The basic idea behind getting any health insurance is that the insured gets paid or reimbursed for their medical and surgical expenses by the insurance company. However, pre-existing medical conditions such as asthma, eczema, heart attack, stroke, hypertension and diabetes could lead to complications, as the risk factor of the insurer falling sick increases manifold, thereby jeopardising insurance companies’ policies to reimburse.
Hence, it may not be surprising if a lot of insurance companies prefer to reject applicants with pre-existing medical conditions.
However, breaking the norm are the following 6 insurance companies.
1. MediShield Life
MediShield Life is one of those unappreciated insurance policies that Singaporeans tend to overlook. This is, arguably, because it is administered by the Central Provident Fund (CPF) Board and insures most of them for healthcare coverage. As a result, all citizens with or without pre-existing conditions are insured by MediShield Life.
Although you might have to pay 30% additional premiums for the first ten years, it is still a very good deal. After the first 10 years, you will then pay the standard premium like everyone else.
2. MSIG TravelEasy Pre-Ex
This one is for those who love travelling, yet face issues finding travel insurance due to their pre-existing conditions. As the name suggests, the MSIG TravelEasy Pre-Ex cover does not judge its customers on their age or illness — as long as it’s stable or controlled. Further, it has more than 51 benefits that cover other medical emergencies. However, it only allows up to 30 days of coverage.
3. Income Enhanced-PreX
Income’s Enhanced-PreX offers 3 plan types each for both single trip and yearly (for frequent travellers) – Enhanced PreX Basic, Enhanced PreX Superior and Enhanced PreX Prestige. In addition, it also has the provision to claim for pre-existing injuries or illnesses before the travel, which is unlike others who potentially reject the claim for pre-travel treatments.
4. Raffles Shield
Raffles Shield was launched recently by Raffles Health to venture into the insurance market. It is one of the rare ones that cover pre-existing conditions for Singaporeans. However, it comes with its own terms and conditions that include cover for only three types of pre-existing conditions — high cholesterol, diabetes, and hypertension.
Besides, policyholders have to comply with a care management plan that has been devised by the doctors at Raffles Hospital. Also, the premiums are adjusted according to the health condition.
5. AXA Global Care Health Plan
AXA’s Global Care Health Plan is a comprehensive international health insurance plan that provides optimal worldwide coverage. It offers 2 plans for pre-existing health conditions. Interestingly, they don’t undertake the medical examination of their policyholders. In fact, they even offer higher coverage in case of improvement in the insurers’ health. The only catch is that their cost is higher than others.
6. Aviva: moratorium underwriting
Other than the five insurance companies listed above, Aviva is the only insurer, at present, that gives the option of moratorium underwriting to potential insurers with pre-existing conditions.
Moratorium means a temporary suspension of an activity or law. However, in the insurance context, it means that the policy holder will need to wait for a certain period of time before their insurance application is approved. Also, if they do not undergo any medical treatment during this waiting period, their application could be potentially approved.
On the flip side, this also means that they will not be covered by any insurance until their moratorium period is over, including anything outside of their pre-existing condition.
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