HSBC Health Insurance Singapore
Following the acquisition of AXA Insurance Pte Limited (AXA Singapore) in 2021, HSBC Insurance (Asia Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc (HSBC), has now integrated the two insurance operations (HSBC and the former AXA), to provide the best in-class insurance services and products for healthcare, wealth, banking and more, to existing and new clients.
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Why choose HSBC?
HSBC Health Insurance Plans
What is HSBC Life Shield?
HSBC Life Shield is an Integrated Shield Plan (IP) offered by HSBC Singapore with 3 types of plans with varying levels of medical and hospital coverage – Standard, Plan A and Plan B. HSBC Life Shield is an Integrated Shield Plan (IP) meant to supplement your MediShield Life health insurance plan provided by Singapore's Ministry of Health.
*The below information are accurate at the time of writing as of 10 July 2023, as per HSBC's website.
The Standard plan is the most basic coverage for medical and surgical expenses at restructured hospitals, for ward class B1 and below. There are two payable components - the "Deductible" which is a fixed amount to be paid by you as a policyowner before the HSBC Life Shield benefits and MediShield Life are payable, and the "Co-insurance" which is a percentage of the claimable amount that you’ll have to co-pay after the "Deductible".
HSBC Life Shield Plan A's premiums start from S$171.60 for ages 1 to 18, S$186.70 for ages 21 to 25, S$232.20 for ages 26 to 30, S$324 for ages 31 to 40, S$654 for ages 41 to 45, and so on. These prices listed above do not include the MediShield Life premiums. Premiums of the HSBC Life Enhanced Care rider for Plan A ranges from S$444.10 for ages 1 to 30, S$570.30 for ages 31 to 35, S$575.30 for ages 36 to 40, S$605.60 for ages 41 to 45, S$767.10 for ages 46 to 50, and so on.
HSBC Life Shield Plan B offers you the option of seeking treatment in a standard ward in private hospitals, and offers full "As Charged" coverage for your daily ward, treatment, ICU, short-stay ward, community hospital stays. Other benefits include up to S$50,000 per year for inpatient and outpatient proton beam therapy treatment, up to S$2,500 for inpatient psychiatric treatments, full coverage for MediSave-approved surgeries, inpatient major organ transplant, kidney dialysis, and more.
As of April 2019, all insurance companies in Singapore had to phase out any 100% cashless hospital check-out riders in a bid to curtail medical expenditure in Singapore. Also, due to the acquisition of AXA Insurance Pte Limited (AXA Singapore) in 2021 by HSBC, AXA Shield's previous 3 riders, AXA Basic Care, AXA General Care, and AXA Home Care have been phased out and replaced by the current HSBC Life Enhanced Care Rider which incorporates the mandatory co-insurance component (a minimum of 5% portion of the bill that you have to foot).
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HSBC Life Shield Exclusions
Surgical Procedures
While the HSBC Life Shield Plans A and B offers "As Charged" full coverage for surgical procedures, do note that eligible surgeries are limited to those listed in the Ministry of Health's Table 1A to 7C of surgical procedures. Exclusions listed in the above list will also be excluded from your coverage.
"As Charged" Full Coverage
Although the HSBC Life Shield plans may at times offer full "As Charged" coverage for hospitalisation, wards, and certain inpatient and outpatient treatments, do note that you will be required to pay a 5% co-insurance out of pocket in cash, and may be subject to annual deductibles, and pro-ration factors.
Choice of Doctor, Clinic, or Hospital
To enjoy a cashless hospitalisation journey, do note that you will need to first attain a Letter of Guarantee (LOG) from HSBC, and you will need to seek treatment with one of HSBC's Life Shield panel General Practitioners (GP), specialists, or pre-authorised public and private hospitals.
Ward
Deluxe rooms, luxury suites, VIP rooms, and special rooms of any hospitals cannot be fully covered, and will be reimbursed up to standard room charges in that hospital. If you change wards throughout your stay, the deductible you eventually pay will be based on the highest class of ward you've stayed in.
Short-Stay Hospitalisations/ Wards
In the event you're warded in a short-stay hospitalisation ward, only your ward, prescriptions, doctor's fees, tests, dressings, blood tests, and any other treatment fees will be reimbursed. There will be no pre- or post-hospitalisation benefits.
Outpatient Cancer Treatments
While HSBC Life Shield covers proton beam therapy, brachytherapy, stereotactic radiotherapy, radiotherapy, for cancer treatments, certain treatments are not covered – namely cell, tissue, and gene therapy products.
HSBC Life Shield Integrated Shield Plan Summary
HSBC Life Shield is an Integrated Shield Plan (IP) offering up to S$2.5 million annual coverage with the Plan A, 180 days pre-hospitalisation and 365 days post-hospitalisation coverage for treatments incurred.
Other benefits include:
- Short-stay hospitalisation treatment
- Ward coverage
- Fixed consultation
- Follow-up rates at HSBC Life listing of hospitals, General Practitioners (GPs), specialist, physiotherapy, and dental clinics.
The accompanying HSBC Life Enhanced Care rider offers great daily coverage for outpatient accident treatments, benefits for fractures, dislocations, sports injuries, Hand Foot Mouth Disease, dengue, food poisoning, ambulance and taxi charges, and any accommodation charges for your immediate family.
All HSBC Health Insurance Plans
HSBC Life Shield
HSBC Life Shield is HSBC's flagship Integrated Shield Plan (IP) meant to supplement your MediShield Life health insurance plan provided by Singapore's Ministry of Health if you are a Singaporean or Permanent Resident (PR).
With HSBC Life Shield, you can customise your coverage according to your needs and budget. You can choose the coverage amount, and even include an additional rider such as the HSBC Life Enhanced Care Rider.
HSBC Prime Care
HSBC Prime Care is an individual hospital and surgical plan that specifically helps you manage your medical, surgical and hospitalisation needs with extra coverage.
HSBC Prime Care also provides a range of value-added services, including access to a 24-hour medical hotline for advice and support, as well as a second medical opinion service, which allows you to obtain a second opinion from a qualified medical professional on your medical condition and treatment options.
HSBC SmartCare Executive
HSBC's SmartCare Executive comes in 6 plans – Plans A, B, and C, for private hospital treatments coverage, and Plans D, E, and F for public hospital coverage for you and your family members. The plan is customisable to meet your needs, offering coverage for surgical implants, major organ transplant, daily recovery income benefit, outpatient kidney dialysis of up to S$20,000 per year, 30% discount for co-payments and deductibles, and cashless hospital admission.
HSBC SmartCare Optimum Enhanced
With the HSBC SmartCare Optimum Enhanced
HSBC International Exclusive
An expatriate health insurance plan that gives you access to international private medical care globally, HSBC International Exclusive offers coverage and benefits for hospitalisation and out-patient treatments including comprehensive pregnancy and delivery benefits, in-patient and out-patient cover, pre-existing conditions coverage, 24-hour claims enquiry, newborn accommodation and HSBC’s International Emergency Medical Assistance.
HSBC GlobalCare Health Plan
The HSBC GlobalCare Health Plan by HSBC is available to both foreigners and Singaporeans and offers worldwide coverage for hospitalisation, outpatient treatments, and hospice and palliative care, pre-existing conditions, maternity expenses and newborn benefits. It has a very high annual limit of up to S$6 million and has 2 types of plans namely, Plan A and Plan B for you to choose from.
What types of insurance does HSBC offer?
Besides health insurance plans, HSBC also offers a variety of other insurance products, such as travel insurance, home insurance, and many more which you can refer to below.
Types of Insurance offered by HSBC
Life Insurance
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Other plans include Sapphire Prestige Income II, Variable Annuity, Jade Legacy Universal Life Plans, and Emerald Legacy Life III.
Health Insurance
There are 2 types of health insurance plans, namely 1 international health insurance plan and 1 hospital expenses coverage plan called SmartCare Optimum Enhanced. HSBC does not offer any Integrated Shield Plans for Singaporeans and PRs.
Personal Accident Insurance
Both types of insurance provide worldwide coverage, however, HSBC Life Band Aid has an age eligibility requirement of 15 days to 70 years old while SmartPA Protect+ allows all ages.
Savings Insurance
Whether you’re keen on a retirement plan or an investment-linked plan, HSBC’s range of savings insurance plans including Wealth Builder, Retirement Income II, Savings Protector II and Goal Builder will help you achieve the wealth that you would like to attain.
Travel Insurance
Get covered with up to $1 million for overseas medical expenses, and other benefits such as reimbursement for additional charges incurred relating to delayed departures, charges incurred for change of traveller and many more.
Maid Insurance
Launched in partnership with MSIG, HSBC‘s MaidPlus insurance plan covers up to $60,000 for accidental death and permanent disablement. It also provides coverage of up to $120,000 for hospitalisation and surgical expenses including 90 days pre and post hospitalisation expenses, up to $3,000 for medical expenses, up to $20,000 for repatriation expenses and much more.
Home Contents Insurance
You can have some assurance with access to their 24-hour hotline for home emergency services and up to $300,000 of coverage for renovations, movable household items and personal belongings with HSBC’s HomeSure plans. There’s also optional coverage for all-round protection of your home and up to $1,000,000 coverage in worldwide personal legal liability.
HSBC Life Shield Rider: HSBC Life Enhanced Care
What is an IP rider plan?
A rider in health insurance basically refers to an add-on plan that you can purchase to supplement your current plan with more benefits, extend and boost your existing healthcare and medical coverage, or to bridge any healthcare gaps that you may have in your existing plan. HSBC currently only offers 1 Integrated Shield Plan Rider called the HSBC Life Enhanced Care. Below, the benefits of the HSBC Life Enhanced Care rider.
HSBC Life Enhanced Care
Co-Payment
If you hold a HSBC Life Shield health insurance plan and have also added the HSBC Life Enhanced Care rider, your co-insurance per claim will be reduced to the minimum legal requirement of 5% – meaning you will need to foot 5% of your bill out of pocket in cash as part of "sharing" the medical bill with your insurance company. Your total co-insurance and deductible will be capped at S$3,000 per year, meaning you will need to first hit S$3,000 in payments per year before your claims can be submitted.
Benefits
Benefits of the HSBC Life Enhanced Care rider for Plan A and Plan B includes up to S$50,000 per policy year for planned overseas medical treatments, S$3,000 (Plan A) or S$1,500 (Plan B) for emergency outpatient accident treatments, S$600 (Plan A) or S$300 (Plan B) for outpatient fractures, dislocations, and sports injuries, S$300 (Plan A) or S$150 (Plan B) for outpatient dengue, food poisoning, Hand, Foot, Mouth disease, and more.
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How to apply for your Health Insurance plan
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Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your health insurance plan online through our portal.
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HSBC Health Insurance Claims
When you are filing an insurance claim, it basically means that you, the policyholder, is submitting a request to your insurance company to reimburse you for the medical bills you have paid for at the clinic or hospital. What sets a health insurance provider apart from another is the reliability, and convenience of the claims system.
How Do HSBC Health Insurance Claims Work?
Hospitalisation Claims
You can submit your hospitalisation claims online via e-file, along with any necessary supporting documents you might have received from your doctor to support your claim. Before you submit your claim, you may be required to pay a co-insurance (either 10% or the legal minimum 5%) portion or your entire hospital bill. After your claim is successful, you will then be refunded by the hospital.
Other Medical Claims
Other medical claims include pre- and post-hospitalisation, pregnancy complications, alternative medicine treatments, inpatient psychiatric treatments, and more. For such claims, you are to submit the necessary documents along with your original receipts and bills within 90 days of the date the bills are incurred to your insurance agent or advisor, or via HSBC's "e-Claims" section on their official website, or mail to HSBC Life (Singapore) Pte. Ltd. (Reg. No. 199903512M) Robinson Road Post Office P.O. Box 1538 Singapore 903038.
Frequently Asked Questions
Is the HSBC Life Shield payable by MediSave?
- Yes, like all other Integrated Shield Plans, the HSBC Life Shield insurance plan is payable by MediSave. If you are using your MediSave to pay for your Integrated Shield Plan (IP), do note that there are Additional Withdrawal Limit – you can only use S$300 from your MediSave to pay for your IP if you are 40 years old or younger (on your next birthday), S$600 if you are aged 41 to 70, and S$900 if you are 71 years and above. Also, you can only have 1 Integrated Shield Plan at any one time.
Do the premiums of the HSBC health insurance increase with age?
- Yes, as with all health insurance plans, your premiums will increase with age due to the increased probability of health conditions and medical services expenses' continual inflation. For HSBC Life Shield, premiums start from approximately S$147 for ages 1 to 18, S$253 for ages 21 to 30, S$394 for ages 31 to 40, $530 for ages 41 to 45, and so on.
Can I get multiple HSBC Life Integrated Shield Plans to increase my coverage?
- No, in Singapore, you are only allowed to have 1 Integrated Shield Plan at any given point in time to supplement your MediShield Life plan, regardless of which insurance company you are insured by.
Is the quoted premium an additional amount I have to pay besides my MediShield Life plan?
- It depends – some insurers present their Integrated Shield Plan premiums with MediShield Life premiums included to give you an overview of the price. Some insurance companies, however, split up both the premiums of MediShield Life and their Integrated Shield Plans' premiums into separate columns. Do check the fine print of the premiums table to check if MediShield Life's premiums have been included.