SPOTLIGHT

Small Business Series – In the spotlight with Niina Tippin

As part of our Small Business Series, we want you to be fully equipped with all the information you need to run your business. So we have spent the last couple of weeks going over the coverage you need. For our final week, we have focused on what else you need to know away from work and that is, making sure your family has the right protection, this is not something you want to leave on the to do list for too long.

Niina, heads up our Private Client team and is on hand to answer some key questions:

 

What trends can we expect to see within Medical insurance for 2020?

  • There is a real desire from clients to have more flexibility within medical policies – for example –  tailored options in order to get the best value for money as no one wants to pay for anything they won’t use.
  • Medical inflation continues to increase. It was around 10% in 2019 and we expect it to be around the same in 2020.

 

I have a medical plan through my company but what other insurance might I need?

We would suggest you top up your employee plan especially if your cover isn’t sufficient, we can review your plan and let you know some suggestions. Often when we review clients Employee Benefit plans we notice the following:

  • Restricted geographical coverage
  • Low annual limit for the policy
  • Limitations for types of hospital that you have access too
  • Limit per disability (client forced to pay the rest from own pocket)
  • May have to pay deductibles and co payments yourself
  • Your family may not be covered or low coverage only

If you have an existing medical problems which are treated and covered by your companies plan and you leave the employer, you need to take out a new plan and these conditions would not be covered.

 

Why should I take life insurance in Singapore if I am planning to relocate again or return to my home country?

The short answer is because life insurance taken in Singapore is fully portable with global cover even if you were to relocate elsewhere in the future. As life insurance is based on age, it is best to take it out now rather than wait to have it in your home country. An added bonus if you are from the UK is you can also put the policy in trust at no cost which will ring fence your insurance proceeds from any tax liability.

 

I have noticed how expensive my maternity plan is, what risks do I face if I choose not to have insurance?

You will be expected to pay all the maternity related bills yourself. Medical checks through to delivery of your baby. If everything is straight forward then that’s still quite a bit of money but if you or the baby have complications you could risk being billed tens of thousands of dollars. Most Insurers will not allow for a newborn to added to the parents policy without underwriting unless it’s a maternity policy so if you baby has health issues from birth, you may find it hard to get insurance coverage for your child. If your baby has any congenital conditions or has to spend time in NICU , the medical bill can be 6 figures.

We recommend you take out a maternity plan vs. taking these risks but remember, there is a 12 month wait period so if you are planning a family, reach out to us sooner rather than later to get your plan in place.

If you have any further questions or would like to speak to someone about a new or existing policy, please get in touch on +65 6401 9201 or email info@expatinsurance.com.sg