On Monday (17 February), DBS Bank revealed that it is working together with Chubb Insurance Singapore to give all 5 million customers of DBS and POSB 30 days of free COVID-19 coverage.
Called the COVID-19 Hospital Cash policy, customers from the age of 18 and above who sign up for the policy will get a 30-day free COVID-19 coverage. In fact, family members can also be included in by the main policyholder even though they are not customers of the bank.
Once they’ve signed up for it, in case they are diagnosed with the novel coronavirus, customers will be given S$100 per day for hospitalisation and a one-off amount of S$1,000 if they are admitted to the intensive care unit.
Additionally, policy holders will also obtain worldwide coverage if they have to travel during the period of coverage, DBS announced in its media statement on Monday.
As to how to apply for this insurance policy, customers can do so online or visit any DBS or POSB branch in the Republic. Customers can opt to extend their coverage beyond the free 30 days by purchasing additional coverage.
In order for children to be covered under the policy, they have be at least one-month old.
“On the back of the liquidity relief measures we introduced last week, we wanted to further enhance the community support measures for our customers and the public in Singapore,” said Shee Tse Koon, DBS Singapore’s country head.
He went on to say that DBS hopes that the coverage “will help to further cushion affected patients’ healthcare expenses during a difficult period”.
Earlier this month, the Ministry of Health (MOH) said that the Government will be paying the hospital bills for patients with coronavirus. But this coverage does not include those who seek outpatient treatment at general practitioner clinics or polyclinics, as well as at private medical facilities.
MOH explained that patients who are suspected of being infected with COVID-19 must be placed in isolation in hospitals and be managed to prevent community transmission.
“The Government will pay the hospital bill in full for such admissions in public hospitals, which are required for public health reasons,” it was quoted in an article by The Straits Times (ST).
Other insurance companies with COVID-19 policy
Besides DBS, there are also other insurers who are offering coverage for COVID-19 to its eligible policyholders.
The General Insurance Association of Singapore and Life Insurance Association, Singapore said on 11 February that their member companies’ Integrated Shield Plans (IPS) and IP riders will cover hospitalisation costs due to COVID-19.
The associations continued by stating that a large number of non-IP individual and group health insurance policies will also give coverage for medical related expenses caused by the deadly coronavirus.
As such, they said that policyholders should get in touch with their insurer.
Separately, AIA Singapore announced on Monday that it will be offering its current 1.4 million eligible policyholder with free COVID-19 policy until 2020 ends, or 30 days after the Disease Outbreak Response System Condition (DORSCON) level is brought down to Green, whichever takes place first.
If that’s not all, policyholders of AIA will also get a lump sum of S$1,000 if they are required to be hospitalised. If someone dies due to COVID-19, the insurance company will also provide the victim with a one-off payment of S$25,000.
On 14 February (Friday), insurer Great Eastern highlighted that it has reserved S$1 million to help and support its policymakers.
Effective 14 February until end-2020, Great Eastern customers and/or their immediate family members* who are hospitalised due to COVID-19, will receive a cash benefit of S$200 per day of hospitalisation up to a maximum of 60 days. In the unfortunate event that death occurs, a S$20,000 lump sum will be paid out.
“With our support package, we want to give our customers peace of mind when they seek medical treatment, so that they can focus on recovery with less worry, in the event the unforeseen occurs,” said Khor Hock Seng, Group Chief Executive Officer of Great Eastern.
Apart from that, on a national level, Great Eastern is also contributing S$200,000 to provide financial assistance to those in Singapore affected by COVID-19 through the Courage Fund, facilitated by the National Council of Social Service (NCSS) and Community Chest.
The Courage Fund aims to support vulnerable individuals and groups such as patients, healthcare workers, and members of the community affected by serious infectious diseases.