.
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