Have some burning questions about Integrated Shield Plans? We've got you covered!

Health insurance plays an important role in financial planning. All Singaporeans and permanent residents (PRs) are automatically covered by MediShield Life. This basic health insurance scheme provides coverage for medical expenses incurred due to hospitalisation and selected outpatient treatments.

An Integrated Shield Plan (IP) is designed to complement and enhance the coverage provided by MediShield Life. One of the key benefits of purchasing an IP is its higher claim limits, which allows you to choose from a wider range of wards available in public and private hospitals. For example, HSBC Life Shield offers an annual coverage limit of up to SGD2.5 million and caters to a wide range of value-added services including exclusive rates for visits to panel general practitioners and specialists.

To help you make informed decisions about your healthcare needs, let us answer some of the frequently asked questions about IPs.

1) What should I consider when purchasing an IP?

There are two main factors to consider when purchasing an IP: your ward preferences and your affordability of premiums in the long run.

IPs provide extensive coverage, allowing you the flexibility to opt for private healthcare and higher-class wards. With a wide range of IPs available, each with varying benefits, it's important to select the right plan that aligns with your ward preferences. This ensures that you are covered for your preferred level of healthcare services without paying excessive premiums.

It's vital to also evaluate the long-term affordability of IP premiums. While MediSave partially covers the private insurance component up to the Additional Withdrawal Limits (AWLs), any excess must be paid in cash. Premiums for Shield riders must also be paid in cash.

2) If I have an IP, will there be any out-of-pocket medical expenses?

IPs require co-payment for covered expenses. The co-payment can be in the form of a deductible and co-insurance. A deductible is the amount you need to pay for your medical expenses before you can claim from your insurance policy. After the deductible, there's co-insurance, which is typically 10% of the total hospital bill.

To reduce these out-of-pocket expenses, you can opt for a rider that covers most of the deductible and co-insurance. Starting from 1 April 2021, a 5% co-insurance requirement was implemented for all IP riders. With the rider attached, you may also waive your deductible and limit your co-payment with a cap if you opt for a doctor or a hospital within the panel of your IP provider.

For example, HSBC Life Enhanced Care can be added on as a rider if you have purchased an HSBC Life Shield plan. All payable deductible and co-insurance under HSBC Life Shield will be covered, subject to deductible (if any), co-insurance and co-payment caps under HSBC Life Enhanced Care.

The following table shows the reduced deductible and co-insurance amount with HSBC Life Enhanced Care rider attached to your HSBC Life Shield plan.

These measures aim to ensure individuals continue to get the level of healthcare they need while encouraging them to use healthcare responsibly, keeping healthcare costs affordable.

It is important to understand the coverage your IP provides. This is where having a trusted Financial Planner can be helpful. Some procedures which may not be covered by IPs include Lasik surgery, and aesthetic or plastic surgical procedures except in specified situations like breast reconstruction after a mastectomy due to breast cancer. The purchase or rental of medical equipment for use at home, such as walking or home aids, wheelchairs, and kidney dialysis and oxygen machines may also not be covered.

3) Do IPs provide coverage for pregnancy?

IPs do not typically provide coverage for normal pregnancies or childbirth. However, IPs do cover certain complications arising from pregnancy such as eclampsia or premature birth. It is recommended to check with your IP provider or Financial Planner to understand your coverage for pregnancy-related complications as it varies from insurer to insurer.
 

4) Will my IP cover overseas medical treatments?

Many IPs provide coverage for medical treatments abroad. However, the coverage may subject to certain conditions, such as emergency treatments. Coverage is often limited to the equivalent cost of treatment in Singapore. Planned medical treatment overseas may be covered under IP riders but do pay attention to conditions, such as waiting periods and coverage.
 

5) What are riders and do I need one?

Riders are optional add-ons that you can purchase for your insurance policy. A rider provides additional benefits to enhance the coverage of your basic plan and could also reduce your out-of-pocket expenses. It's important to note that the premiums for IP riders can only be paid in cash while MediShield Life and IPs can be paid using MediSave.

For example, you can consider adding a rider to supplement your IP cancer coverage. From 1 April 2023, the Ministry of Health has revised the coverage for cancer treatments and introduced the Cancer Drug List (CDL). With the revision, only cancer drug treatments on the CDL will be covered under IPs and both cancer drug treatments and cancer drug services such as consultations, scans, and lab tests will no longer be covered "as-charged" under IPs. Instead, IPs now offer up to multiples of the coverage provided by MediShield Life depending on the plan you choose.
 

By complementing HSBC Life Shield (Plan A or B) with the HSBC Life Enhanced Care rider (Plan A or B), you can claim up to 23 times the monthly claim limits of MediShield Life for cancer drug treatments on the CDL. Additionally, you can also claim up to 20 times the annual claim limits of MediShield Life per year for cancer drug services. On top of this, there is coverage for non-CDL cancer drug treatments of up to $30,000 per month. These enhanced benefits are applicable to policyholders who bought or renewed their policies from 1 April 2023. The best part is, that you can enjoy these enhanced benefits without any changes to the premiums you pay.

1The cancer drug treatment benefit limit is based on a multiple of the MediShield Life claim limit for the specific cancer drug treatment. The CDL applies to outpatient cancer drugs, which include drugs used for chemotherapy and immunotherapy for cancer. Refer to the CDL published on https://go.gov.sg/moh-cancerdruglist for the applicable MediShield Life claim limit. MOH may update this list from time to time.

2The cancer drug services benefit limit is based on a multiple of the MediShield Life claim limit for cancer drug services. Refer to the MediShield Life benefits published on https://go.gov.sg/mshlbenefits for the applicable MediShield Life claim limit.

3Only treatments not on the CDL that fall within Class A to Class E of the Life Insurance Association, Singapore’s (LIA’s) Non-CDL Classification Framework on LIA’s website (https://www.lia.org.sg/industry-guidelines/health-insurance/framework/2022 non-cdl-classification-framework), will be covered up to the benefit limit as stated in the HSBC Life Enhanced Care benefits schedule.

Your next steps

To find out more about HSBC Life Shield and HSBC Life Enhanced Care rider, visit https://grp.hsbc/HSBCLifeShield.

What's next?

Contact a Financial Planner >

Disclaimer: This webpage contains only general information and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. The views expressed herein do not necessarily reflect the views of HSBC Life (Singapore) Pte. Ltd. and should not be construed as the provision of advice or making of any recommendation. There is no intention to distribute, offer to sell, or solicit any offer to purchase any product. You may wish to seek advice from a Financial Planner before making a commitment to purchase the product. In the event that you choose not to seek advice from a Financial Planner, you should consider whether the product in question is suitable for you. Whilst we have taken reasonable care to ensure that all information provided was obtained from reliable sources and correct at the time of publishing, information may become outdated and opinions may change. We are not liable for any loss that may result from the access or use of the information herein provided.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer (or name of Scheme member) or visit the GIA/LIA or SDIC web-sites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).

Protected up to specified limits by SDIC.

This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is correct as of 16 November 2023.