Income Insurance Limited was founded in 1970 as a co-operative social enterprise offering life, health, and general insurance for Singaporeans. Income Insurance Limited now offers 18 types of insurance plans for individuals, car or motorbike owners, students on overseas studies, schools, childcare centres, Ministry of Education, and businesses.
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What you need to know about Income Insurance Limited
Income offers 3 types of Integrated Shield Plans (IPs) for you to complement your MediShield Life health insurance plan provided by the Ministry of Health – IncomeShield Standard Plan, Enhanced IncomeShield, and the former IncomeShield policy which has ceased as of 2013, and will cease all renewals from 2019.
If you are travelling again, Income Travel Insurance will not cover you for COVID-19 as it is a known healthcare risk. Even if you are travelling to countries with special travel agreements or air bubbles with Singapore, you will not be covered as well.
Income Health Insurance Plans
What Is IncomeShield?
Enhanced IncomeShield is an Integrated Shield Plan offered by Income. There are 4 different plan types to choose from, namely the Preferred, Advantage, Basic and the IncomeShield Standard. With generally lower than average premiums and an annual coverage limit of up to S$1,500,000, the Enhanced IncomeShield is a value-for-money option you can consider. Besides coverage for hospitalisation and surgery, there are extra benefits such as coverage for outpatient radiotherapy, chemotherapy, immunotherapy, pregnancy and childbirth complications, post-mastectomy breast reconstruction, and more.
Income Shield Plan
If you hold a Income Shield plan, do note that the IncomeShield policy has stopped accepting new applicants as of 2013, and will cease all renewals for current policyholders from 2019. Enhanced IncomeShield replaces the former IncomeShield plan.
Enhanced IncomeShield
Enhanced IncomeShield offers you an annual limit of up to S$1.5 million, full "As Charged" coverage for hospitalisation, wards, ICU, surgeries, and outpatient treatments related to your hospitalisation stay. You can pay for your premiums with MediSave.
Income Panel Clinics
If you hold a Enhanced IncomeShield or IncomeShield Standard plan, do note that there are over 300 preferred specialist panel clinics and doctors for your plan. To find a Income panel doctor or clinic, log on to the Income website to view the “IncomeShield Specialist Panel and Preferred Partners” list.
IncomeShield Plan Types
| INCOMESHIELD PLANS | HOSPITAL WARDS | ANNUAL COVERAGE LIMIT |
|---|---|---|
| IncomeShield Standard Plan | Restructured hospital for ward class B1 and below | S$150,000 |
| Enhanced IncomeShield Preferred | Standard room in private hospital or private medical institution | S$1,500,000 |
| Enhanced IncomeShield Advantage | Restructured hospital for ward class A and below | S$500,000 |
| Enhanced IncomeShield Basic | Restructured hospital for ward class B1 and below | S$250,000 |
Why choose Enhanced IncomeShield?
The premium for IncomeShield is relatively lower than average for most of the plan types. In terms of price, the IncomeShield Basic and Advantage plans are very competitively priced, where the premiums are lower than the market average. The only exception would be the Preferred Plan which is relatively expensive. Another thing to consider is the Classic Care rider offered as it is one of the more affordable riders in the market.
While IncomeShield may not have the highest pre and post-hospitalisation cover, which is 100 days for both, this does not mean that the plan has low coverage in general. The plan does not have sub-limits on the amount you can claim for selected categories such as hospitalisation and surgery. This means that the amount you can claim for treatments is as charged. Also, the annual coverage limit starts from S$150,000 for the standard plan and can run up to S$1,500,000 for the Preferred Plan.
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IncomeShield Exclusions
"As Charged" coverage
Although the policy states that your hospitalisation costs will be covered fully aka "As Charged", do note that reimbursem*nt of eligible hospitalisation costs are subject to deductible, co-insurance, admission of ward class, and benefit limits etc
Pre- and Post-Hospitalisation treatments
Do note that your pre- and post-hospitalisation treatment benefits will not be in effect if you have utilised your inpatient psychiatric treatment benefit, accident inpatient dental treatment, emergency overseas treatment, or have stayed in a short-stay ward.
Pre- and Post-Hospitalisation treatments
To qualify for the 180 days pre- and 365 days post-hospitalisation treatment coverage benefit, do note that you will need to have your inpatient hospital treatment approved and settled by your Enhanced IncomeShield Preferred plan first.
Community Hospital
To qualify for a claim in a community hospital, do note that you must first have had inpatient hospital treatment in a restructured hospital or private hospital or been referred by your doctor in writing from the emergency department of a restructured hospital, and directly admitted to the community hospital upon discharge.
Breast Reconstruction after Mastectomy
To qualify for an eligible claim for a post-mastectomy breast reconstruction surgery, your breast reconstruction must be performed by a registered medical practitioner during a stay in hospital within 365 days from your hospitalisation discharge.
Pregnancy Complications
Do note that the pregnancy complications benefit only covers the following conditions: ectopic pregnancy, eclampsia, disseminated intravascular coagulation (DIC), miscarriage as a result of a sudden unexpected and involuntary event, ending a pregnancy if an obstetrician considers it necessary to save your life, acute fatty liver diagnosed during pregnancy, postpartum haemorrhage with hysterectomy done, amniotic fluid embolism, placenta abruption, choriocarcinoma and hydatidiform mole, histologically confirmed choriocarcinoma or molar pregnancy, placenta previa, and antepartum haemorrhage.
Enhanced Income Shield Plan Summary
Enhanced Income Shield Plan is an Integrated Shield Plan (IP) to supplement the coverage you have from your MediShield Life plan provided by the Ministry of Health.
Enhanced IncomeShield increases your MediShield policy's yearly claimable amount from S$100,000 to S$1.5 million, offers you full "As Charged" coverage for hospitalisation, wards, Intensive Care Unit (ICU), surgeries, pregnancy and delivery-related treatments, and outpatient cancer, kidney dialysis, pre- and post-hospitalisation treatments related to your hospitalisation stay.
There are 3 types of Enhanced IncomeShield plans – namely the Preferred for rooms in private hospitals and below, Advantage for wards class A in public hospitals and below, and Basic for wards class B1 in public hospitals and below. You can pay for your premiums with MediSave.
All Income Health Insurance Plans
Income Shield
IncomeShield is Income's flagship Integrated Shield Plan (IP) meant to supplement your MediShield Life health insurance plan provided by Singapore's Ministry of Health if you are a Singaporean or Permanent Resident (PR). An IP serves to extend the existing medical and hospitalisation coverage offered by MediShield, such as the class of wards that you can be admitted, and higher annual claim limits for certain treatments, surgeries, chemotherapy, or transplants. Some IPs may also offer rider plans to lower your co-insurance (a mandatory portion you must legally pay) to the minimum 5% as mandated by the government. There are 3 types of IncomeShield currently – this IncomeShield which has since been phased out in 2013 for new applicants and in 2019 for renewals, Enhanced IncomeShield, and the Income Shield Standard Plan.
Enhanced IncomeShield
Enhanced IncomeShield is an Integrated Shield Plan (IP) which can be used to complement the coverage you have from your MediShield Life plan. Enhanced IncomeShield increases your MediShield policy's yearly claimable amount from S$100,000 to S$1.5 million, offers you full "As Charged" coverage for hospitalisation, wards, ICU, surgeries, and outpatient treatments related to your hospitalisation stay. There are 3 types of Enhanced IncomeShield plans, namely the Preferred for rooms in private hospitals and below, Advantage for wards class A in public hospitals and below, and Basic for wards class B1 in public hospitals and below. You can pay for your premiums with MediSave.
Income Shield Standard Plan
Enhanced IncomeShield is an Integrated Shield Plan (IP) which can be used to complement the coverage you have from your MediShield Life plan. Enhanced IncomeShield increases your MediShield policy's yearly claimable amount from S$100,000 to S$150,000, offers you partial reimbursem*nt for hospitalisation, wards, ICU, surgeries, and outpatient treatments related to your hospitalisation stays in class B1 wards in public hospitals and below. You can pay for your premiums with MediSave.
Income Care Secure (CareShield Life Supplement)
If you hold a CareShield Life plan, you can choose to add the Income Care Secure policy to increase your lifetime coverage for any disabilities (loss of 2 or more Activities of Daily Living), a guaranteed payout of S$5,000 if you are disabled, a support benefit of up to 600%, and a lump-sum payout in the event of death. Premiums can be paid for using MediSave.
Income ElderShield
The Income ElderShield 400 offers you lifetime coverage against severe disability, S$400 monthly benefit in the event you have a severe disability (loss of 3 or more Activities of Daily Living), and monthly benefits for up to 72 months. Premiums can be paid using MediSave.
Income Hospital Care Insurance
Income Hospital Care is an insurance plan offering you up to S$200 daily hospital cash benefit in the event of hospitalisation – COVID-19 included. In the event you are admitted into the Intensive Care Unit (ICU), you will receive up to S$600 per day instead. Other benefits include coverage for day surgeries, up to S$750 for emergency outpatient expenses for accidents, and up to S$500 for ambulance expenses.
Income Managed Healthcare System
The Income Managed Healthcare System offers you unlimited visits to Income panel General Practitioner (GP) clinics or polyclinics at a flat S$5 co-payment per visit. If your GP referred you to a Income panel specialist outpatient care clinic, you pay S$15 co-payment per visit. If you were to visit any emergency unit in any restructured public hospitals in Singapore, you will only need to co-pay S$10. For specialised investigations such as CT scans, MRI, or Barium Studies, you will have to co-pay 10% of the cost. This plan, however, has stopped accepting new applicants. Existing policyholders can continue to enjoy the benefits.
Income Managed Healthcare System – Outpatient Plan
Similar to the previous Income Managed Healthcare System, the Income Managed Healthcare System – Outpatient Plan only covers outpatient visits to Income's panel of general practitioners and specialists, as well as emergency treatment expenses. This plan, however, has stopped accepting new applicants. Existing policyholders can continue to enjoy the benefits.
Income MINDEF/ SAF – Portable Medical Insurance
The Income MINDEF/ SAF – Portable Medical Insurance is a discounted health insurance scheme for MINDEF and SAF servicemen and their families, offering coverage for hospitalisation, surgery and selected outpatient treatments. Premiums can be paid by MediSave.
Income PrimeShield
If you are a Basic ElderShield policyholder, the Income PrimeShield is meant to supplement your plan with enhanced long-term coverage against severe disability. Benefits include lifetime coverage against severe disability, guaranteed payout for life, monthly disability benefit of up to S$3,000 in the event you have a severe disability. Other benefits include lump-sum benefit, dependant care benefit, and get-well benefit, and a death benefit.
What types of insurance does Income offer?
Income Insurance Limited offers over 8 types of insurance plans for individuals, schools, business owners, and even the Ministry of Education, ranging from health, personal accident, life, savings, investments, premier, car, motorbike, travel, overseas studies, home, maid, golfer's, personal mobility, group insurance for employees, group personal accident for students or childcare centres, and more.
Types of Insurance offered by Income
1
Health & Personal Accident
Do I need a health or personal accident insurance? While all Singaporeans and PRs have the MediShield Life health insurance, if your budget allows, you should extend your MediShield coverage with an IP like Enhanced IncomeShield first. If you have budget to spare, you can then add on a personal accident insurance to increase your medical coverage.
2
Life
What is life insurance for? Life insurance often offers your family a lump-sum payout in the event of your death to alleviate any financial burdens that they might have to deal with – whether be it any of your mortgages, medical bills, liabilities, or even the loss of your source of income for the family. There are 2 common types of life insurance – whole life and term life. Whole life plans like the Income Star Assure, Star Prime Life etc. protects you for your entire life (or up to age 100). Term life like the Cancer Protect, iTerm, Family Protect etc. covers you for a fixed period – say only up to 75 years old for example.
3
Savings & Investments
If you have excess disposable income and are looking to grow your wealth, you might want to consider a savings or investment-linked plan (ILP). A savings plan like the Income Gro Capital Ease or Gro Saver allows you to stash your money with a fund, and usually guarantees you a return cash value. An investment-linked plan like the VivaLink or GrowthLink, however, invests your money into a sub-fund, bears an investment risk, and does not guarantee a return in cash value.
4
Premier
Income offers a premier suite of 4 insurance plans for its elite customers called the Solitaire Series such as the Legacy Solitaire, a whole life plan with terminal illness protection. Wealth Solitaire, on the other hand, covers you up to age 100, offering you cash payouts in the event of disability, and more.
5
Car & Motorcycle
If you intend to drive a car or ride a bike in Singapore, do note that all vehicles must have an insurance plan registered. Income's Drivo Car Insurance is a comprehensive plan covering third-party damages, damage to your own vehicle, personal accident benefits, and towing services. Income's Motorcycle Insurance, likewise, is a comprehensive insurance plan covering you for third-party and personal vehicle damage, death or bodily injury to third party, and towing.
6
Travel Insurance
If you are travelling again, Income Travel Insurance will not cover you for COVID-19 as it is a known healthcare risk – not even countries with special travel agreements or air bubbles with Singapore. However, you will nonetheless need travel insurance like the Income Standard or Enhanced PreX plans to cover you for not just your lost luggages, delayed flights, or cancelled bookings – the gist of travel insurance is the emergency overseas medical treatment and evacuation coverage for accidents and pre-existing conditions.
7
Home & Maid Insurance
Income's Enhanced Home Insurance covers the actual building structure, your household items and personal belongings, renovated fixtures and fittings such as flooring, built-in wardrobes, and kitchen cabinets, and pipes against accidents, fire, theft, and even personal injury. Income's maid insurance covers your helper's hospitalisation, surgical, disability expenses, accidental death, and even offers wage compensation for hospitalisation.
8
Golfer's Insurance
If you are an avid golfer, Income offers a Golfer's Insurance to insure you against injuries, loss or damage of your golfing equipment, and any public liabilities that may have resulted from your golf game globally. If you are a HomeTeamNS member, you will enjoy lower premiums at S$46.01 per year and higher coverage. Other benefits include a hole-in-one celebratory food and drinks at your golf course premises of up to S$500.
9
Overseas Studies for Students
If you or your child is embarking on his or her studies overseas, you may want to consider an Overseas Study Protection Plan offering 24-hour coverage against accidental death, permanent disability, and injuries. Other benefits include coverage for accidents as a result for snow-skiing, and motorcycling, travel and baggage delays, loss or damage to personal belongings, and emergency medical evacuation.
10
Businesses
If you are a business owner, Income offers a customisable or standard commercial insurance to protect your business. You will find plans ranging from marine hulls and cargos, property fire, glass, theft or smallholder plans, work injury compensation, public liability, professional indemnity, medical indemnity, and more.
11
Employee Benefit
If you are a business owner or a Human Resource Office for a company looking for insurance plans for your employees' benefit, Income offers 8 types of employee insurance plans ranging from the Employees FlexCare, Foreign Workers Medical Insurance, Group Personal Accident, Group Term Life, I-MediCare, Prolonged Medical Leave Insurance for self-employed, Start.Sure, and a Group Personal Accident for Ministry of Education (MOE) Personnel.
12
Schools
Income offers group personal accident insurance plans for primary, secondary, and junior college school students in Singapore. Coverage includes death of up to S$50,000, permanent disablement, inpatient and outpatient medical treatments of up to S$13,000, funeral benefits, mobility aids, prosthesis, and implants of up to S$5,000, and daily local and overseas hospitalisation allowance.
IncomeShield Riders
Under the IncomeShield plan, there are 2 types of riders available (Deluxe Care and Classic Care). These riders are optional add-ons to your Integrated Shield Plan, and serve to help you to further reduce the out-of-pocket cash payments you have to fork out.
What are Riders
A rider is an optional add-on plan to your main health insurance or Integrated Shield Plan to boost the coverage of your medical expenses – essentially lowering the out-of-pocket bills you will need to fork out in person via co-insurance per medical bill or deductibles annually. Income offers 2 riders for the IncomeShield plans, namely the Income Deluxe Care, and Classic Care.
Income Deluxe Care
With the Deluxe Care rider, your co-payment will be lowered to 5% of the entire bill, and capped at S$3,000. Also, you will receive up to S$80 per day for an extra bed in the event your insured child is warded.
Income Classic Care
With the Classic Care rider, you have to fork out a co-payment of 10%, capped at S$3,000 when you seek treatment at an Income panel doctor or hospital. For non-panel hospitals, you will have to pay an additional non-panel payment, capped at S$2,000. Also, if your insured child is warded, you will get up to S$80 per day for an extra bed.
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IncomeShield for Foreigners
IncomeShield is an integrated Shield plan offered by Income. Out of the 4 tiers, 3 of them (Preferred, Advantage and Basic) are available to foreigners. With generally lower than average premiums and an annual coverage limit of up to $150,000, the IncomeShield is a good option for you to consider as your integrated shield plan. Along with the standard coverage for hospitalisation and surgical procedures, the plan also offers unique benefits such as coverage for Radiotherapy, Chemotherapy, Immunotherapy, Pregnancy and Childbirth Complications and Breast Reconstruction after Mastectomy.
IncomeShield Coverage
Inpatient
Inpatient coverage covers expenses incurred during hospitalisation and surgery. Inpatient coverage by IncomeShield includes Daily Ward and Treatment Charges, ICU and Treatment Charges, Hospitalisation in a Community Hospital and Surgical Charges.
Outpatient
Outpatient coverage is for medical expenses incurred which do not require staying in the hospital. Some of the outpatient treatments covered by IncomeShield include Chemotherapy for cancer, Immunotherapy for cancer and Long term parenteral nutrition.
Travel and Emergency
While the IncomeShield mainly covers hospitalisation and surgery in Singapore, it does have an Emergency Overseas Medical Treatment Benefit which covers for hospitalisation and surgery in other countries in the case of emergencies.
Pre-hospitalisation
Pre-hospitalisation expenses are medical costs incurred by the insured before getting admitted in a hospital. IncomeShield covers medical expenses incurred as charged up to 180 days before hospitalisation for the preferred plan. The Advantage and Basic plan provide up to 100 days of pre hospitalisation benefit.
Post-hospitalisation
Post-hospitalisation expenses are medical costs incurred after discharge from the hospital. IncomeShield covers medical expenses incurred as charged up to 365 days after hospitalisation for the preferred plan. The Advantage and Basic plan provide up to 100 days of pre hospitalisation benefit.
Additional Benefits
IncomeShield also covers costs associated due to COVID-19 under the hospitalisation benefits. It also has Accidental Inpatient Dental Treatment Benefit as an additional benefit.
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How to apply for your Health Insurance plan
Applying for a Health Insurance plan through MoneySmart
Step 1
Answer Some Questions
Don't have time to compare all the different health insurance plans in Singapore for foreigners? Answer some questions and let our intelligent system find the best health insurance plan for you.
Step 2
Speak To Our Insurance Specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about health insurance!
Step 3
Apply And Purchase Your Health Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your health insurance plan online through our portal.
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Income Health Insurance Claims
When you are filing an insurance claim, it basically means that you, the policyholder, is submitting a request to your insurance company to reimburse you for the medical bills you have paid for at the clinic or hospital. What sets a health insurance provider apart from another is the reliability, and convenience of the claims system.
How Do Claims Work?
HealthConnect Claims
You can settle your claims with the hospitals directly through HealthConnect, a service offered by Great Eastern. When you visit a healthcare provider under Great Eastern’s panel of doctors, you can also use HealthConnect to obtain a pre-authorisation. This pre-authorisation allows you to not have to pay the hospital bill upfront and have Great Eastern settle the claim with the hospital directly upon your discharge.
Other Claims
In the event of other claims such as pre- and post-hospitalisation claims, you can download the required claim forms from the Great Eastern claims website page. You will also find instructions for submitting your claims, along with a list of supporting documents you will have to submit – such as original hospital bills, receipts, and hospital discharge reports.
Claim process
If you are receiving treatment at a hospital under the MediShield Life Scheme, you can submit your hospitalisation claim electronically. To ensure your claim is processed quickly, do bring along your Medical Claims Authorisation Form, IncomeShield Letter of Guarantee, Admission Authorisation Form from the hospital as well as any other required forms.
If you want to make claims under the pre and post-hospitalisation benefits, you are required to fill out the outpatient claim form which can be downloaded on the Income website. To submit the claim form, you can either drop it off or mail it to Income’s Claim service center or any Income branch. Alternatively, you can pass the form to your advisor to process the claim for you.
Frequently Asked Questions
What is IncomeShield?
- IncomeShield is an integrated shield plan by Income which covers not only hospital and surgical expenses but also pre and post hospitalisation expenses.
Is the IncomeShield payable by medisave?
- Yes, like all other Integrated Shield Plans, the Income Shield insurance plan's premiums are payable by MediSave. If you are using your MediSave to pay for your Integrated Shield Plan (IP), do note that there are Additional Withdrawal Limit – you can only use S$300 from your MediSave to pay for your IP if you are 40 years old or younger (on your next birthday), S$600 if you are aged 41 to 70, and S$900 if you are 71 years and above. Also, you can only have 1 Integrated Shield Plan at any one time.
Do the premiums of the IncomeShield increase with age?
- Yes, as with all health insurance plans, your premiums will increase with age due to the increased probability of health conditions and medical services expenses' continual inflation. For IncomeShield, premium start from S$255 for ages 21 to 30, S$375 for ages 31 to 35, S$392 for ages 36 to 40, S$648 for ages 41 to 45, and so on for the Preferred plan.
Can I get more than one Income integrated shield plans to increase my coverage?
- No, in Singapore, you are only allowed to have 1 Integrated Shield Plan at any given point in time to supplement your MediShield Life plan, regardless of which insurance company you are insured by.
Is the quoted premium an additional amount I have to pay besides my Income MediShield Life plan?
- It depends – some insurers present their Integrated Shield Plan premiums with Income MediShield Life premiums included to give you an overview of the price. Some insurance companies, however, split up both the premiums of MediShield Life and their Integrated Shield Plans' premiums in separate columns. Do check the fine print of the premiums table to check if MediShield Life's premiums have been included. If you are browsing the Income Shield brochures online and are looking at the premiums listed in the brochure, Income has split up the payments for MediShield Life and their IncomeShield plans into separate columns for clarity.
Can foreigners buy IncomeShield plans?
- Yes, they are eligible for IncomeShield Preferred, Advantage and Basic plan.
How do I claim for IncomeShield?
- You can either submit the claim form to the Income’s Claim Service center or approach your advisor to process the claim for you.
How do I pay IncomeShield premiums?
- If you are a dependent of a Singaporean or PR, you can either pay via Medisave, cash, cheque, credit card or GIRO. If you are a non-dependent of a Singaporean or PR, you cannot pay via Medisave but can pay using cash, cheque, credit card or GIRO.
