AMTD PolicyPal In insurance, a pre-existing condition is any health condition that was present before your new insurance coverage.
At any age, you might already have some existing health issues, that may include (but not be limited) to:
- Old or past injuries
- Diabetes
- Asthma
- High blood pressure
- Cancer
- Heart disease
- Autoimmune diseases
- Respiratory diseases
- Skin issues
- Allergies
- Mental illness
FYI: Some insurers may also include any family history or genetic predisposition to a disease, as a pre-existing health condition.
What happens if you try to buy health insurance with a pre-existing condition?
For those with pre-existing conditions, insurers typically do one of these things:
- Insure you, but charge a higher premium
- Insure you, but exclude your pre-existing conditions from coverage
- Reject you entirely
As a person with a pre-existing health condition looking to be insured, you can expect to pay higher premiums for the risk the insurance company is bearing for insuring you.
Any illness or disability directly or indirectly caused by your pre-existing conditions will highly likely be excluded from your claims. So, even if you are able to purchase health insurance, the insurer may reject your claim if it is linked to your pre-existing condition.
Finally, some insurance companies may choose to reject those with pre-existing health conditions due to higher chances of recurrent claims in the future.
If you have been rejected, don’t lose hope! We have options for you.
Purchasing insurance with a pre-existing condition may be a little harder and trickier, but not entirely impossible. There are still companies that make it possible to get insured even with a pre-existing condition.
Option 1: MediShield Life
Often overlooked, but we’re actually quite blessed to have access to MediShield Life. A basic health insurance plan administered by the Central Provision Board (CPF), MediShield Life helps us to pay for a portion of our large hospitalisation bills as well as some outpatient treatments.
In a bid to ensure that all Singaporeans and PRs are insured, MediShield Life provides universal coverage, including for those with pre-existing health conditions.
However, individuals with certain pre-existing conditions need to pay an additional 30% worth of premiums for the first 10 years, as they are individuals with higher risk.
After the 10-year period, premiums would return back to normal, and they will pay the same premiums as the rest of their age group.
Option 2: Preliminary insurance underwriting for pre-existing condition
Preliminary underwriting is a service that allows you to find out the most suitable coverage that different insurers are able to offer you.
This is great for those with pre-existing health conditions to review the different options that are available to them, without the need for any lengthy insurance application forms (only to find out that your application failed).
Most main insurers in Singapore offer this service, and one can stay anonymous when going through this process. Your will never need to declare your records in the future.
The overall process is quite straightforward. After receiving the results of your preliminary underwriting, and understanding what coverage you would be eligible for, you may proceed to send in your application through a financial advisor.
Option 3: International health insurance to cover a pre-existing condition
Singaporeans have the option of purchasing international health insurance offered by insurance companies like AXA, Liberty, FWD, and MSIG.
Apart from providing global health coverage, international health insurance plans may or may not also cover those with pre-existing conditions.
If you are purchasing an international health insurance plan with a pre-existing health condition, it usually comes with a waiting period.
International health insurance plans are generally costlier than other insurance coverage. Expect to pay about three times the price of local health insurance (this estimate is on a case by case basis, and also depending on the amount of coverage).
Also, note the coverage for various pre-existing conditions differs from the different plans offered by insurers. If you would like to compare plans, just click the button below.
Compare Insurance PlansWhat else covers pre-existing conditions?
Company group insurance
Most companies offer group insurance plans to all its employees, as a part of their employment benefits, which can also extend to the rest of your family as well. Some of these corporate schemes disregard your pre-existing condition and provide you with medical coverage, regardless of any of your health conditions. However for certain benefits like Death/Hospitalisation , there may be a certain waiting period required before it will be covered for pre existing conditions.
Your insurance coverage will end after you leave the company, though, so we do not recommend this as your primary form of health insurance.
What is the CareShield Life scheme?
Launched on 1 October 2020, Careshield Life is a new government-run disability insurance scheme that seeks to offer basic financial protection against severe disability. It covers only Singaporeans and Permanent Residents born in 1980 or later.
Note that CareShield Life is not health insurance, and it will not cover your hospitalisation bills. It is a long-term care insurance that allows you to claim monthly payouts for your living expenses if you become severely disabled.
Read more about why CareShield Life matters whether you’re young or old.
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