Work Injury Compensation Act 101

mom_wica_cartoon_1242wworkinjurytrafficaccident

Since I had a few queries from business owners on Work Injury Compensation, decided to do up this post today. Most of the following answers are from the MOM website.

1.What is Work Injury Compensation Act?

  • The Work Injury Compensation Act (WICA) lets employees make claims for work-related injuries or diseases, without having to take legal action.

2. Who needs to be insured under the Work Injury Compensation Act?

If you are an employer, you are required to buy work injury compensation insurance for:

  • All employees doing manual work, regardless of salary level.
  • All employees doing non-manual work, earning less than $1,600 a month.You must have insurance for both local and foreign employees. Failure to provide adequate insurance is an offence carrying a fine of up to $10,000 or jail of up to 12 months, or both.For other employees, you have the flexibility to decide whether to buy insurance for them. However, if those employees make a valid claim, you will have to compensate them regardless of whether they are insured.

    3. Scenarios covered under WICA

    You are covered under WICA if you:

    Work in a wood factory and injure your finger while building a cupboard.
    Get into an accident while taking a company vehicle to or from work.
    Get into an accident while taking any vehicle to a work-related engagement (meeting, site visit etc.).
    Injure yourself while working on a Singapore registered vessel, anywhere in the world.
    Are employed by a Singaporean company, live in Singapore and get injured while on an overseas work assignment.
    Injure yourself when you slip and fall at work.
    Injure yourself in a work-related fight where you were a victim and did not participate in the fight, were acting in self-defence or were instructed to break up the fight.

    4. Scenarios not covered under WICA

    You are not covered under WICA if you:

    Work in a wood factory and injure your finger while building a cupboard for yourself during your free time at work.
    Get into an accident while taking your own vehicle, a friend’s car or public transportation to or from work.
    Get into an accident while taking any vehicle to a work-related engagement, but you took a detour to run a personal errand.
    Injure yourself if you slip and fall at work while under the influence of alcohol or drugs.
    Deliberately injure yourself.
    Injure yourself during a fight with a co-worker.

5. What can you claim from WICA?

Under the Work Injury Compensation Act (WICA), you can claim for the following types of compensation benefits:

  • Medical leave wages for days you were issued with medical leave due to the work injury or disease. Only for working days covered by doctor-granted MC or hospitalisation leave.
  • Medical expenses, including your hospital bills, medication and other charges, due to the work injury.
  • Lump sum compensation for permanent incapacity or death.

For more information on WICA, MOM has a brochure which is super useful for business owners.

Check out this link for the brochure: http://www.mom.gov.sg/~/media/mom/documents/safety-health/publications/wic-guide-for-employers-english.pdf?la=en

Hope this post will help more business owners in understanding more about Work Injury Compensation Act.

For a quote for WICA, feel free to contact me at 81029976.

Have a lovely week! ♥

Your Dreams. My Goal.

What does Maid Insurance covers?

Maid Insurance

In Singapore, most families have both parents working in order to cope with the high standard of living. Our maid also known as domestic helper or foreign domestic worker became our trusted assistant to take care of our kids and our house.

Today, I would like to share about what Maid Insurance covers in general, this can vary depending on the Insurer:

  1. Personal Accident 
  • Accidental Death
  • Permanent Disablement
  • Accidental Medical Expenses (Some covers TCM, Ambulance Services, Dengue Fever)

2. Hospital and Surgical Expenses

  • Do take note of the hospital ward entitled as some insurer only covers B2/C ward, while some covers 100% (public hospital), 80% (private hospital) claimable within the annual limit. There are some which covers pre and post hospitalisation diagnostic services and treatments as well.

3. Outpatient Kidney Dialysis/ Cancer

4. Wages & Levy Reimbursement (up to 30 days or 60 days)

  • In the event the maid is hospitalised due to accident, sickness or disease etc, this will help to pay the wages & levy up to certain number of days.

5. Liability to Third Party/Domestic Helper Liability

  • Covers accidental bodily injury or accidental property damage of a third party as a result of the domestic helper’s negligence in the course of the employment

6. Alternative Domestic Help

  • Reimburses the cost of hiring temporary help when your domestic helper is hospitalised due to accident or illness

7. Fidelity Guarantee

  • Indemnifies employer against loss of money, household contents or valuables due to the act of fraud or dishonesty committed by the maid.

8. Domestic Helper’s Belonging

  • Loss or damage of her belongings due to fire and related perils

9. Re-Hiring Expenses

  • Reimburse agency fees in hiring a replacement domestic helper as a result of termination of services due to Death & Permanent Disablement due to accident or illness. The replacement have to be found within a number of days after termination for the claim.

10. Employer’s Liability to Insured Maid

  • Covering your legal liability as an employer arising from injury or disease claims by your Maid at Common Law

11. Waiver of Indemnity/Reimbursement of Indemnity Paid to Insurer /Waiver of Counter Indemnity

  • In the event that the Insurer is required to make payment under the Security Bond required by Ministry of Manpower, the Proposer will need only reimburse the Insurer the “Excess” amount, usually $250 or $500, instead of $5,000.

Kindly refer to your policy documents for any Terms and Conditions.

Hopefully this will be helpful for people who are intending to hire a maid. The maid insurance can be purchased through the maid agency or through a Financial adviser like myself.

Feel free to contact me at 81029976 if you have any queries.

Have a lovely week ahead!

Your Dreams. My Goal.  ❤

Important information if you are a Malay in Singapore

As I was reading information online on Hari Raya to better understand the Muslim culture, I came across these articles which I felt is important and I hope to share with my friends in the Malay population.

After going house to house visit to share with residents on the importance of upgrading Medishield Life and Eldershield for a period of time, I realized a trend in the health condition of different racial groups and it mainly stems from the type of food they eat.

For example, diabetes are more common in the Indian and Malay population, while stroke and cancer are more common in the Chinese population.

According to statistics published on 21 December 2014, Malay population is rank as the most unhealthy group in Singapore. However, this raises a concern as the community is under-insured and they seldom goes for health check up. 

Malay most unhealthy

malay fewer go for checks.jpg

Muslim pg 1Muslim pg 2

After reading these articles, I was really worried. I hope to be able to reach out to more people from the Malay population this year to share with them on the importance of financial planning. If you do have any Malay friends who are currently working, do feel free to refer them to me so that I will be able to help them.

This year Hari Raya, I manage to give away 18 green packets to 18 of my Muslim clients. I look forward to giving more next year! ♥

hari raya packet 2016hari raya green packet

Your Dreams. My Goal. ♥

Enjoy the rest of the lovely weekend! 🙂

5 Things you might/might not know about Personal Accident Plan

Today, I would like to share about 5 things that you might or might not know about Personal Accident Plan. Different companies have different terms and conditions. Feel free to contact me at 81029976 so that I will be able to assist you on which of the following applies to your plan.

1) It is 24/7 year-round coverage, anywhere in the world.

Recently, one of my client sprained her leg in Taiwan. She went to see TCM and she was able to get a successful claim.

Cherie's claim

 

2) It covers TCM treatments (usually up to a certain amount per accident)

Successful claim.jpg

3) It covers Chiropractor treatments (usually up to a certain amount per accident)

  • This depends on the terms and conditions of the policy. There are some plans which cover chiropractor treatments, while some do not cover. So do take note of this.

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4) Personal accident plan complements hospitalization plan. It is not a substitute as both cover different types of scenarios. Hospitalisation plan covers hospital bills in the event, the person is warded. However, not all accidents will lead to an admission.

The following is a tax invoice of a claim which I did recently  (makes up the $146.80 as shown above). My client had a back injury and he was in so much pain. Decided to bring him to Tan Tock Seng A&E and the doctor gave him a jab and send him home.  The entire bill was successfully claimed through the Personal Accident plan. If he only has a hospitalisation plan, he will not be able to file for claim.

CCK A&E feeTan tock seng medicine

5) Another misconception is that for Personal Accident plan, the person must die to get a claim.  Medical reimbursement is a benefit that many are not aware of. It allows policyholder to claim for outpatient treatments for injury due to accidents. This covers GP, MRI, Xray and Physiotherapy sessions as well. Do note that this is on reimbursement basis, which means that the policyholder must make payment first.

Do consult your financial advisers before you head to any hospital or clinic for treatment as some supporting documents will be required in order to process the claim.

Hope this post will be helpful! If you have not gotten any personal accident plan  or if you are unsure if you have it or not, do feel free to contact me at 81029976.

Have a lovely week! ♥

Your Dreams. My Goal.

Home Content Insurance for HDB

As a new house owner of a BTO flat, you might be very confused about the different type of home insurance available.

Hopefully this post will help in answering your questions.

Upon collection of keys, you will be asked to go to Level 2 of the HDB building to get your Fire Insurance.

There are two types:

  1. HDB Fire Insurance: is the basic fire insurance cover for your flat. It is mandatory to purchase the HDB Fire Insurance policy when you take up an HDB housing loan. What it covers: the cost of reinstating damaged internal structures, fixtures, as well as areas built and provided by HDB, but excludes household contents. (https://www.etiqa.com.sg/personal/general-insurance/property/hdb-fire-insurance)

hdb fire insurance premium

2. Home Content Insurance: it covers for renovated items and household contents and many more. It is not mandatory and you can choose any insurer of your choice. There are two types: Insured Perils and All Risk.

(a) Insured Perils – Only covers a few scenarios under the list of insured perils

For example:

etiqa insured perils

(b) All Risk (except those which are specifically excluded in the policy)

Some examples from Insurance Companies:

Disclaimer: Do check their policy wordings for any terms and conditions.

MSIG

Insured Perils – Enhanced HomePlus Insurance (https://www.msig.com.sg/lifestyle/product.asp?pageid=3201)

All Risks unless specifically excluded – Home Insurance  (https://www.msig.com.sg/Lifestyle/product.asp?pageid=3202)

Etiqa

Insured Perils – Enhanced Homeowner Insurance (https://www.etiqa.com.sg/personal/general-insurance/property/home-content-insurance)

All Risks unless specifically excluded – They only have it for commercial building, not for residential.

AIG

Insured Perils – Enhanced Public Housing Contents Insurance: Focus more on protection of Home Content (http://www.aig.com.sg/personal/home-insurance/enhanced-public-housing-contents)

Or Public Housing Protection Plan: Focus more on protection of Building (http://www.aig.com.sg/personal/home-insurance/public-housing-protection-plan)

All Risks unless specifically excluded – Homes Advantage Package: do not confuse this with Home Advantage (http://www.aig.com.sg/personal/home-insurance/homes-advantage-package)

Some is packaged as Building+Home Content, while some is Home Content only. If you are unsure, feel free to Whatsapp me at 81029976 so that I will be able to find something that suits your needs.

Have a lovely weekend!

Your Dreams. My Goal. ♥

Term Insurance – For Business Owners/Property Owners

In my previous blog post on Term Life Insurance – For Individuals, I explained what Term Life Insurance is, as well as the Pros, Cons and the Different Type of Term Insurance which most Singaporeans/PR have.

Term Life Insurance can also help Business Owners as well as people who own a property/ a few properties.

For People who own a property/a few properties

An asset is not truly an asset until it is fully paid off. Most people in Singapore who owns properties are on Mortgage Loan.

When the property owner passed on before discharging the mortgage, the lender (i.e. bank) has the legal ownership of the property instead of the deceased person’s estate. If there is insufficient cash from the estate to settle the outstanding loan, the bank has every right to force sell the property. In this situation, the deceased family members could be left without a home.

HDB acquisition.jpg

 For Business Owners

  1. Keyman Insurance – To insure key employees in the company

keyman insurance survey.JPG

Key man insurance is a life insurance on the key person in a business. In a small business, this is usually the owner, the directors or perhaps a key employee or two. These are the people who are crucial to a business-the ones whose absence would sink the company.keyman3The proposer will be the Company and the life assured will be the Key person. When the key person passed on, the lump sum will be paid out to the company.

The company can use the insurance proceeds for expenses until it can find a replacement person. The death of the top sales performer in a small company can cause the company to close down.

2. Partnership Insurance (To insure one of the Director/Co-owner of the company)partner ship.jpg

For Partnership Insurance, it is slightly more complex as it involves the Buy-Sell Agreement.Buy Sell Agreement

If you have any queries pertaining to the above, feel free to contact me at 81029976 so that I will be able to help you protect your business and well as your properties.

Your Dreams, My Goal. ♥

Term Life Insurance – For Individuals

Term Life Insurance provides insurance protection only for a fixed period of time. There is no savings or investment feature. Therefore, when the policy ends or is terminated prematurely, there is no cash value.

Pros:

  • The premiums are lower than whole life and endowment insurance policies for the same insurance coverage.
  • Able to get higher coverage for the same premiums for whole life and endowment insurance policies

Cons:

  • If the period for the coverage is too short, there will be no coverage after the policy expires.
  • For a new purchase of term insurance policy after the first policy expires, there will be medical or financial underwriting.

5 things that determine term insurance premium

  • The premiums also cost more with age, so it will be increasingly costly to purchase term insurance policies over time.
  • No cash value. Hence, the premium paid for the term policy has no returns.
  • The policyholder have to keep paying premiums for the coverage. Meaning if the term indicate to cover till age 85, premiums have to be paid until age 85. Can you imagine yourself still paying for insurance at the age of 85?

Suitable for:

  • Someone with a low budget but requires some form of protection
  • Someone who requires a higher amount of coverage for a period of time (example: when their children are still young, when their liabilities are high)

Examples of Term Insurance:

  • Dependent Protections Scheme (Covers Death/Total Permanent Disability/Terminal Illness up till age 60)
  • Home Protection Scheme (Covers Outstanding Housing Loan until the loan is fully paid off)
  • Mortgage Insurance (same as Home Protection Scheme, payable in cash instead of CPF. Mainly for Private Property. It can also be used to insure against HDB Outstanding Loan)
  • SAF Term Insurance (Covers Death/Total Permanent Disability/Accidental Death up till age 65, can be extended till age 70, subjected to terms and conditions)

Hopefully, this post will benefit you.

Have a lovely Hari Raya 2016!  🙂

Eldershield is not Medishield Life

I remembered there was this one time, when I was doing cold calling, I called a lady who shared with me how Eldershield has helped her husband who was bedridden due to stroke.

She was very thankful of the monthly payout, which helped with their living expenses. Even though it was not a lot, it definitely made a difference.

Even if you are not age 40 and above, this article will be very beneficial as it is applicable to your parents and grandparents as long as they are Singapore or PR. If anything happen to them, your lifestyle will be greatly affected too. 

tia walker quote

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Definition of Eldershield

‘ElderShield is an affordable severe disability insurance scheme which provides basic financial protection to those who need long-term care, especially during old age. It provides a monthly cash payout to help pay the out-of-pocket expenses for the care of a severely-disabled person.’

Some key facts about Eldershield

  1. It is not the same as Medishield Life (which covers for hospitalisation bill)
  2. It is not the same as Hospital Cash Income (which gives cash payout when a person is hospitalised)
  3. It is not applicable to only ‘Elderly’. If you have a Medisave Account, you will automatically be offered ElderShield cover when you turn 40 years old. No registration or medical assessment is required.
  4. Ministry of Health has appointed 3 private insurers to run ElderShield:                             NTUC, AVIVA, Great Eastern and the insurance companies are auto allocated to you.
  5. The upgrade to a Eldershield Comprehensive is not done automatically.
  6. Premiums for female is higher for the same amount of payout as compare to males. Reason being life expectancy of females are longer.
  7. Government allows Singaporeans and PR to use $600 yearly from Medisave to upgrade Eldershield for a lifetime monthly payout.

How did Eldershield came about and why it is Important

  • Ageing population accompanying with longer life expectancy

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  • Rising Nursing Home Costs

Nursing Home Crunch

  • Preventing such Tragedy from happening again

The 65-year-old man’s second son, IT support staff ,30, became his main caregiver.

Saddled with his own problems, the younger man later told a close friend that his father had mentioned to him about ending both their lives together.

He tragically carried out his father’s wish on March 24. Both fell to their deaths from the 17th storey of Block 605 at Clementi West Street 1.

In his findings yesterday, state coroner Marvin Bay said that the pair were killed in a joint suicide after they fell from the 22-storey point block.

http://news.asiaone.com/news/singapore/son-was-stressed-dad-was-sick

suicide

senior suicide.jpg

Under what circumstances will Eldershield payout?

In the event, the life assured is unable to perform 3 out of 6 Activities of Daily Living.Eldercare_Caregiver_Singapore_Activities-of-Daily-Living

How does a claim form look like?

https://www.greateasternlife.com/eshield/jsp/pdf/personalstatement.pdf

Two Eldershield Schemes:

  1. Eldershield 400 (Monthly Cash Payout of $400 for 72 months) – policies inforced after September 2007
  2. Eldershield 300 (Monthly Cash Payout of $300 for 60 months) – policies inforced before September 2007

Hope this article will help you in understanding Eldershield better. Eldershield is definitely not Medishield Life and it is also not Hospital Cash Income.

If you are not aware of which company your Eldershield is with, feel free to contact me at 81029976 and I will be able to assist you in this.

Have a lovely week! ❤