Health insurance is one of the main but cannot-do-without individual expenses. This is hardly surprising as medical checkups, treatments and other procedures have become more and more advanced and apparently costlier than ever.
Shelling out bucks from your own pocket for a cardiac surgery or chemotherapy or some similar terminal disease is next to impossible unless you are raking in money. This is where health insurance becomes your angel in disguise, covering expenses of major health issues of your family. You can easily opt for a flexible product in sync with your income. For instance, low costs insurances are available with a higher deductible as long as you have sufficient amount saved to cover the big deductible.
About AVIVA Insurance Company:
Aviva Insurance made a grand entry into the Singapore market by acquiring their previous Insurance Corporation in July. Since then, Aviva has progressed tremendously and is now the third largest insurance provider in the country. It boasts of a whopping 30 percent market share.
AVIVA’s health insurance plan is more popular by its name ‘MyShield’, which is a Medisave-sanctioned Cohesive Shield plan that offers all-inclusive health cover. It is a huge money saver and can take care of your whole family’s health care requirements. Contrary to most hospital plans or other medical insurances, you do not have to stress about your medical history or family health history.
MyShield policy comes with a flexibility that allows you to acquire coverage for even pre-existing conditions (as per the Moratorium Underwriting and given that the indemnified doesn’t belong to class 4 occupation and has not been denied other insurance plans.
Features & Benefits of MyShield:
Complimentary medical insurance for your children:
Created to deliver ample health coverage for your loved ones, MyShield is one of the few integrated Shield plan in the country to offer free medical cover for your offspring (not older than age 20) with the understanding that both you and your spouse are protected under Plan 1 or 2 of MyShield.
Get admitted for free. Cashless service at private hospitals too
AVIVA is one of those first and rare insurance providers in Singapore to offer their clients a Letter of Guarantee (LOG) to hospitals. This will permit you and your family to concentrate on getting better without concerning themselves about payments at the time of hospital admission.
Inflation-resistant medical care and costs:
MyShield grants an ‘as-charged’ health coverage, which will protect you from unwarranted medical inflation. This is valid for private hospital admissions as well.
An option to cover previous medical concerns with Assured Issuance:
Again, AVIVA is the first and sole insurance firm to introduce this feature in the Singapore market. MyShield endows you with a chance to acquire coverage for pre-existing conditions through a streamlined and stress-free application procedure. It needs no medical statement as it is purely dependent on moratorium underwriting.
Affordable protection without added financial burden:
There is no need to dent a hole in your hard-earned savings. Just put your Medisave money to work and avail a complete cover for everyone in the family. Your pay your premiums (ranging from SGD 800 to SGD 1400) with this Medisave Account.
Assured renewability & indefinite lifetime protection:
It doesn’t matter which plan you opt for. MyShield is promised renewable irrespective of your medical conditions in future, and gives protection for life.
AVIVA MyShield Plus
Moreover, AVIVA provides MyShield Plus rider to get you the additional coverage for as little as 10 cents a day.
MyShield Plus Option A:
- This is flexible to protect your co-insurance expenditures and other perks.
- Children of the insured are indemnified under Free Child Cover and your child can avail coverage for free if both the parents are covered under Plan 1 or Plan 2 of MyShield. This perk can be enjoyed until the children are of age 20 even after the death of any one or both the parents.
- A palpable amount of SGD 10,000 will be granted upon detection or diagnosis of any one of the 30 life-threatening diseases.
- AVIVA will also pay you a substantial amount if your child meets with an accident resulting in fracture or more.
- Your existing MyShield perks can be increased under Advanced Benefit when you are protected under MyShield Plus Option A.
MyShield Plus Option C
- This bestows you with a stropping medical coverage with absolutely no expenses from your own pocket. On top of that you can obtain the benefits of MyShield Plus Option A too.
- It protects your deductible expenses.
- You child can acquire a chosen rate when both the parents are protected under either Plan 1 or Plan 2 of MyShield Plus.
- It doesn’t matter which plan you opt for. MyShield is promised renewable irrespective of your medical conditions in future, and gives protection for life.
Compare AVIVA Health Insurance With Other Insurance Companies Offering Health Insurance in Singapore
- AIA Health Insurance
- NTUC Health Insurance
- AIG Health Insurance
- Great Eastern Health Insurance
- Prudential Health Insurance
- Tokio Marine Group Medical Insurance
- Manulife Health Insurance
- AXA Health Insurance
- Liberty Medical Insurance
FAQs - AVIVA Health Insurance
- I am of Indian origin, residing in Singapore. Am I eligible for MyShield and MyShield Plus?
If you have the relevant visa and required income proofs and hold membership in CPF with a CPF Medisave Account, you are eligible.
- Can I buy MyShield Plus without buying a MyShield cover?
This is not possible as MyShield Plus can only be given if the client is purchasing MyShield or is already insured by MyShield.
- Can you explain the term deductible in AVIVA Health Insurance?
The deductible is the first share of amount payable for claim(s) before the medical expenses are covered by MyShield. There shall be no refund if the claimable sum is less than the deductible. But you may protect this deductible with MyShield Plus Option B.
- What is the meaning of co-insurance?
Co-insurance is your share of the total bill. The rest will be paid by the insurance company. With Aviva’s MyShield, the co-insurance is 10 percent and not more than SGD 25,500 per annum. MyShield Plus Option A covers the co-insurance too.
- Should I wait until the policy year ends to apply for coverage for my new born?
You do not have to, if both you and your spouse have valid MyShield policies. You can insure 4 children under this policy for free.
Most people think that they are healthy enough, and hence they do not have to waste money on health insurance. After all, there have never been any serious medical issues so far. This attitude has to change, at least when it comes to health insurance because anything can happen in future.