AIA Insurance Singapore Review – For Expats – that will be the topic of today’s article.
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The best time to consider your financial situation is when you are moving to a new country.
Introduction
As an expat moving to Singapore for the first time, you should consider buying health insurance. After what you might have heard about how Singapore is safe, modern, cosmopolitan, and has a high standard of healthcare, you’ll just be fine. So, why bother with the best health insurance in the country?
Well, having health insurance is essential when you’re traveling to a new country. In our previous post, we talked about health insurance benefits while traveling to a new country. If you’d love to understand the process better, kindly jump-back to the post and read it before proceeding to this article.
However, you may need to understand Singapore’s healthcare system. Aside from this fact, you should know that it’s affordable for Singaporeans because they qualify for generous subsidized rates. More so, the public healthcare system involves long waits and can sometimes be a bit too basic for comfort.
On the other hand, private healthcare is good. And as an expat, you can usually see a doctor on very short notice. So, it is very expensive by any standards no matter where in the world you’re from. Have you been surfing the internet to understand more about AIA insurance? Well, we’ve got you covered!
In this article, we will walk you through the health insurance plans foreigners can choose. Not only that, but we have compiled this article to explain all the information you need to know about AIA insurance in Singapore, why it is different from other insurance companies, and many others. Read further to know more!
There are three types of health insurance plans that foreigners can choose from in Singapore. In this section, we will walk you through the health insurance plans. Also, don’t forget these plans are divided according to what they offer expatriates. Without further ado, take a look at the health insurance plans.
These integrated shield plans are the ones that originated from local insurance providers aimed at a local clientele. This type of insurance plan is meant to be used together with MediShield Life, the basic national health insurance plan that Singaporeans are automatically enrolled in. while expat do not receive MediShield Life coverage, they are still eligible to purchase these local insurance plans.
Some local insurance providers offer international health insurance plans, especially for expats. These shouldn’t be confused with integrated Shield plans, which are local policies. In this case, ensure you clarify this with the insurer before making any further action like payments, agreements, and others.
International health insurance is the best one to choose as an expat in Singapore. These types of plans are provided by insurers that are not based in Singapore alone. And of course, there’s also the employer’s group insurance plan and the existing health insurance policy. However, it’s essential to check the extent to which they will cover you and your dependent’s healthcare costs here in Singapore.
When it comes to insurance and its terms, the benefits of knowing what an integrated shield means cannot be overemphasized. They provide coverage on top of your MediShield Life. Some may cover you for a higher-type ward (A/B1) in a public hospital, while others cover admission into a private hospital. In this section, we have compiled some of the pros and cons of buying an integrated shield plan. Check it out!
Affordability is one of the reasons why you should get an integrated plan. This is because; they’re meant to be used mainly in Singapore; their premiums plan also tends to be a whole lot cheaper than those of international health insurance.
However, a 35-year-old expat can expect to pay around $600 to $700 annually for an integrated Shield plan. Here, you’ll have the options to add on a rider that covers your deductible and caps your out-of-pocket costs to $3,000 a year. This means, with a rider, your annual health insurance premium could sum up to about $1,000 to $1,200
This is another thing to put into consideration. International health insurance typically offers coverage in entire regions or even the whole world. Here, it’s not really necessary for many expat, but many integrated Shield plans will provide you with some form of coverage for overseas emergency treatment. Also, for short trips, you’ll probably have travel insurance coverage as well.
Integrated Shield plans also tend to be rather basic as it covers bills arising from hospitalization. Not only that, but they do not include outpatient treatment, dental treatment, yearly eye check-ups, or maternity cover. On the flip side, you’ll have the option to add such coverage to an international health policy.
Another downside of this integrated Shield plan is that there’s always a co-payment portion that you can’t avoid as an expat. Although you can buy a rider to try to reduce it as much as possible, but deductibles apply to international health insurance plans.
It’s no doubt that integrated Shield plans can let you make claims for hospitalization costs incurred abroad, but that’d only be in emergencies and subject to limits. Therefore, if you’re frequently absent from Singapore for long stretches or prefer to seek treatment in your home country, you’ll be better protected with international health insurance.
The expat health insurance coverage is the things that the expat health insurance covers. Before we dive into what AIA insurance entails, it’s crucial that you know the benefits derived from international health insurance. Without further ado, below are the expats health insurance coverage in 2021.
Most international insurance plans for foreigners often include common outpatient treatments such as kidney dialysis, cancer radiotherapy, chemotherapy, and many others to their insurance package. On the flip side, other claimable outpatient treatments include immunosuppressants for organ transplant patients and long-term parenteral nutrition, which you may know as tube feeding.
While local health insurance largely offers you medical coverage when you’re physically in Singapore, some international plans may provide overseas emergency medical coverage in life or death situations such as emergency medical treatments or evacuation.
This is another benefit to look out for when you’re planning to enroll in an international insurance company. Besides, if your hospitalization stay and the treatments you receive during your stay have all been approved by your insurance company for claims, then you can start filling your pre-hospitalization treatments for insurance claims or offers.
After you might have been discharged from the hospital, international health insurance will also cater to your needs. This means you’d be given medical treatments or regular prescriptions, and if your doctor referred you to an insurance-approved clinic, you would be able to claim these post-hospitalization treatments’ bills as well.
We understand that health insurance comes with numerous benefits, riders, options, and variations. However, it’s always complicated to choose the right one. But, instead of trying to compare all the available plans and their benefits, you should check this method to pick the right insurance company.
If you found yourself in Singapore, one first thing you should know before choosing the insurance company is your need. Instead of trying to compare all available plans and all their benefits, you should evaluate your personal health status, family medical history, personal medical history, and more to pick out and compare the benefits that you think are important to you.
Riders and deductibles are other things to consider when choosing the best health insurance. Also, one thing you need to ask yourself is; what’s the amount you must pay out of pocket before your coverage kicks in? Well, out-of-pocket costs may include specialist visits, procedure fees, and in some cases, even prescription. Therefore, be sure to check with your insurer to know if the plan has either a single or a separate deductible for prescriptions to know the amount you’ll pay before the medicine are covered.
This is another factor to put into consideration while choosing the best international health insurance company. Are you aware of other costs that you may be required to pay in the long run? If that sounds like a no, don’t forget that you may be responsible for other out-of-pocket expenses even after you reach your deductible.
While Singapore has a high standard of the healthcare system, the cost of healthcare is equally high in this country. Hence, it is highly recommended that you have a health insurance plan that allows you to access local healthcare facilities whenever you’re going. Take a look at the people who need health insurance.
If you’re a foreigner on a work permit or S-Pass, your employer must insure you with health insurance coverage with a minimum annual coverage of about S$15,000. Also, the health insurance coverage should be fully paid for by your employer. But, there may be a co-payment of up to 10 percent of the employee’s monthly income for non-work-related claims.
For foreigners with an employment pass, employers don’t need to insure you with health insurance. This way, if you’re not covered by any corporate health insurance or other types of health insurance coverage, it is highly advisable to get yourself some coverage in the country.
If you’re a frequent flyer looking for a health insurance plan that will cover your medical expenses around the globe, you’ll need to purchase international health insurance from different private insurance companies. Therefore, it’s always better to choose the right healthcare insurance in Singapore.
AIA Singapore is an outpost of the multinational insurance and finance corporation AIA Group Limited in Singapore. This company has its headquarters in Hong Kong, and it was founded in 1919 as American Asiatic Underwriters.
Over the years, it has grown across 18 Asia-Pacific markets and is now the largest independent publicly-listed Asian life insurance group. In addition, AIA has been in Singapore since 1931 and now offers ten categories of personal insurance for individuals alongside employee benefits insurance for businesses.
Since we’re talking about AIA insurance review, you should understand why this insurance is different from others in the country. Why do you think AIA is the best? Would you love to go for their services rather than choosing others? And if you’d love to know why check out the reasons we’ve listed below.
AIA HealthShield Gold Max is AIA Singapore’s flagship Integrated Shield Plan (IP), meant to complement your MediShield Life plan in the country. This plan allows you a maximum annual claim limit of about S$2 million, up to 13 months of pre-and post-hospitalization benefits, medical concierge, and several add-on riders. Not only is that, but AIA HealthShield Gold Max is a MediSave-approved integrated Plan.
The AIA Quality Healthcare Partners (AQHP) is another thing you’d love to choose the AIA insurance company. It lists preferred 290 doctors and clinics with predetermined outpatient consultation fees, 3-day appointment lead time, and an in-app appointment booking system via the AIA Healthcare mobile app, which can be downloaded on the Apple App Store or Android Google Play store.
To book an appointment via this app, simply open it, browse through the list of doctors or search for your doctor or clinic’s name.
Base whole life plan offers critical illness coverage, multiplier boosters, cash value accumulation, and bonuses. Aside from this fact mentioned, you should know that pre-natal rider offers S$100 to S$10,000 coverage for ten pregnancy complications, hospitalization, death for the mother, medical negligence, premature birth, and HFMD for the baby, and many others, to mention a few.
As of the time of writing this article, AIA offers a total of insurance for individuals and businesses, namely medical, life, hospitalization, personal accident, critical illness insurance, and many more. In this section, you’ll find an overview of each type of insurance. Without further ado, check it out below.
Life insurance coverage is one of the types of insurance AIA offers. In this insurance company, there is two primary types of life insurance. The first one is the term insurance plans that offer you coverage for a fixed term of time determined by you.
Not only that, but the whole life insurance, on the other hand, covers you for life or until the stipulated date in your policy. Also, AIA offers seven types of life insurance plans ranging from the AIA Guaranteed Protect Plus (II), Lifetime Protector, Secure Flexi Term, and more.
Medical insurance plans can help you to alleviate hefty medical and hospitalization bills in the event you run into an unexpected medical condition or emergency in the country. Meanwhile, in Singapore, all citizens and permanent residents are automatically enrolled into the governmental MediShield Life offered by the country’s ministry of health.
Why do we need a personal accident insurance plan? Of course, accident protection insurance helps individuals alleviate hefty emergencies, long-term medical treatment bills, and any loss of income arising from unexpected accidents. Aside from this fact, AIA offers four years of personal accident plans such as AIA Solitaire PA plus offering you salary compensation and financial security for your family in the event.
Savings insurance is a system that requires you to pay your preferred amount of premium annually for a fixed number of years, e.g., 5 or 10 years. Your policy and the total amount you have deposited then take another set number of years to mature.
In this case, it may then regenerate a certain amount of interest per annum or bonuses as well. Therefore, once your policy has matured, you will be able to withdraw the total sum. Besides, AIA offers ten different types of savings insurance policies to suit your age group, cash flow needs, and budget.
Do you think that retirement insurance plans are essential? Yes! They are an indispensable option for work or not as you approach your golden years as it requires early planning. If you have a mortgage-free home, your debts paid off, you can calculate your retirement needs via the AIA retirement calculator.
These disability income protection insurance plans offer you monthly payments if you run into accidents or illnesses that cause partial or total disability. These plans are important if you work in injury-prone manual labor industries or operate heavy machineries and maybe the family’s sole breadwinner. Again, AIA offers a termed Premier Disability Cover plan for individuals aged 16 to 60, offering lump-sum or monthly pay-outs, income top-ups, and paybacks, and many others.
Have you been asking yourself if you need critical illness insurance? Well, worry less as AIA got you covered. Moreover, critical illness insurance serves to lighten your medical expense burden if you’re diagnosed with a critical illness that demands costly and long-term treatments.
Also, AIA offers six critical illness insurance plans such as the Power Critical Cover, a whole life plan which allows you to claim medical bills for early, multi-stage, and relapse of 150 critical illnesses, death, and diabetes. Aside from this fact, AIA Multi-Stage Cancer Cover, on the other hand, offers you a lump-sum pay-out.
AIA investment-linked insurance plans are basically life insurance plans with an investment element added to them. Just like any life insurance, you and your family will be offered a financial pay-out when there’s an event of disability or death.
On the flip side, when you pay your premiums for your investment insurance plans, these premiums will be automatically used to purchase units in your preferred sub-funds portfolios that match your risk appetite.
AIA’s around the world offers several travel insurance plan which you can purchase for single, annual, or multiple trips online or via your AIA agent to claim medical and hospitalization expenses that could arise from accidents, injuries, or illnesses while abroad, money or document loss. Also, travel insurance aside, AIA offers home and property protection insurance, domestic helpers or maid insurance, and pet insurance plans as well.
Of course, yes! Foreigners can buy AIA insurance in Singapore. In fact, foreigners can choose to purchase an expat health insurance in the form of an integrated Shield Plan for foreigners, offering access to and coverage for medical treatments and expenses within Singaporean hospitals and medical facilities.
If you found yourself living in Singapore as an expat or locals, you should have five types of insurance. This insurance include; life insurance, health insurance, personal accident insurance, critical illness insurance, as well as the income disability insurance plan.
Well, not to worry! Deductibles, as said earlier, are a fixed amount you have to pay for the medical expenses incurred as cost-sharing. Here, you’ll have to pay the first RM300 out of the eligible expenses for anyone’s disability, and the company will pay for the rest of the eligible expense. This means your coverage begins immediately after your premium payment is confirmed.
Well, we can tell you that AIA will only pay the eligible medical expenses up to an amount the company considers reasonable and customary, provided that the medical care is medically necessary. More so, it comes with comprehensive medical coverage that protects you against escalating medical costs.
AIA insurance is one of the best international health insurance in Singapore. They offer incredible coverage and services, as mentioned above. Also, they encourage and reward their customers for leading and living a healthy and active lifestyle. So, what are you waiting for? Navigate to their platform now to begin.
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