Accidents Happen: Are You Covered?

What is personal accident (PA) insurance?

Personal Accident (PA) plans offer financial protection against accidents and can be used to supplement existing life or health insurance plans. Coverage includes inpatient and outpatient medical treatments, hospitalisation expenses, as well as accidental death. Some PA plans may also include extra benefits such as a daily allowance during hospital stays, or a weekly income for those temporarily unable to work due to their injuries.

Who needs personal accident insurance?

Consider a personal accident plan if you fall into one of the following groups.

#1 You have young children

If you have a young one in childcare, you are likely familiar with the risk of Hand, Foot, and Mouth Disease (HFMD). This ailment is prevalent among toddlers and infants and is highly contagious, and transmittable.

While HFMD is not a severe medical condition, it may still take 7 to 10 days for a child to recover.¹ Fortunately, PA plans cover infectious diseases like HFMD, which may offer parents a peace of mind. This will allow them to make a claim for their child's treatment expenses, which may include hospital stays and outpatient treatments that may not covered by MediShield Life.

Personal Accident plans with Hand Foot Mouth Disease (HFMD) benefit:

#2 You actively engage in sports or outdoor activities

Did you know that 28% of sports injuries are from a fall, and one fifth of sport injuries result in fractures?³ Engaging in sports and outdoor activities can lead to injuries like sprains, strains, or fractures. In the event that you suffer an injury, you may only be able to partially claim your medical expenses from your Shield plans if you are hospitalised. In the event that you are not hospitalised for your injuries, you will not be able to claim from your Shield plan for your outpatient medical expenses.

Personal accident insurance however, can protect against this with PA plans typically including benefits such as coverage for physiotherapy, chiropractic treatment, and Traditional Chinese Medicine (TCM) treatments. You may also receive daily hospitalisation allowance in the unfortunate event that you need to be hospitalised due to your accidental injury.

#3 You live near a dengue cluster

Did you know that we are currently experiencing peak dengue season? With weekly cases quadrupling in the last three months, Singapore is in the midst of a dengue outbreak and dengue cases is expected to continue increasing in July and August.2 If you are living near a dengue cluster, you could be at risk of getting dengue.

While most dengue cases are usually mild, severe cases may require hospitalisation. Having a personal accident plan with dengue cover can help to mitigate the financial costs by offering a medical expense or hospitalisation benefit in the event that you have dengue fever and require medical treatment.

Note that coverage offered for dengue in personal accident plans will vary across the different insurers and plans.

Personal Accident plans with Dengue Fever coverage:

If you're in the market for a standalone plan that offers cost-effective coverage from as low as $39.80 annually (which breaks down to just $3.31 monthly), you might want to look into TM Protect Mosbite.

The application process is a breeze, and you may do so through the link below.

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#4 You are prone to accidents or falls

Having personal accident insurance can be beneficial for this group of individuals as a PA plan can complement existing shield plans to offer more comprehensive coverage in the unfortunate event of an accidental injury.

An Illustration:

Mr Tan suffered an unexpected leg fracture and was taken to the hospital in an ambulance and admitted for further checks. He learnt that he would be required to stay at a hospital for eight days, and was given 11 weeks of medical leave to recover.

As shown in the table above, a personal accident plan would allow Mr Tan to make a claim for his ambulance fee, daily hospital income, and weekly cash – these are benefits that are excluded from a shield plan. Additionally, he may also use his PA plan to claim the balance co-payment or deductible amount that is not claimable under a shield plan.

#5 You are unable to get traditional life or hospital insurance

Individuals who find themselves unable to purchase traditional life or hospitalisation insurance due to a pre-existing medical condition may wish to consider personal accident plans. Unlike life insurance which may not cover those with existing health issues, personal accident plans do not require individuals to undergo medical underwriting to purchase. This allows individuals with pre-existing conditions to still be able to obtain some form of coverage.

Personal accident insurance is suitable for:

Coverage against accidental injuries, death and specified infectious diseases.

Individuals looking to complement existing life or health insurance coverage.

No medical examination is needed to purchase.

Personal accident insurance is not suitable for:

Individuals looking for traditional life or health coverage

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Information obtained from:

^{1Source: https://www.nuhs.edu.sg/For-Patients-Visitors/find-a-condition/Pages/Hand-Foot-and-Mouth-Disease-Children.aspx}

^{2Source: https://www.ncid.sg/Health-Professionals/Articles/Pages/Rise-in-dengue-cases-underscores-need-for-constant-vigilance.aspx}

^{3Source: https://www.mountelizabeth.com.sg/health-plus/article/sports-injuries-by-the-numbers#content}

^{Information retrieved on 24 June 2024.}

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