So you’re about to start working abroad need to start planning for your future in a strange place and a whole new culture? There are a number of issues that you will have consider – including shipping your furniture, finding a new place to live, adjusting to the local culture and, if you have children, schooling. But other important things that must be taken care of are health systems and different ways of paying for health care – which can be tricky to work out when you first arrive.
Foreigners holding PR (permanent residence) status will find that the city-state’s public healthcare system is helpful in taking care of small medical costs after enough cash has been saved in a person’s Medisave account. This is, of course, assuming that an expat is eligible to join the system and usually only after 2-3 years in the country.
However, for dealing with particularly catastrophic illness and medical assistance needed when you are traveling outside of Singapore, as well as for those that aren’t covered by the Singapore health system, there are better options. Having an international health insurance plan with global coverage is the best way to make sure that you and your family have the coverage you need no matter what happens or where you go.
If you are running your own business abroad, you will want to protect that business, especially if it’s operating in numerous countries amongst numerous legal, trade and economic systems. No matter where work is being done, issues like workmen’s compensation, third party liability, professional indemnity and product liability coverage must be considered. Additionally, your employees are going to want benefits of their own. There are insurance plans on the market that can address each of these issues and ensure that your interests are taken care of beyond just physical well-being.
Then, once you’ve put in your years of hard work, it will be time for retirement. The key is to plan now for retirement later – and including the cost of health insurance for you and your spouse in your retirement planning is a necessary part of this. Make sure that considerations are made for the increased cost of medical care by the time you plan on retiring. Medical costs in Singapore have been rising at a rate of eight to nine percent in recent years and the trend is likely to continue. To cope with this, insurers are likely to adjust their premiums at a similar rate. So it would be a good idea to partner up with an agent you can trust and take their advice when it comes to planning for the future.
Pacific Prime Singapore is an insurance agency that can address all of the above needs. An advantage of utilising Pacific Prime’s services is that they can take your information and use it to find the best possible policy for your requirements among a number of insurance providers. So whether you’re obtaining coverage for yourself, your family or your business, Pacific Prime can make sure that both your current and future needs are met.