HSBC Life Shield plans cost above the market average for public hospital coverage, making them less than ideal for consumers on a budget. However, those looking for a private hospital plan may find value in HSBC Life's below average prices and decent coverage. Additionally, those looking for maximum post-hospitalisation coverage will appreciate HSBC Life's market beating post-hospitalisation benefit.

Table of Contents

• HSBC Life Shield: What You Should Know
  • HSBC Life Shield Standard Plan
  • HSBC Life Shield Plan B
  • HSBC Life Shield Plan A
  • HSBC Life Shield Riders
• Policy Exclusions
• Contact & Claims Info
• HSBC Life Shield Cost & Features

HSBC Life Shield Highlights

HSBC Life Shield's plans will benefit individuals either not on a budget or those looking for affordable private hospital plans. There are three plans to choose from: Standard, Plan B for A wards and Plan A for private hospitals. Its premiums range from 18% below average for Plan A to 10% above average for the Standard plan and Plan B. HSBC Life's riders are fairly affordable, costing between 10-35% below average, so the resulting plan and rider packages can drop to 15-60% below average.

HSBC Life Shield's coverage is a mixed bag. On one hand, those who want comprehensive post-hospitalisation coverage will benefit from its 365 days of coverage (higher than the average 180 days of post-hospitalisation coverage). This can greatly benefit people who are at risk of ailments that have long recovery periods. Furthermore, they offer preferred rates on consultation fees for specialists, GPs, physiotherapists and dentists if you opt for the panel of healthcare providers. On the other hand, other benefits are quite standard so HSBC Life might not stand out enough to convince those looking for public hospital plans to justify paying above average premiums.

Fully Covered Treatments:

HSBC Life Shield Standard Plan

HSBC Life's Standard plan isn't competitively priced, making it a less than ideal choice for consumers looking for a bargain B1 ward plan. It's priced around the average for 25 to 35-year olds but is priced 10% above average for seniors. Its coverage is the same as other Standard plans, including a S$150,000 annual limit, S$2,900 per day ICU coverage and S$5,200 per month of chemotherapy coverage. Due to the above average premiums for coverage that is the same across all Standard plans, we recommend considering other insurers such as Great Eastern or NTUC Income.

HSBC Life Shield Plan B

HSBC Life's Shield Plan B is an A ward plan that varies in pricing depending on age. At its cheapest, it is 19% below average at S$1,560 for 75-year olds. At its most expensive, it costs slightly above average at S$156 for 35-year olds. Generally, however, its prices are right at the median pricepoint for A ward plans. The annual limit of S$550,000 is around the industry average, but the pre and post-hospitalisation coverage of 180 and 365 days, respectively, is well above average. Its coverage for inpatient psychiatric treatment is below average at S$4,000, but the S$2,500 post-hospitalisation psychiatric benefit can add to the value of this plan as it is a rarely found feature among IPs.

Despite the below average cost, you can still find cheaper A ward plans on the market. However, if you are not looking for the cheapest plan possible and instead prioritise pre and post hospitalisation benefits, HSBC Life could be a good fit. For those looking for budget A ward plans, we recommend considering insurers such as Prudential or NTUC Income.

HSBC Life Shield Plan A

HSBC Life's Plan A is a private hospital plan and may be of good value to consumers seeking affordable private hospital plans. Its premiums are 7-20% below average compared to other private hospital IPs for people aged between 25-65 and costs around average for senior citizens. It offers an annual limit of S$1,000,000, 180 and 365 days of pre and post-hospitalisation benefits, respectively, and full coverage for hospitalisation, surgery, cancer, pregnancy complications and accidental dental. Inpatient psychiatric coverage is below average at S$5,000, but there is an additional post-hospitalisation psychiatric coverage of S$5,000.

If you are looking for an affordable private hospital plan that doesn't skimp on benefits, Plan A could definitely be worth considering. It has some of the longest pre- and post-hospitalisation coverage on the market and both pre- and post-hospitalisation psychiatric coverage, making it a good choice for those who want coverage beyond their hospital stay. However, if you require more niche coverage (such as for critical illness) or you want a plan that offers family-oriented perks, we recommend insurers such as Aviva or AIA.

HSBC Life Shield Riders

HSBC Life's offers the Enhanced Care rider for all three of its plans. They will reduce your co-insurance obligation to 5% instead of 10% and they will also reduce your deductible obligation to S$0 or S$1,500 if you go to a private hospital not on HSBC Life's panel. Furthermore, there is also coverage for companion accommodation, ambulance services and emergency accidental outpatient treatment. However, beyond these benefits, which are quite standard in most other IP riders, HSBC Life also offers coverage for broken or fractured bone treatment, overseas planned medical treatment and Dengue, Hand Foot Mouth disease treatment.

These riders cost between 10-40% below average, which equals a total base-plan rider package that costs to up to 60% below average. It is also worth mentioning that the rider is offered for the Standard plan, which is a very unique feature and can be of benefit to individuals looking to reduce their out of pocket expenses for a Standard B1 Ward plan.

Policy Exclusions

HSBC Life does not cover you for pre-existing conditions that were not stated and accepted, STD's, weight control treatment, non-complicated pregnancy treatment, elective cosmetic or reconstructive surgery, vision correction, routine eye and ear treatment or vaccinations. Additionally, you won't be covered for self-inflicted injuries, professional sports injuries or hazardous sports injuries. If the above exclusions include something you want coverage for, you should check with your MediShield Life policy to see if it is already being covered.

Claims & Contact Information

Hospitalisation claims should be e-filed along with any supporting documents. You may have to pay part of or your full hospital bill before submitting your claim to HSBC Life, but the hospital will refund you if your claim was successful. For other medical claims (pre and post-hospitalisation and psychiatric), you have to submit the required forms and original bills within 90 days of the incurred date.

HSBC Life Shield Cost & Features

Before considering purchasing a supplemental insurance policy, you should make sure you'll be able to afford the increasing premiums as you get older. Below, you'll find a summary table detailing HSBC Life's premiums and benefits. If you'd like to compare it to other IPs on the market, you can read our guide to the best Integrated Shield Plans on the market.

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