AXA Global Care: An Affordable Health Insurance Plan Covering Pre-Existing Conditions

Most of us are familiar with health insurance plan. Usually, the first thing that comes into our mind when anyone mentions health insurance plan is Singapore’s unique Integrated Shield Plan (ISP). This is because we associate ISP with affordable healthcare insurance. After all, ISP is a specially designed health insurance plan meant for Singaporeans. But do you know that unlike Medishield-life, ISP are extremely unlikely to cover your pre-existing conditions?

This article has been updated on Nov 2019 due to some changes in the plan’s premium

There is one particular health insurance plan that gets us excited here at Moneyline.sg: AXA Global Care is a good alternative to ISP and is initially structured to cater for expats and individuals living in nearby S.E.A countries who wish to seek medical treatment in Singapore. What is even more fascinating is that this product provides coverage for pre-existing conditions should you fulfill certain requirements. Here are some features of the plan.

4 Key Reasons Why AXA Global Care Health Insurance Plan Is Worth Getting Instead Of ISP

  1. Medical Expenses Can Be Fully Covered 

Following the recent change in regulation for ISP, Singaporeans can no longer buy ISP with 100% co-payment. The new regulation mandates that policyholders will have to bear a 5% co-payment regardless of which ISP plan you buy. While the co-payment amount is capped at $3,000 per year, it is still a hefty bill to foot if you are struck with an illness that requires expensive treatment.

Unlike ISP, AXA Global Care allows you to get 100% coverage without any co-payment element. This makes it a cheaper alternative, compared to ISP. But if you think you are healthy and want to take up a co-payment option, you can. AXA Global Care Health Plan gives you the option of signing up for co-payment in return for an 18% discount on your premium.

  1. Global Coverage For Medical Treatment

As you might know, ISP is a health insurance specially designed for Singaporeans. In terms of the product design, it is not suitable for expats. But that is not the case for AGC Health Plan, which is designed for Singaporeans and expats in mind. Under AXA Global Care Health Plan, you can get health insurance coverage even if you are no longer residing in Singapore. All you need to do is to continue paying the premium.

For Singaporeans, there is an added benefit of AXA Global Care in that it provides global medical coverage. You can claim for planned medical expenses anywhere in the world. This is unlike ISP, which only provides coverage against emergency treatment required overseas. If you require planned medical treatment overseas (e.g. knee surgery), you will be able to be reimburse your medical treatment expenses under the plan.

3a. Say What? No Underwriting Required?

Most insurance requires the policyholder to undergo an underwriting process before the insurer decides whether to insure you or not. Underwriting often leads to two undesirable outcomes: More expensive premium for the same coverage, or reduced coverage. However, AXA designed a more customer-centric insurance plan with it’s Global Care Health Plan. Unlike other insurance plans (including ISP), no medical questions will be asked, and no medical examination will be required.

3b. Inclusive Coverage For Chronic Conditions

Furthermore, AXA Global Care will even provide coverage for those with pre-existing condition, including chronic problems like diabetes. This is a similar feature of the newly launched Raffles Shield, which has received much plaudits for allowing customers with pre-existing condition chronic to buy health insurance. As long as you stay trouble free for two years, you will be covered for your pre-existing condition for life.

  1. Premium Is A Close Substitute For ISP (Updated Nov 2019)


AXA global care

source axa.com.sg

Disclaimer: This is an unsponsored post and the information provided has not been endorsed by AXA. This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. We recommend that you seek the advice of a qualified financial advisory professional before making any decision to purchase an insurance or investment product. Whilst we have taken reasonable care to ensure that all information provided was obtained from reliable sources and correct at 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. Read our General Disclaimer

Based on the premium rates published by AXA Global Care above, it is pretty similar to most ISPs private hospital premium. However, the only caveat is that you can’t pay for your premiums using Medisave (You can pay for ISP premium using Medisave). The other thing is that there is a $500,000 annual limit for medical claims. Logically, $500,000 is still a very high limit that is difficult to exceed, unless you are diagnosed with multiple deadly diseases.

Keen to find out more about AXA Global Care health insurance coverage? A partner licensed financial planner will help you diagnose your health insurance needs and help you find the right solution 

If you are just looking at straight forward inpatient coverage, Plan E may be a great choice for locals and expats alike. It covers for 100% of the bill. You are also free to choose your doctors. This plan is also great for people with pre-existing or congenital illnesses whose application is constantly being declined by the Integrated shield plans. There are only two major drawbacks, the slightly higher premiums and the ineligibility to use Medisave to fund the policy.

Why you should consider
  • 2 years moratorium underwriting, covers pre-ex condition after 2 years trouble-free period
  • No health questions asked, guaranteed acceptance
  • Relatively low cost for an international health plan
  • Option to cover 100% of the hospital bill, not subjected to co-insurance
  • A suite of outpatient and inpatient coverage options to choose from
Why you should look elsewhere
  • If you are healthy and only seeking local inpatient coverage, an ISP will be affordable
  • Not payable by Medisave
  • No choice to downgrade to public hospital coverage only to make it more affordable
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