Some Clarifications for AIA Singapore’s Shield Plan Coverage

The following is a clarification, by AIA Singapore, on the Integrated Shield Plans insurer panels. 

AIA Singapore has been at the forefront of implementing the recommendations put forth by the Health Insurance Task Force (HITF), playing their part to manage rising claims costs and healthcare inflation in Singapore.  This includes constantly expanding AIA Singapore’s preferred healthcare provider panel, the AIA Quality Healthcare Partners (AQHP), into one of the largest specialist panels in the IP market.  AIA Singapore has amongst the largest preferred healthcare provider panels in Singapore with over 400 private specialists and all public sector specialists.  Representation across all key subspecialty areas of expertise AIA Singapore customers will need is also thoroughly covered. 

The general criteria AIA Singapore uses for selection of AQHP are on the AIA website: AIA Singapore HealthShield Support, under the AIA Quality Healthcare Partners section.  AIA Singapore’s general criteria for recruitment of doctors into the AQHP programme are that they possess a minimum of 5 years specialist practice experience, and a clean professional track record. 

Additionally, AIA Singapore also considers the doctor’s practice patterns based on AIA Singapore’s claim records.  AIA Singapore sizes the required number of specialists for each specialty, taking into consideration claim patterns, size of client base, and the need for adequate capacity at subspecialty and facility level.  AIA Singapore’s panel fees are aligned with the Ministry of Health’s (MOH) fees benchmarks to ensure consistency in charges to customers.  Since each patient is different, AIA Singapore allows deviation from the agreed fees should the case be more complex than the norm. 

AIA Singapore have put in place a systematic recruitment cycle in order to make sure that every application is assessed consistently and efficiently.  Non-AQHP doctors who have an interest in joining can indicate their interest by writing to sg-provider@aia.com.  This is part of AIA Singapore’s commitment to provide greater transparency and is in line with the Life Insurance Association (LIA) Singapore’s recent update on good practices on panel of preferred healthcare providers published on 29^th March 2021.  AIA Singapore has added 37 private specialists to its AQHP panel to date, in 2021.  This is in addition to the 78 private specialists who were added to the panel in 2020, and 66 private specialists who were added in 2019.  AIA Singapore will continue to grow our panel to ensure that our customers will have access to quality healthcare. 

This panel is comprehensive and of high quality, but policyholders should not feel compelled to see a panel doctor if they would prefer to see a doctor who is not on the AIA Singapore panel.  AIA Singapore plans have been designed to ensure that the benefit difference between seeing a panel and non-panel doctor does not make it prohibitive for customers to see a non-panel doctor. 

AIA Singapore’s new co-pay riders have the same deductible, if applicable, for treatment by both panel and non-panel doctors. 

AIA Singapore’s co-payment is capped at $3,000 per policy year when the insured receives treatment from an AQHP specialist or a public hospital.  If the insured chooses to receive treatment from a non-panel doctor, the co-payment will also be capped at $3,000 per policy year if the treatment is pre-authorised. 

Premium loading under claim-based pricing, only available for policyholders of AIA Max VitalCare rider, is the same regardless of whether the claim is from seeing panel or non-panel doctors. 

Having said that, policyholders who use AIA Preferred Providers, comprising AIA Singapore’s private panel as well as the restructured hospitals, instead of private non-panel doctors, would still benefit from a higher annual limit and a longer period of pre- and post-hospitalisation cover. 

Even with AIA Singapore’s own panel in place, AIA Singapore continues to see value in engaging and having active discussions with the broader healthcare provider ecosystem, including non-panel doctors, public hospitals, private hospitals and day surgery centres to explore how they can work together to better manage healthcare costs.  A successful example of this is in making pre-authorisation available for all non-panel doctors. 

To go above and beyond the industry recommendations, AIA Singapore have also invested in providing customers more value and choice, including exclusive value-added services.  These are collectively part of AIA Singapore’s larger healthcare proposition to promote healthy lifestyles, screening, early detection, and early intervention across the entire healthcare journey from end to end. 

AIA was the first insurer in Singapore to establish direct relationships with healthcare providers, enabling the enhancements of health insurance benefits and better treatment pricings to give AIA Singapore customers the best possible care without excessive costs. 

Making pre-authorisation available for all private hospital admissions and day surgeries to provide customers with financial assurance that their claim will be paid and help ensure that treatment and charges are in line with norms.  Pre-authorisation also enables policyholders to benefit from an annual cap on their co-payment regardless of whether they seek care from a panel or non-panel doctor, thereby giving our customers more choice. 

AIA Singapore established an exclusive partnerships with WhiteCoat, an on-demand tele-medicine provider, for policyholders who need access to General Practitioners (GP) services, as well as Medix, a personal medical case management service, for customers facing serious medical conditions.  The advice that AIA Singapore healthcare partners provide is independent of AIA Singapore and focuses solely on what is most appropriate for our customer’s needs. 

AIA Singapore  is also continuing to enhance its pioneering AIA Vitality wellness programme which inspires individuals to make real changes to their health every day. 

Prior to the extension of IP coverage announced by the LIA Singapore, the AIA HealthShield Gold Max (HSG Max) plan already covered complications arising from any vaccination that results in hospitalisation, including but not limited to COVID-19, as long as the vaccine used is approved by the Health Sciences Authority (HSA), and the insured is medically eligible to receive the vaccine.  This is a longstanding policy entitlement and remains unchanged. 

MOH has recently announced the formation of a committee to look into matters related to IP, including the issue surrounding insurers' panel doctors.  AIA Singapore will continue to collaborate with the MOH committee, LIA Singapore, the Singapore Medical Association and the Academy of Medicine to discuss and implement ways to further improve AIA Singapore’s AQHP panel.

AIA Singapore’s Integrated Shield Plan Panels

There has been recent media attention with regards the integrated shield plan insurer panels.  The following information on AIA Singapore’s preferred healthcare provider panel is in addition to recent press releases by AIA Singapore. 

AIA Singapore’s priority has always been to ensure that clients have access to quality healthcare.  To date, AIA Singapore has been at the forefront of implementing the recommendations put forth by the Health Insurance Task Force (HITF) as it plays its part in helping to manage rising claims costs and healthcare inflation in Singapore.  This includes constantly expanding preferred healthcare provider panel – AIA Quality Healthcare Partners (AQHP) – to become one of the largest specialist panels in the IP market.  AIA Singapore has amongst the largest preferred healthcare provider panels in Singapore, with over 400 private specialists and all public sector specialists.  Representation across all key subspecialty areas of expertise AIA Singapore’s customers will need is also thoroughly covered. 

The general criteria AIA Singapore uses for selection of AQHP are on the website: AIA Quality Healthcare Partners (AQHP).  General criteria for recruitment of doctors into the AQHP programme are a minimum of 5 years specialist practice experience, and a clean professional track record.  Additionally, AIA Singapore also considers the doctor’s practice patterns based on its claim records.  AIA Singapore sizes the required number of specialists for each specialty, taking into consideration their claim patterns, size of its client base, and the need for adequate capacity at subspecialty and facility level. 

AIA Singapore’s panel fees are aligned with the Ministry of Health’s (MOH) fees benchmarks to ensure consistency in charges to customers.  Each patient is different, and AIA Singapore allows deviation from the agreed fees should the case be more complex than the norm.  They have put in place a systematic recruitment cycle in order to make sure that every application is assessed consistently and efficiently.  Non-AQHP doctors who have an interest in joining can indicate their interest by writing to sg-provider@aia.com. 

This is part of AIA Singapore’s commitment to provide greater transparency and is in line with the Life Insurance Association (LIA) Singapore’s recent update on good practices on panel of preferred healthcare providers published on 29^th March 2021.  AIA Singapore have added 37 private specialists to its AQHP panel to date.  This is in addition to the 78 private specialists who were added to the panel in 2020, and 66 private specialists who were added in 2019.  AIA Singapore will continue to grow its panel to ensure that AIA Singapore customers will have access to quality healthcare. 

AIA Singapore’s panel is comprehensive and of high quality, but policyholders should not feel compelled to see a panel doctor if they would prefer to see a doctor who is not on the panel.  AIA Singapore plans have been designed to ensure that the benefit difference between seeing a panel and non-panel doctor does not make it prohibitive for customers to see a non-panel doctor. 

AIA Singapore’s new co-pay riders have the same deductible (if applicable) for treatment by both panel and non-panel doctors. 

AIA Singapore’s co-payment is capped at $3,000 per policy year when the insured receives treatment from an AQHP specialist or a public hospital.  If the insured chooses to receive treatment from a non-panel doctor, the co-payment will also be capped at $3,000 per policy year if the treatment is pre-authorised. 

Premium loading under claim-based pricing is only available for policyholders of AIA Max VitalCare rider.  It is the same regardless of whether the claim is from seeing panel or non-panel doctors. 

Policyholders who use AIA preferred providers, comprising AIA Singapore’s private panel as well as the restructured hospitals, instead of private non-panel doctors, would still benefit from a higher annual limit and a longer period of pre- and post-hospitalisation cover. 

AIA Singapore continues to see value in engaging and having active discussions with the broader healthcare provider ecosystem, including non-panel doctors, public hospitals, private hospitals, and day surgery centres, to explore how to work together to better manage healthcare costs.  A successful example of this is in making pre-authorisation available for all non-panel doctors. 

To go above and beyond the industry recommendations, AIA Singapore have also invested in providing customers more value and choice, including exclusive value-added services.  These are collectively part of AIA Singapore’s larger healthcare proposition to promote healthy lifestyles, screening, early detection, and early intervention across the entire healthcare journey from end to end: 

AIA was the first insurer in Singapore to establish direct relationships with healthcare providers, enabling the enhancements of health insurance benefits and better treatment pricings to give AIA Singapore customers the best possible care without excessive costs. 

AIA Singapore have made pre-authorisation available for all private hospital admissions and day surgeries to provide customers with financial assurance that their claim will be paid and help ensure that treatment and charges are in line with norms.  Pre-authorisation also enables policyholders to benefit from an annual cap on their co-payment regardless of whether they seek care from a panel or non-panel doctor, thereby giving our customers more choice. 

AIA Singapore have established exclusive partnerships with WhiteCoat, an on-demand tele-medicine provider, for policyholders who need access to general practitioners services, as well as Medix, a personal medical case management service, for customers facing serious medical conditions.  The advice that AIA Singapore healthcare partners provide is independent of AIA Singapore and focuses solely on what is most appropriate for AIA Singapore’s customer’s needs. 

AIA Singapore continues to enhance its pioneering AIA Vitality wellness programme which inspires individuals to make real changes to their health every day. 

Prior to the extension of IP coverage announced by the LIA Singapore, the AIA HealthShield Gold Max plan already covered complications arising from any vaccination that results in hospitalisation, including but not limited to COVID-19, as long as the vaccine used is approved by the Health Sciences Authority, and the Insured is medically eligible to receive the vaccine.  This is a longstanding policy entitlement and remains unchanged. 

MOH has recently announced the formation of a committee to look into matters related to IP, including the issue surrounding insurers' panel doctors.  AIA Singapore will continue to collaborate with the MOH committee, LIA Singapore, the Singapore Medical Association and the Academy of Medicine to discuss and implement ways to further improve its AQHP panel.

Summary of Changes to AIA Hospitalisation Plans

The following are some updates on the changes to AIA’s hospitalisation plan.  This is part of our effort to manage medical inflation, and keep premiums affordable.  Initiatives include tele-medicine, medical case management, and pre-authorisation of procedures.  The annual coverage of $2 million is the largest in the market.

Cancer is the #1 Killer in Singapore

According to the National Cancer Centre, cancer cases have been rising over the years, and the number of people living with cancer will continue to increase.  During the period from 2013 to 2017, a total of 71, 265 cancer cases were reported in Singapore.  48.4% of the affected were male, and 51.6% of those cases were female patients.

With the average cost of chemotherapy ranging from $1,500 per cycle, when we count bed and board, that means it would cost around $14,000 a month, on average, to treat cancer.  This may vary upwards for rarer conditions.  Cancer also results in the loss of more than one income in a family – that of the patient, and or more care givers in the family.

Singapore is a wealthy nation.  This means that the average Singaporean will live long enough to get cancer, and other diseases of developed nations.  Logically, it means that insurance coverage against cancer is very much a necessity.  That is why AIA is introducing new AIA MultiStage Cancer Cover, to provide cheap coverage for cancer in the event of diagnosis.

The AIA Global Dynamic Income Fund

The AIA Global Dynamic Income Fund is a dividend-paying fund, available for selection only via AIA Invest Easy, an investment-linked plan.  The fund is managed by AIA Investment Management, and backed by the expertise of world class asset managers.  The plan provides regular income, and total return over the long-term, through a variety of attractive income-generating asset classes.

The AIA Global Dynamic Income Fund aims to distribute dividends of 4% to 5% per annum on a quarterly basis.  Investors should take note that dividend distributions could change according to prevailing market conditions.  Both capital and dividend distributions are not guaranteed.  Dividend rate does not represent the overall return of the fund, and a high distribution yield does not imply a positive or high return on the total investments.  Dividend rate will be declared in Singapore dollar per unit and the resulting percentage dividend yield per annum.  AIA Singapore will review dividend distribution periodically, and has the sole discretion to determine the dividend rate and frequency of the distribution. 

Investors should also be aware that when dividend distributions are made out of the capital, it may lead to a reduction in investor’s original investment, and may also result in reduced future returns to the investor.  When dividend distributions are declared and paid out with respect to the sub-fund, the net assets of the sub-fund will reduce by an amount equivalent to the distributions declared.  This will be reflected as a reduction in the unit price.

The major attraction of the fund is because AIA Investment Management has partnered with world class asset managers to leverage on their experience and expertise in running specific investment strategies within the AIA Global Dynamic Income Fund.  The chart below shows the strategic asset allocation of each underlying funds, along with a brief description of the underlying fund managers and their strategies.