Medical Insurance
5 Star Products

Medical insurance products have complex benefit structures and policy terms requiring professional medical knowledge, making it difficult for consumers to understand a product, let alone compare across products.

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Ward Room – Coverage Rating
In alphabetical order by company name
Category
award
Ward Room – Coverage Rating
Category
In alphabetical order by company name
AXA
AXA WiseGuard Pro Medical Insurance Plan (Regular)
FTLife
MediCare Plus
FWD
vCANsurance Medical Plan (Standard)
FWD
CANsurance Full Medical Plan Standard
FWD
CANsurance Full Medical Plan Economy
FWD
vCare Supreme Medical Plan
HSBC
FirstCare Plus Standard Plan
HSBC
FirstCare Plus Saver Plan
HSBC Life
HSBC Voluntary Health Insurance Flexi Plan Bronze
How we rate Medical Insurance products
10Life consults medical specialists to get medical expense data for common medical cases in the five groups below. Our actuaries then estimate the coverage ratio of each case based on the benefit limits and policy terms of each product. The 10Life Medical Coverage Rating is based on the average coverage ratio across all cases. “5 Start Product” is awarded to products with an average coverage ratio above the benchmark.
Cancer
Vascular Diseases
Injury
Investigative Treatments
Minor Cases
What is the difference between medical insurance and critical illness insurance?

While both is often categorised under “health insurance”, they are very different in nature.

Medical insurance is also known as hospitalisation insurance. The main purpose is to cover the medical expenses if the insured is hospitalised, with some products also covering specific outpatient treatments. Claims are on an expense reimbursement basis, on the condition that the expense is “Medical Necessary”.

Critical illness insurance covers the insured against specified diseases. A lump sum benefit is paid if the insured is diagnosed with a specified disease that matches the definition in the policy provisions. In general, insurance companies do not limit the usage of the benefit payment.

How dose traditional medical insurance work? What is a “Full Coverage” product?

Traditional medical insurance defines coverage limits item by item, e.g. room and board, surgeon fee, miscellaneous fee, etc… If the medical expense on particular item exceeds the limit, one may recover the excess from Supplementary Major Medical (if available, and after any co-payment), and any further excess needs to be paid out-of-pocket by the insured.

“Full Coverage” medical insurance generally does not limit the coverage amount in a single item. The medical expense can be covered as long as it does not exceed the per policy year, per disability or lifetime limit. However, the relevant medical expense needs to be “Medical Necessary” and “Reasonable and Customary”.

What is deductible?
The deductible is what the amount the insured needs to pay out-of-pocket first, while the insurance company covers the medical expense in excess of the deductible. For example, for a policy with a $10,000 deductible, if the eligible medical expense $50,000 the insurance company would only pay $40,000.
Disclaimer
10Life strives to use unbiased scoring methodologies to compare insurance products. We obtain public information of insurance companies from different sources and apply data analytics to derive scores and ratings. The information for reference only and does not take into account your personal needs or constitute any sales advice. You should seek advice from licensed insurance advisors before purchasing insurance products. 10Life may review and revise the scoring methodologies regularly to enhance the product comparisons. If you have any enquiries or suggestions on our scoring methodologies, please email us at enquiries@10life.com
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