Travel Insurance vs International Health Insurance with selected Covid-19 Coverage

Are you unsure about the difference between travel insurance with selected Covid-19 cover and international health insurance? Here we look at the key differences between the two types of cover.

In short, travel insurance with Covid-19 cover is designed for holidaymakers and those on short business trips to cover things like emergency medical treatment (including covered events related to Covid-19), cancellations and personal belongings. International health insurance provides multi-country cover and is designed for those living and working overseas who need cover for in-patient medical check-ups, medical emergencies and ongoing treatment of chronic conditions.

Below is a general comparison of travel Insurance with selected Covid-19 cover and international health insurance. Exact coverage will depend on the chosen policy.

What about lockdowns and other kinds of general travel disruption?

It’s important to remember that travel insurance doesn’t cover you for everything*. For instance, it does not generally cover against lockdowns, border closures and other kinds of general travel disruption.

*It’s important to remember that travel insurance doesn’t cover everything. Your policy will be subject to the terms, conditions, exclusions, and benefits limits of the policy wording

Travel insurance (with selected Covid-19 cover*) – in more detail

Travel insurance with selected Covid-19 cover is travel insurance that covers you for things like trip cancellations / trip interruptions / trip delay , loss/theft of personal belongings and emergency medical treatment, and includes selected coverage for Covid-19, pandemics and epidemics before or during your trip (in line with the Policy Wording of your chosen policy).

For example:

  • If you or a travelling companion/family member are diagnosed with Covid-19 before your trip and need to cancel, you can make a claim for things like travel and accommodation costs.
  • If you or a travelling companion/family member are diagnosed with Covid-19 during your trip, you can make a claim for things like medical care and quarantine costs.

In terms of medical coverage, travel insurance is intended to provide short-term emergency medical treatment within your specified area or period of cover. The aim of this is to get you well enough to return home. Travel insurance rarely covers long term medical treatment.

Selected Covid-19 coverage* with Allianz Travel

Travel insurance from Allianz Travel Singapore includes selected Covid-19 coverage*, plus cover for epidemics and pandemics in general (when diagnosed with a disease). The Medical and Dental cover limit is S$1,000,000 (Comprehensive Bronze and Silver) and unlimited for Comprehensive Platinum.

Travel insurance in general is designed to cover you for trips of limited duration. It is intended for holidaymakers and short term trips abroad, and also offers protection against other travel related issues.

For example, Allianz Travel insurance benefits include:

  • Selected Covid-19, pandemic and epidemic cover*
  • Medical/dental cover of up to $1,000,000
  • 24/7 Medical Assistance
  • Cancellation, Delay, Curtailment
  • Loss/theft/damage of valuables
  • Rental Excess cover (Silver & Platinum Plans only)

If further treatment is required, you will be expected to return to your home country. Cover ceases once you are back in your country of residence.

*It’s important to remember that travel insurance doesn’t cover everything. Your policy will be subject to the terms, conditions, exclusions, and benefits limits of the policy wording. For more information please click on the Allianz Travel Policy Wording

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International health insurance – in more detail

International health insurance is designed for individuals and families living and working overseas for prolonged periods. It is designed to cover things like in-patient care, out-patient GP visits, emergency treatment, specialist consultations, maternity and dental. International health insurance is multi-country and provides members with flexibility in terms of choice of doctor and treatment facility, and with the ability to receive treatment anywhere within their region of cover.

For individuals or families who are unfamiliar with a country’s health system and/or language, international health insurance can make it easier and simpler to obtain medical care. Depending on which country you are moving to, it may also save you significant sums of money compared to ad hoc care if you are not entitled to local free or subsidised medical care.

International health insurance plans vary, but often include:

  • Hospital stay
  • Routine check-ups
  • Cover for pre-existing conditions
  • Cover for chronic conditions
  • Choice of medical providers

Some international health insurers make it possible to build a plan that suits specific needs. For example, Allianz offers a standard Core plan to which modules can be added, including:

  • Out-patient treatment
  • Maternity care
  • Dental care
  • Repatriation

If you choose international health insurance from Allianz, benefits include:

  • A range of treatments, inclusive of specialist fees and diagnostic tests, plus generous cover for alternative treatments and physiotherapy
  • Health and wellbeing benefits, including digital health apps
  • Cover for emergency treatment overseas, medical evacuation and nursing-at-home
  • Choice of supplemental cover including Maternity, Dental and Repatriation Plans
  • A growing network of over 900,000 quality medical providers
  • Cover for Covid-19, pandemics and epidemics

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Ask Your Insurance Agent These 4 Important Questions

Life is full of uncertainties. We are not aware of what will happen in the next hour or the next day. Despite this, we try our best to plan out our lives as best as we can. As you plan for the future, you may consider getting an insurance. Insurance is a means to cushion against financial losses and unexpected events.

Complete your financial plan by finding a suitable insurance policy that will cover your hospital bills, critical illnesses, and other needs. Do your research and ask your insurance providers for guidance to find the most suitable insurance plan for you.

On that note, here are four important questions that you may ask to your insurance agent.

#1: WHICH TYPE OF INSURANCE DO I NEED?

The distribution of insurance is regulated by the Insurance Act. Under this act, no one is allowed to establish an insurance business unless licensed or authorized by the Government. It also entails the duties and responsibilities of the insurance agents such as arranging contracts of insurance and collecting or receiving premiums on policies in Singapore. The insurance agent helps customize your insurance policy to best suit your needs.

There are many types of insurance policies. While endowment policies focus on savings, protection-type policies protect you from unforeseen circumstances. Do your research prior to meeting your insurance agent. As you become transparent with your financial circumstance, you may ask more questions surrounding the differences in their insurance policies. For instance, you may ask your agent to elaborate on the specifications of both their health and life insurance policies. With so many types of insurance around, you cannot blame a person for getting confused at first!

#2: IS IT ESSENTIAL TO PAY MORE WHEN MAKING A CLAIM?

Let us put a spotlight on health insurance. Although insurance policies help cover most of your hefty hospital bills, you can expect to pay some portion in form of deductibles and co-payments. Deductible is the initial amount that you need to pay for claim/s made in a policy year. You need to pay the deductible before you can get a payout from your insurance. On the other hand, co-payments are crucial principle in the design of health insurance. Co-payment is the amount that you need to split with the insurer after paying your deductibles.

Depending on your insurance provider, some health insurance policies may not cover certain illnesses or procedures. For instance, many health insurance policies will not pay for your cosmetic procedures. Ask your insurance agent about this. Know the scope and limitations of a policy before committing to one.

#3: HOW MUCH DOES THE INSURANCE COST?

Whether you are getting a car insurance or a life insurance, it is vital to scan your options in order to find a policy that fits your financial capabilities. The cost of life insurance, health insurance, car insurance, etc., will vary.

From a general perspective, the price of insurance depends on the risks. People who are working in high-risk jobs (e.g., factory workers or construction foremen) may be subjected to higher premiums. The insurance practice of charging higher premiums for certain occupational classes is called occupational loading. This practice is most commonly found in personal accident insurance. Do note that the premiums will also be affected by other factors such as the number of years that you need to have the policy in place.

Ask your insurance agent about this. If you feel that you cannot afford all the insurance coverage available, you do not need to worry. Your insurance agent will help you to prioritize your needs.

#4: HOW OFTEN SHOULD YOU UPDATE YOUR INSURANCE POLICY?

Throughout our lives, our goals and needs will change. This is why experts suggest to review your insurance policies every year. You may ask an insurance agent or a financial advisor for advice regarding the possibility of increasing your insurance coverage as years pass.

Image Credits: unsplash.com

Gradual increase in your insurance coverage may help prepare for the unexpected health problems that might come as you age.

Sources: 1 & 2

 

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There’s a new insurance savings plan called “Dash PET” that is not for your pet

Dash PET cover image

Are you looking for a new insurance savings plan that allows you to Protect, Earn, and Transact (PET)? Then you might be interested in a project called Dash PET. If you’ve read the title and clicked in, you would have known that this policy is not for your pet.

The insurance savings plan is part of a product offered by Etiqa Insurance in collaboration with Singtel Dash. Etiqa Insurance is a licensed life and general insurance company registered in Singapore. They want you to think of Dash PET as the PET that takes care of you.

“We saw a gap we could fill amid the uncertain climate to help our customers grow their money smarter and faster. Using insights gleaned from the success of Dash EasyEarn, our first insurance savings plan, Dash PET is a new product with greater flexibility and a lower entry point,” Singtel’s International Group CEO Arthur Lang said.

To that, Etiqa Insurance Singapore’s CEO Raymond Ong added that they had designed Dash PET to be an innovative all-in-one insurance plan with a savings component and on-demand protection for the end consumer.

Peeps searching for an insurance savings plan where they can take full control of their finances, look no further! We will guide you through what Dash PET can offer you.

What Is Dash PET?

Dash PET on mobile mock-up

Dash PET is as cute and as useful as it sounds. It helps you maximise your money with savings at high returns, gives you guaranteed capital, and full flexibility of funds. As you invest more money into your savings account, your Dash PET will grow and provide a desirable incentive in the long run.

A comprehensive insurance plan focused on achieving simplicity for you; there are no unnoticed loopholes that could cause you problems later. Keep reading to find out the gains of Dash PET.

How can I benefit from it?

Dash PET benefits

Dash PET has an eclectic range of benefits that are solely focused on bettering your financial health. It also provides you with the support you may need through the pandemic. Worry not about a thing if you face challenging times.

Here’s a breakdown of the main benefits:

  • High returns: It allows you to earn up to 1.7% interest every year* on your savings. As such, Dash PET makes a great plan to have as you continue to accrue your savings.
  • Easy starting requirements: Whether you start with S$50 or S$10,000, Dash PET allows you to begin small and build your savings up to S$30,000.
  • Flexibility: The fear of a lock-in period should not stop you. With Dash PET, there is no lock-in period. This means you can withdraw and top up funds anytime you like without the threat of a penalty.

*First S$10,000: 1.7% p.a. for the first year. Above S$10,000: 1.2% p.a. for the first year.

Is it still not enough to sway you towards the multitude of benefits Dash PET can provide you? Maybe the fact that the policy is administered by the Singapore Deposit Insurance Corporation (SDIC) might give you peace of mind.

Everything else is automatic upon sign-up, so you’re covered without having to take any further action (except for the management of your account).

How do I sign up?

Are you a Singtel Dash user?

Singtel Dash iPhone Screenshots

Great! If you’re aged between 17 and 75 and have a valid Singapore NRIC or residency/work pass, then you are easily eligible to sign up for Dash PET. You can also check against the eligibility rules set by Etiqa Insurance.

Download the Singtel Dash app right now or click here to kickstart your savings journey today!

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What you need to know about protecting yourself if you encounter an accident in a public space like a cinema or mall

ventilation duct collapsed during a movie at Shaw Theatres in NEX shopping mall

Slightly more than a week ago, we read in the news that two people got injured after a ventilation duct collapsed during a movie at Shaw Theatres in NEX shopping mall. In all honesty, this incident could have happened to anyone.

It got many people thinking about insurance claims, the legality of personal and protection claims, and what one has to do if they were to encounter such an unfortunate accident. If that is you, here’s what you need to know about protecting yourself should you encounter an accident in a public space.

#1: Make an insurance claim immediately

Justin Chan, Head of Dispute Resolution at Tito Isaac and Co, shares that as soon as an accident in a public space happens, an individual should inform their insurer(s) immediately. Also, it’s advisable to engage a solicitor who can point you and your claims in the right direction.

In the case of the injured cinema patrons, lawyers would most probably advise the affected parties to inform the mall. This way, the mall can then inform their respective insurers. Mr Chan adds that a similar letter will be written to the cinema operator, where they would have some sort of policy which would cover accidents within the cinema for their patrons.

#2: Know where accountability lies
Police and SCDF at Shaw Theatres in NEX shopping mall

Image Credits: AsiaOne

A question to consider is the location where you got the injury. Mr Chan said that in this particular case of the injured cinema patrons, the cinema is the occupier of that particular space. “The occupier owes a duty of care to their cinema-goers,” he adds.

But if you’re at a common public space in the mall like staircases, corridors, or open waiting areas, the responsibility will fall back on the mall. 

Mr Chan also stated that every able-bodied person should have insurance at this point in time. “But if you don’t have your own personal insurance, then you would leverage on the occupier’s insurance.”

#3: Other useful actions to take

If you do not need to make a trip to the hospital immediately, Mr Chan advises the public to take pictures of the accident site. Also, see if you can spot any closed-circuit televisions (CCTVs) on the premises.

“Last but not least, get medical attention,” he said. Mr Chan reveals a personal experience where a simple headache experienced by his client grew into a multitude of physical ailments. While you may not feel the health effects immediately, there may be underlying issues so seek advice from a medical professional.

Key takeaways

Inform your insurers, contact the public space’s management, and engage a lawyer.

About Tito Isaac and Co
Tito Isaac and Co team

Image Credits: Tito Isaac and Co

Tito Isaac & Co is a homegrown, Singapore law practice founded in 1999. The law firm advises, plans, and executes legal solutions to help individuals and enterprises preserve, protect, and build on their strategic interests and business positions.

They provide a full suite of services ranging from litigation, arbitration and dispute resolution, specialist & private client interests to corporate advisory and transactional work. 

If you need legal advice, phone them at +65 6533 0288 or drop them an email via [email protected].

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Great Eastern’s GREAT Comprehensive Care insurance for freelancers

Freelancers, rejoice! Great Eastern has rolled out an insurance just for you. Coined as the ‘GREAT Comprehensive Care‘, it allows you to enjoy the healthcare support you need for lower than a dollar a day. Now, you can continue the flexibility you’ve always fancied without worrying about coverage.

The insurance is a policy in partnership with Doctor Anywhere. Doctor Anywhere is one of the telemedicine providers we’ve previously covered in one of our articles. Carry on reading if you’re keen to know more about the key benefits and more information about the insurance plan.

#1: KEY BENEFITS

There are three main benefits of the GREAT Comprehensive Care insurance. They are convenient outpatient care, personal accident coverage, and daily hospital cash.

Convenient outpatient care

This refers to the online video consultations with a doctor. You can benefit from up to 12 consultations via Doctor Anywhere. Say goodbye to physical queues and hello to convenience from the comfort of home, wherever that might be.

Personal accident coverage

Get the protection you need against death and Total and Permanent Disability (TPD) in the case of an accident. First up, for deaths and TPD due to an accident, you will get 100% of the sum assured as stated in your Certificate of Insurance. Next, for deaths in Singapore due to COVID-19, you will be assured 10,000 SGD.

Daily hospital cash

In short, you will receive a daily hospital allowance if required to stay in a hospital in Singapore. This only applies if you’re warded for at least 12 hours with the reason being an illness or accident that has happened within 36 hours. There’s also additional daily cash allowance if you’re admitted to the Intensive Care Unit (ICU).

Exclusions may apply.

#2: BASIC AND DELUXE PLANS

There are two plans to choose from – basic and deluxe. The key difference is in the maximum payout amount should you submit a claim. Thus, do expect to pay a different price under each plan.

Price

The basic plan starts from $264 per year while the deluxe plan from $446 per year.

Outpatient care

The basic plan allows up to six video consultations. The deluxe plan at twice the amount, at 12 video consultations. This benefit is transferable to your friends and family members. You can do so via the UPGREAT mobile app.

Hospital and surgical benefits

Under the basic plan, you will obtain a daily hospital cash amount of 100 SGD. In addition to that, if warded in the ICU, you will receive another 100 SGD per day. While for the deluxe plan, both amounts are at 150 SGD respectively.

Personal accident benefits

For deaths and TPD due to an accident under the basic plan, you will get a lump sum payout of 100,000 SGD. As for the deluxe plan, you will secure 150,000 SGD instead. Both plans provide a payout of 10,000 SGD if the death is caused by COVID-19.

#3: SCENARIO

Great Eastern has done a great job with this infographic. Take a look at the scenario created to have a better idea of how the GREAT Comprehensive Care insurance works.

GREAT Comprehensive Care insurance

Image Credits: greateasternlife.com

Check out the FAQs here. If you have more questions, contact their customer service via 6248 2112. You may also email them at [email protected].

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