PLANNING FOR A HEALTHY FUTURE Which insurance policy is right for me?
The high cost of medical care in Singapore means that taking out an international health insurance policy is more than a sensible idea – it’s essential. Some people receive a policy as an employment benefit, but this isn’t always the case – and often such plans only cover the bare basics. While there are numerous companies and policies, and a plethora of information and expat tales to influence your choices, the obvious place to start is by asking some key questions. Here, APRIL LITTLEFORD of Cigna Global runs through a list of eight of them. #1 “How will my age affect my policy?”
Age at the commencement of the policy is an important factor because it determines the policy premium.
#2 “Do I want to start a family?”
Health insurance policies typically require you to add an optional module to cover maternity-related benefits, and to serve a maternity waiting period. Knowing this can help with insurance and family planning.
#3 “Are there any restrictions on pre-existing conditions or family history of illness?”
This is assessed on a case-by-case basis, but may result in exclusions, premium loading or denial of policy.
#4 “Can I choose my own doctors and specialists?”
Guidelines vary from insurer to insurer. Cigna Global, for example, has over one million partnerships with network providers globally, including 89,000 health care professionals, and 11,400 facilities and clinics. In addition, you may select your own trusted doctors and specialists. It’s recommended that before every treatment you check that the claims you plan to make are covered under the policy.
#5 “How do I make a claim?”
Again, procedures vary from insurer to insurer. When possible, many, like Cigna, will pay the providers directly, saving the customer the inconvenience of paying for the treatment themselves, and claiming a refund later.
#6 “What if I relocate before the policy expires?”
Get in touch with your insurer so they can update their records; and, importantly, check whether your new location allows your coverage to continue under the same conditions. If your policy is with a Singapore- based company you may require a new plan; if it’s an international plan then it’s likely to be more straightforward. That’s why it’s essential to check.
#7 “What type of plan will meet my needs?”
Read and understand the different plans that each company offers – this puts you in the driving seat to create the policy that is right for you and your family. There will be different levels of cover, as well as optional additional benefits to choose (such as maternity, or outpatients) depending on your needs, situation and stage of life. Also take into consideration different options that help you to find a plan to suit your budget.
#8 “Is the company easy to get in touch with?”
Ask if there is a 24/7 customer care centre to take care of your needs anytime and anywhere around the world.