Don’t let the family suffer in the event of a crisis. Know how to protect your family financially.

If it is one thing that all families have right now, it is a basic insurance. Is it really sufficient when medical costs in Singapore are rising rapidly? Find out what your insurance plan is missing that could hurt you financially. Brought to you by AXA.

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Life gets more exciting as you journey through the different stages. As you grow up, you learn so much from your parents. Eventually, you’re done with your education, you get a job that makes being an adult all the more real. When you find love and the right partner, you choose to settle down and start a family.

Sometimes, this exciting adventure that we call life comes with unexpected twists and turns - one of which is falling sick.

Of course, this is not something we want to go through but it is the reality in life. 

There’s a saying, “it’s better to be safe than sorry”. Medical costs are rising in Singapore, faster than most of our household incomes. Falling sick can become a burden and an inconvenience to the whole family physically, emotionally and financially.

But this doesn’t have to be the case. Some of this burden can be avoided when you and your family are well-prepared for the difficult situation. 

In the event of a critical illness such as cancer or stroke, having a comprehensive and extensive insurance plan that covers a larger sum than what Medishield Life offers, will ensure you peace of mind.

Currently, Medishield Life coverage administered by Central Provident Fund (Board) does cover post-hospitalisation, chemotherapy and radiotherapy; but with a low limit.

Not just that, there is a long list of other treatments and services that they do not cover, such as outpatient CT and MRI scans or rehabilitation, which is something that patients will need to do routinely and added up, will amount to quite a substantial cost.

As much as you try to have their emergency funds in place, these could easily be drained by compounding costs.

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Recovering from major illnesses such as cancer, stroke and heart diseases and surgeries often take longer than expected.

This is something that AXA understands and has introduced AXA Shield, an integrated shield plan that gives up to 365 days of post-hospitalisation coverage.

This plan makes sure that you and your family can rest well, knowing that in the event of a critical illness, coverage is provided for up to a year so that the patient can take his or her time to recuperate without additional stress.

However, most would know that insurance plans come with a yearly limit. The yearly limit is typically pretty high on most insurance policies. But in the case of a critical illness, the odds of reaching that limit are higher.

That is where AXA Shield has also carefully crafted out a Plan A, which gives you a coverage limit of $1 million for private hospitals and Plan B, which has a coverage limit for Class A wards and below in public hospitals of $550,000.

The best part of it is that you and your family can choose what suits your family’s needs the best and not have to pay hefty premiums for no reason. AXA offers you the flexibility to add on riders to enhanced your coverage if needed.

For more information on AXA’s Shield Plan, visit https://shield.axa.com.sg/.