5 Things to take note for Overseas Study Insurance (read this before you purchase any Overseas Study Insurance)

Today’s post is about Overseas Study Insurance.

As my cousin will be flying to Japan for school, I have decided to do up this post, to help more students  and their parents to understand what to take note of before purchase of Overseas Study Insurance.

Overseas Study Insurance are usually split into two time frame: 6 months or 1 year.

Being in a Foreign country for studies can be exciting and fun but it also brings about a lot of uncertainties. The cost of the medical bills overseas can be much higher than in Singapore.

Do take note that the following medical expenses are claimable based on Reimbursement, which means that the student must pay the medical bills first and to get the original receipts in order to file for the claims when they are back.

Here are 5 Things that Overseas Study Insurance covers:

1. Accident Medical Expenses

– Covers medical expenses incurred overseas for injury due

to an accident whilst overseas (usually covers outpatient/hospital visits)

– Covers follow up treatment incurred in Singapore

(Some companies cover this as Outpatient, whereas some is only claimable if it is Hospital & Surgical expenses for the follow ups. Do take note that there is always a time frame to seek for treatment in Singapore, some is within 2 days or 5 days upon return to Singapore. This time frame is also dependent on whether there is prior treatment sought overseas.)

2. Accident & Sickness Medical Expenses (Usually as an Add-on benefit. Highly recommended to add on. )

– Covers Medical expenses incurred overseas for injury due to an accident or sickness whilst overseas. Excess of S$100 per Sickness claim or per Visit. Do take note whether the excess is per sickness claim or per visit.

*An excess is a contribution you are required to pay towards a claim you make on your insurance policy.

3. Study Interruption

– Covers tuition fees paid in advance for the current semester if you are unable to continue your studies overseas due to hospitalization, terminal sickness or death of an immediate relative. Some insurance contract indicates that the hospitalization must be more than one month.

4. Sponsor protection

– Covers unpaid tuition fees in the event of the death or permanent disability of your sponsor. Some companies indicate it accidental death instead of death, which means the death of the sponsor must be due to accident to cover the unpaid tuition fees.

5. Emergency medical evacuation
– Covers all expenses to evacuate you in the event of a medical emergency

Important thing to note: Always ensure that you have the Emergency Hotline Number saved in your phone or somewhere. Call the number for 24-hour Medical and Travel Assistance.

Example:

AIG (ATAP* Travel Assistance Helpline): (+65) 6733 2552

Liberty Helpline: (+65) 6636 1131

When comes to Overseas Study Insurance, low premiums does not mean that it is better.

I do have friends getting from insurance companies with low premiums and when things happen, they realise it was not insured or that they missed the claimable time frame because there was no servicing agent advising them on what to do.

There is no best plan when comes to any form of insurance, most importantly is to know the terms and conditions so that when things happen, you will know what to do.

If remembering all these is too tedious, feel free to contact me at 81029976 to get insured so that when things happen, you just have to remember the Emergency Hotline Number and my contact number and I will advice you accordingly.

Hope this post will be helpful.

Have a lovely weekend!

Your Dreams. My Goal. ❤

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Gastroscopy Bill (Importance of the Cash Rider)

I have recently received my total bill for the Gastroscopy which I have done at Mount Elizabeth Novena.

Total bill was $2,557.13 for a Gastroscopy (Day surgery).

Yi qi gastroscopy bill edited.jpg

Deductible for Private Hospital:
All ward types & Day Surgery: S$3,500

Deductible is the fixed amount payable by the insured each policy year before the MediShield Life/Integrated Shield Plan payout kicks in.

Which means that any amount that is below $3,500 will have to paid from my own pocket/Medisave. Without the cash rider (Total Health), I would have to fork out $2,557.13.

To some, this amount might seems small. But do take note that in future, for any application for hospitalisation plans, all the past medical reports will be required during underwriting and you might not be insurable anymore/ exclusions might be imposed.

Like most young people out there, I always felt that I am still young so I would not utilize my hospitalisation plan until a few more years later. I am really glad that I joined this industry, got my loved ones insured including myself and I have helped many families along the way.

I always tell my clients to meet me more often when they are healthy because when things happen and their health condition deteriorates, I would not be able to help them even if I want to.

We have seen so many  newspaper articles or facebook posts of people getting sick, getting into accidents. But the question is, have you DONE something NOW that your future self will thank you for?

Take action now and contact me at 81029976. The only thing I can help is to sort out your existing policies and to educate. No one can make the decision to purchase anything except yourself.

I look forward to meeting more people, to help them sort out their policies and to secure the future of more people.

Insurance is bought not because someone has to die but because someone has to live.

Your Dreams. My Goal.

Have a lovely week ahead! ❤

What is Happiness and Success to you? Is Loaning money a solution to achieving Happiness?

I chanced upon one article recently which opened up my mind on what Happiness and Success is and I hope to share it with you. Click the link below to read the article.

https://nomoreharvarddebt.com/2014/01/29/teaching-a-debt-perspective-to-12-year-olds/

In Singapore, most of us have debts/loans.

Once we graduate from Polytechnic or University, we have to pay Education Loan.

When we purchase a Home, we need to pay Mortgage Loan.

When we do Renovation and if we do not have enough Cash, we will need to have Renovation Loan. There are even Furnishing Loan if you need more Cash for your furniture.

If we apply a Credit Card and we fail to make payment in time, we need to pay Credit Card Loan.

If we plan to get a Car, we might have to pay for Car Loan.

Education Loan + Mortgage Loan + Renovation Loan + Furnishing Loan + Credit Card Loan + Car Loan = Banks becoming Richer while we get Poorer.

Some charges that might be applicable for the loan. The list is not exhaustive as there might be even more charges depending on different scenarios and banks/financial institutions.

Loans & charges

It is really scary especially since loan interest is pretty high and it can accumulate very fast over time. More often than not, late payment interest will worsen the situation. You will find yourself having to work not to enjoy but to pay for debts/loans.

Personally, I do not have any credit cards, reason being, I do not want to trap myself in a financial debt cycle. I have clients who are very responsible in their usage of their credit card and they spend within their capability, earning rebates and points from card usage. Hence, credit cards can be a good way to save money if you know how to do so.

Endowment/Retirement Planning is the opposite. It uses financial products from bank/insurance/investment companies to help us grow our money.

Lose vs Grow Money

This image from the article really opened my mind.

who is happier

To me, I will rather be Ted, the one with decent amount of money in the bank, and zero debts. There are many people who are so caught up in the materialistic world such that they equate Happiness to their Materialistic Wants.

I have met many people from all walks of life and I have seen people spending all the money they have and not planning for their future. Some even ended up borrowing so much money to ‘Look Successful’. Sadly, there are financial advisers and bankers doing that too.

Now, imagine if the image I have given you previously is this:

Who is happier.png

Most people including myself, would have thought that the one with a more expensive car will be happier.

If you currently have a lot of loans to pay, feel free to contact me at 81029976 so that we can work something out together to reduce the amount of debts you have and to guide you to the right path.

Question of the Day: What is Success and Happiness to you?

Have a lovely weekend everyone!

Your Dreams, My Goal. ❤