If you have heard before that some accident plans can claim for HFMD, food poisoning, A&E bills, you are correct.
And with a personal accident plan covering for you and spouse, accident coverage for your children can be FREE!
Want to know more? Read on...
In the event of minor accidents, such as a slip or a fall, some of these bills are not covered under your medical insurance. And cannot use medisave to pay.
These outpatient bills are ONE OF THE MOST COMMON CLAIMS insurers receive, said Ms Koh Yen Yen, Sompo Insurance Singapore’s chief distribution officer.
You’re heard it from the horse’s mouth…
A&E bills are a really common claim.
I’m a fellow parent too and this is my boy whom I’ve lost count on the bumps, cuts and bruises he has suffered. Also became the index case of HFMD in his school this year. “oops”…
Most websites rank personal accident plans for you solely based on price
The insurance market is highly competitive and good plans that get you more in coverage and service are hard to find.
Let me explain:
If you look for a plane ticket, the cheapest airlines will often have poor service, delayed flights and an inconvenient payment system.
You would ALSO have to ala-carte purchase baggage allowance, choice of seats etc.
When you realise that you forgot something, your experience becomes terrible.
I'm not saying the prestigious airlines are error free.
It's when you need help and you want a smooth journey, that's when their true value stands out.
Relating back to personal accident plans that you may have already seen
Firstly, most personal accident plans do not cover for HFMD.
It is so common these days especially if your child is going to school or infant care.
Having a plan that has it covered is extremely useful.
The claims bill size for HFMD can be large or small depending on the severity of the condition. Some children may need hospitalisation.
Secondly, some personal accident plans have sub-limit cap when it comes to claims.
I've learnt this the hard way.
There was a claim for an MRI scan and the bill was a thousand dollars plus.
When we filed for claim, we only received $750 because of the sub-limit cap.
It was in fine print.
Thirdly, some plans have unfriendly policy definitions
1) How is the "accident" defined.
2) How soon must you file for claims from the date you have incurred the injury.
3) How much you must information (like doctors statement, original bills) you must provide before claims is assessed.
This where knowing your plan becomes very useful.
This is where my suggestion and analysis will help you a lot.
Hi Josh, I've already a group personal accident plan?
If you have some coverage from your company or the MINDEF group PA plan, you should note that most group plans mentioned DO NOT cover for HFMD and TCM treatment.
The MINDEF group PA is only $12/year for $100,000 coverage.
Bu why is it priced so low?
That's because the plan does not have much outpatient coverage.
What happens to bills such as MRI scans, TCM treatment...
The plan i'll be suggesting can address it. Read on...
Hi Josh, is a comprehensive personal accident plan expensive?
Not at all. It cost less than your phone bill... so let’s get price out of the way.
When you buy a family plan, you only pay for just you and spouse. Kids will be FOC.
Total premium is like $20-$50/mth only?
Depending on which level of cover you buy eventually. Mine is $40+/mth.
My recommendations are based on
1) Overall comprehensiveness of the insurance plan
2) Claims friendliness
3) Overall service
This is a little on my profile...
Check My Raving Reviews Below!
Josh Tan is an independent financial planner with Promiseland Independent Pte Ltd and not a direct representative of any of the insurers.
Josh Tan has distribution for all the products mentioned and receives commission from the insurers.
So Josh, what are your recommendations for personal accident plans?
From the chart, the Sompo PA Star is comprehensive for coverage benefits.
You will get a good coverage for TCM claims.
There is a "SOMPO SG" app for claims filing. This is to make it hassle free when claiming.
If I have medical insurance, should I still buy accident insurance?
1) Your medical insurance (IP plan) will pay only bills relating to hospitalization.
If there is a fall or a cut but the injury requires only treatment at your paediatrician’s clinic or a quick assessment in the A&E, it may not fall under “hospitalisation”.
They are NOT CLAIMABLE under the MOH surgical table and cannot use medisave.
2) Pay compensation for losses due to personal accident
Personal accident plans is primarily used to compensate for minor and serious accidents.
In such an event, a lump sum compensation will be paid to you as a benefit and you can claim from multiple plans if you have.
This will help you defray rehabilitation/treatment cost that such as long term physiotherapy.
3) These bills can happen frequently. What if a bad fall happens tomorrow?
The personal accident plan is meant to reimburse for such bills from A&E.
Apply NOW and coverage can start today.
Yes it’s immediate.
Are the limits for my kids separate? : YES
FREE coverage for kid is until when? : AGE 21
Any further questions, click on the WhatsApp button above.
If you are ready to purchase, click on the orange button below
What you will see when you click
In addition, Me and my team will be
1) Sending you a personalised gift voucher worth $5 (small humble token, don't bash me for it...)
2) Advice any of your questions if you have subsequently
3) Assist on future claims when you need it.
So click the "Buy My Plan Here Online" button above!
Last updated on November 6th, 2018 at 10:10 am