NOTE: Aviva is now Singlife with Aviva
Aviva is one in every of 7 insurers providing Built-in Protect plans in Singapore. On this article, we check out Aviva MyShield and see how good the plans actually are.
For the uninitiated, Built-in Protect plans are supposed to complement MediShield Life, which all Singaporeans and PRs have already got. They provide medical insurance protection over and above no matter protection MediShield Life already gives.
What are Built-in Protect plans?
MediShield Life is the federal government’s medical insurance plan that covers all Singaporeans and PRs. The medical insurance protection provided by MediShield may be very fundamental, providing payouts just for important medical prices. As well as, there are limits on how a lot you possibly can declare.
For those who don’t have personal medical insurance, you’ll have to pay out of pocket any prices above the declare limits or these not coated by MediShield Life.
Briefly, MediShield Life is so fundamental that anybody who’s truly fearful about their medical prices ought to think about buying an Built-in Protect plan to complement it.
You’ll need an Built-in Protect plan in an effort to keep at larger class wards slightly than be restricted to Class B2 or C wards. You too can select to go to personal hospitals in case you get a plan that covers you for them.
One other key characteristic of Built-in Protect plans is that they provide protection for pre-hospitalisation and post-hospitalisation prices, which aren’t coated by MediShield Life. That is essential as the prices you incur earlier than and after hospitalisation are sometimes appreciable and may even exceed the prices you incur whereas hospitalised.
Aviva MyShield Built-in Protect premiums
Aviva MyShield | Ward | Annual premium* |
Plan 3 | As much as B1 | $310 (MediShield Life) + $100 = $410 |
Plan 2 | Class A wards | $310 (MediShield Life) + $168 = $478 |
Plan 1 | Personal hospitals | $310 (MediShield Life) + $409 = $710 |
* For Singapore residents aged 35.
By way of pricing, Aviva MyShield’s plans are fairly rattling costly in comparison with what different insurers are providing.
For instance, different insurers like AXA and AIA present personal hospitalisation insurance policy (equal to Aviva MyShield Plan 1) for about $600 in complete, which is considerably decrease than Aviva’s premiums.
Learn our general comparability of built-in protect plans to see how a lot different plans price.
That being mentioned, Aviva MyShield does include some perks for households, in case you purchase the related riders. These embrace free cowl for infants of as much as 6 months of age, in addition to free Built-in Protect plan protection and discounted premium charges for as much as 4 youngsters.
So in case you’re a household with youngsters, this might be a great plan to have till your youngsters not qualify without cost/discounted insurance coverage.
Aviva MyShield Built-in Protect plans
Aviva MyShield | Pre-hospitalisation cowl | Submit-hospitalisation cowl | Annual protection restrict |
Plan 3 | 180 days | one year | $500,000 |
Plan 2 | 180 days | one year | $1,000,000 |
Plan 1 | 180 days | one year | $1,000,000 (bumped as much as $2,000,000 in case you go to a public hospital or panel specialist) |
Be aware: The pre- and post-hospitalisation cowl interval is provided that you undergo a public hospital or Aviva panel specialist with certificates of pre-authorisation. In any other case, it will likely be simply 90 and 180 days respectively.
The three Aviva MyShield plans are slightly blandly referred to as Plan 1, Plan 2 and Plan 3.
- Plan 1 offers you entry to any normal ward in personal hospitals. It’s the most expensive plan of the three.
- Plan 2 offers you entry to any normal ward (together with Class A wards) in restructured/public hospitals.
- Plan 3 offers you entry to hospital wards as much as Class B1 (4 mattress normal ward) in public or restructured hospitals, one step up from the Class B2 wards that MediShield Life offers you entry to.
The annual protection limits are first rate sufficient, however keep in mind that you simply’ll have to undergo both a public hospitalisation OR an Aviva panel specialist (with pre-authorisation) in an effort to benefit from the full size of pre- and post-hospitalisation cowl.
For those who don’t, the quilt of 90 and 180 days isn’t nice, contemplating prognosis and testing can generally take months.
Aviva MyShield Built-in Protect riders: MyHealthPlus
Aviva’s MyHealthPlus riders allow you to scale back your deductible and co-payment portion, so that you pay much less out of pocket if you make a declare.
Known as MyHealthPlus Possibility A-II and MyHealthPlus Possibility C-II, each Aviva riders cowl 50% of your co-insurance and caps it at $3,000 per 12 months.
In addition they supply a one-off $10,000 payout if you’re identified with coated essential diseases, plus an extra $3,000 format for kidney dialysis on account of kidney failure.
What’s the distinction then?
Possibility A-II is less expensive, at $43 to $155 a 12 months relying on which plan you add it on to. It gives free cowl in your youngsters. But it surely does NOT cowl your deductible, which prices as much as $3,500. You must pay it the primary time you get hospitalised in a coverage 12 months.
Possibility C-II prices far more: $211 to $912 a 12 months relying in your plan, and it reduces your deductible to $1,000 and your co-insurance to five%. It doesn’t give free cowl in your youngsters, though you should purchase plans at discounted costs for them.
Rider premiums should be paid in money and will not be Medisave-eligible.
How does Aviva MyShield complement MediShield Life protection?
As with different Built-in Protect plans, Aviva MyShield is supposed to supply protection in areas that MediShield doesn’t. This contains ambulance charges, larger declare limits, pre- and post-hospital therapy and therapy for uncommon situations that MediShield excludes.
The best way Built-in Protect plans like Aviva MyShield are structured ensures that you don’t find yourself paying for duplicated safety.
You’re going to get billed every year for the entire (MediShield + Built-in Protect) and the premium, as much as the annual withdrawal limits, will likely be deducted out of your Medisave. You then pay the shortfall (if any) plus rider premiums in money.
Do you have to get an Aviva MyShield plan?
Those that stand to profit probably the most are prosperous households with a number of youngsters who’ve the means to buy one of many riders, as you possibly can then save in your youngsters’ medical insurance premiums whereas on the similar time beefing up your post-hospitalisation cowl.
The primary subject with Aviva MyShield is that it’s fairly rattling costly contemplating the safety provided. If you do not want to cowl your loved ones, then it’s effectively price your time to analysis the opposite choices in Singapore.
Get personalised quotes for medical insurance plans in Singapore on MoneySmart, or try our Built-in Protect plan comparability.
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Picture by Bruno Glätsch from Pixabay