Time to review your health insurance plan? You might be asking yourself if you’re happy to renew with your current insurance company. Has the coverage been enough through the year? Or do you need to increase or change the type of cover? To help you work out what you need, the team at UEX suggests you ask yourself three key questions.
#1 ‘Do I feel well covered with my current plan?’
The price you pay for your health coverage depends on your needs and your health care consumption. Two people can pay the same amount for the same coverage, but have really different feelings about their health budget, and how to optimise it. You have to identify your needs clearly and choose the coverage that works best for you. An advisor can help here, if you need it.
Ask yourself the right questions: What is it that makes me feel well covered? Am I willing to pay for more expensive health cover to get 100% coverage on everything? Or do I prefer to insure the big risks only and to not be covered for daily expenses like visiting your GP?
The UEX online platform has a tool that shows different coverage levels that you can adjust on your own by moving the sliders according to your needs.
#2 ‘Do I feel secure with my current insurance service?’
Are you satisfied with the efficiency of the service and the reimbursements? Customer care is essential in the health industry. You have to feel secure when thinking about your insurance.
Consider the servicing and support provided by your agent, broker or your insurance company. Is this service fast and efficient? Or do you think that you’re paying too much money for an inefficient service? If you’re working with a broker or agent, consider switching if you feel they don’t provide the support you need. If you use the service of an agent, the insurance premium you pay won’t be more expensive compared to buying directly from the insurance company.
Last but not least, when thinking about your health budget, take medical inflation into consideration. The 2019 Medical Trends Around the World survey reported that inflation on medical costs rose by 10% last year.
According to UEX, one of their main goals is to make members feel safe in Singapore – and to make them feel safe in speaking with the team. To this end, the company’s Head of Customer Care, Sarah, is always on hand to help with claims and reimbursements.
#3 ‘Can I renew my contract with another insurer?’
If you’re not satisfied with the service you receive, or you find your current insurance coverage hasn’t adapted to your needs – or, indeed, if you think the products of your plan don’t suit your needs – then perhaps it’s time to change insurers.
By changing to another insurer, you’ll be taking the risk to buy a whole new insurance product that will cover different things. But it can also be an opportunity to optimise your coverage if you see there is another plan or product that’s more suitable for your needs.
If you renew your insurance and change your insurer, you have to be careful about pre-existing medical conditions. If you have health conditions which have been covered under your existing insurance plan, they can be considered as pre-existing conditions and be excluded from your cover if you switch to another insurer. Some insurers might be willing to keep the coverage, while others may not. So be sure to check this before committing to your new plan.
If you need more help
When thinking about health insurance, it’s important to ensure that you feel secure, and it’s all the more important if you’re an expat far from your home country. Online health insurance platform UEX was founded by Grégoire and Clément, French expats who have been in your shoes. As expats in Singapore, they had to find an insurance that would be easy to understand and that fit their needs. They created UEX to fill those needs. Log onto the UEX online platform to customise a plan and get insurance advice from the team.
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