Here are 3 types of insurance that you can consider when planning for your loved ones who are on Long-Term Visit Pass.
1. Hospitalisation Protection Plan
We all understand that getting medical attention and being hospitalised as a foreigner is not going to be easy on the wallet. The option of being covered with an international health insurance plan may cost a bomb and be an overkill.
One little known option is that LTVP holders can be covered under the CPF Integrated Plans and have a portion or all of the premium paid for using the CPF savings of a family member. This may be a cost effective way to have comprehensive hospitalisation insurance coverage.
Did you know?
LTVP+ holders are eligible for healthcare subsidies for inpatient services only at Restructured Hospitals and institutions (RHIs). The levels of inpatient subsidy will depend on the choice of ward class, and will be similar to the corresponding subsidy levels for Permanent Resident (PR) patients. LTVP+ holders are, however, not eligible for subsidies for day surgery, specialist outpatient clinics (SOCs) and polyclinics services.
2. Personal Accident Plan
Accidents can happen to anyone at any time. LTVP holders are able to be covered with a personal accident plan if they are concerned about medical bills arising from accidents. In my opinion, a comprehensive accident plan should provide benefits beyond accidental death and permanent disability benefits. It should also provide insurance benefits for reimbursement of medical treatment due to accident, Traditional Chinese Medicine treatment (TCM) and other “accident” events such as food poisoning and dengue fever.
A personal accident plan can serve as a good compliment to an exisiting hospitalisation plan to cover outpatient treatments arising from accidents.
3. Critical Illness Protection Plan
Critical illness is one of the major concerns that many of my clients have. We can all understand the financial impact that a stroke or cancer can have on someone. Medical bills, loss of income and the need for having a full time care taker are some of the consequences that a critical illness can bring.
There are many types of plan that covers critical illness such as Whole Life insurance (with critical illness rider attached), Term insurance (with critical illness rider attached) or Standalone critical illness policies.