How GE's new shield plan compares to AVIVA & Income

[Dennis Ng]

Competition is good for consumers. Without AVIVA launching "as charged" Shield plan, today consumers most likely still be offered shield plans with maximum cover of $10,000 for the most serious surgery; while the actual costs of such surgeries can range from $20,000 to over $100,000!

about 1 year ago I "predicted" that "As-charged" medical plans would become the norm in time to come (I gave time frame of 5 years). It's to my suprise that my prediction came through 4 years ahead of time.

I have obtained some information on the latest revision in "shield" plans by Great Eastern. GE's Plan is called Supreme Health and is indeed quite attractive. Here're are some of the differences I discovered.

1. highest total annual limit of $500,000
Note: IncomeShield's "Enhanced Preferred plan" offers annual limit of $350,000 while AVIVA Myshield Plan 1 offers annual limit of $300,000.

2. No x days notice requirement prior to making claims; no requirement on claims being "reasonable"
Note: NTUC Income requires 4 days prior notice for non-emergency medical treatment and only would pay whatever is deemed "reasonable" to them. Like Great Eastern, AVIVA does not have this condition.

3. extra annual limit for 5 major conditions, not only for cancer treatment
Note: the 5 medical conditions are namely, Major Cancer Treatment (offered by AVIVA) but other medical conditons such as Coronary Artery By-Pass, Heart Valve Disease, Neurosurgery and Major Organ Transplant.

This is definitely one up by GE, definitely better than Income and AVIVA

4. only shield plan with 5% annual renewal discount for LIFETIME!
Note: This renewal discount is given to you regardless of how many times you claim! Some insurers only give you renewal discount based on NO claim. This again GE is better against all other insurers namely, AVIVA, Income, AIA and Prudential.

5. Cover cost of medical reports for claims process (this can cost $70 to $250).
Note: some insurers require consumers to pay this themselves. If I didn't remember wrongly, AVIVA does not pay for this.

6. Cover claims from medical institutions with NO mediclaim facility
Note: recent letter to forum reflected the case of one Incomeshield policyholder who cannot claim due to the treatment done at a clinic with no mediclaim facility. Thus, such a problem will not happen if a person is insured with GE Supreme Health.

7. co-insurance is 10% for all plans (min required by Ministry of Health).
Note: Currently, there're no riders available to pay for co-insurance (AVIVA has) or pay for both co-insurance and deductible (NTUC Income has). I was told that GE might consider launching a rider in future.

8. Lifetime limit of $5 million for the TOP plan by GE.
Note: AVIVA Myshield Plan 1's lifetime limit is $2 million. Income has "unlimited" lifetime limit (however, truth is not true. Why? Becos actually it's limited by the max of $350,000 annual limit while GE's annual limit is $500,000, higher than Income.

9. Provides coverage for confinement in Community Hospital upon referral from discharged hospital.

10. provides coverage for Prenancy Complications adn Congenital Disease.
Note: NTUC Income specifically exclude any treatment relating to prenancy and congenital disease.

Thus, GE is definitely better in this aspect.

Premiums is higher than NTUC Income (however, they have certain features that are better than what Incomeshield offers); quite comparable to AVIVA (in certain cases, the premiums are slightly lower or higher for different age groups).

All in all, it's great news for consumers. With this latest revamp by Great Eastern, my personal opinion currently is a person who want to have a good shield plans now have 3 choices, namely, AVIVA Myshield, NTUC Income and GE Supreme Health. Other plans offered eg. by AIA and Prudential are not worth considering.

Each consumer might choose a different shield plan by these 3 insurers, Income, AVIVA and Great Eastern as they offer slightly different benefits and terms and conditions and an "apple to apple" comparison is not entirely possible.

my family is currently covered under AVIVA's myshield, I might consider moving to GE as I personally am very satisfied with claim process with GE as I have made claims for family under other plans eg. Premier Health Plan; Golden Protector and for all these claims I submitted, GE approve and issue the claim cheque within 7 days. Other reasons why I might move to GE is that GE has the No. 1 market share in Singapore while AVIVA's customers base in Singapore is relatively small compared to GE.

This is just my personal opinion, you can have a different opinion. You can disagree with the points I raise but I sincerely hope no one would launch personal attacks against me, which I have experienced on numerous occasions at this forum.

Separately, I also understand GE launched a new plan called "Global Advantage". When you're seriously illed, do you want to be treated not only by a good doctor but by the best, not only in Singapore but in the whole world?

This is exactly what this plan offers. It provides 2 plans a high $1 million annual limit and lifetime limit of $2 million for the Classic plan and $2 million annual limit and lifetime limit of $4 million for Deluze plan. The Deluxe plan even offers "travel expense allowance of $5,000" if you need to travel overseas for treatment. According to the brochure I'm given, this plan is the "first in South East Asia" to offer a medical plan to help not only "search for" buy "pay for" the BEST medical care in the world!

This is a separate plan that a person can take up. Premiums need to be paid in cash, not CPF Medisave. Premiums range from $155.50 per year to $532.35 a year for the classic plan, depending on age group and gender.

[candy_chia]

Is GE Supreme Health Shield plan still more attractive in coverage and price compared to other Shield plans by Aviva or NTUC now in 2011!

My family members are all covered under Aviva Myshield Plan 1.

[winstonteo]

Hi Dennis,

Your analysis on the healthcare insurance plan is very detailed.
I do noticed your opinion and analysis is few years back.
May I know if there is any new updates on the insurance policy plans or will you be providing new insight on the insurance health package again?

[ngtfook]

Hi WinstonTeo,

You can find the latest compilation in MOH website.

http://www.moh.gov.sg/content/moh_web/h ... Plans.html

Hi Dennis,

Your analysis on the healthcare insurance plan is very detailed.
I do noticed your opinion and analysis is few years back.
May I know if there is any new updates on the insurance policy plans or will you be providing new insight on the insurance health package again?

[ailing]

This is the updated link:
http://www.moh.gov.sg/content/moh_web/m ... plans.html

Hi WinstonTeo,

You can find the latest compilation in MOH website.

http://www.moh.gov.sg/content/moh_web/h ... Plans.html

Hi Dennis,

Your analysis on the healthcare insurance plan is very detailed.
I do noticed your opinion and analysis is few years back.
May I know if there is any new updates on the insurance policy plans or will you be providing new insight on the insurance health package again?

[Dennis Ng]

thanks ailing for sharing.

http://www.moh.gov.sg/content/moh_web/h ... rance.html

http://www.moh.gov.sg/content/moh_web/h ... Plans.html

Cheers!

Dennis Ng

This is the updated link:
http://www.moh.gov.sg/content/moh_web/m ... plans.html

Hi WinstonTeo,

You can find the latest compilation in MOH website.

http://www.moh.gov.sg/content/moh_web/h ... Plans.html

Hi Dennis,

Your analysis on the healthcare insurance plan is very detailed.
I do noticed your opinion and analysis is few years back.
May I know if there is any new updates on the insurance policy plans or will you be providing new insight on the insurance health package again?