If you would rather self-fund costly medical bills in the event of a major illness, how much are you actually ready to spend? In the face of rising costs, AIA offers solutions to help the wealthy protect everything they hold dear and enhance their lives.
The alarming rate at which cancer treatment costs are escalating in Singapore had led the Ministry of Health to implement new measures to improve affordability. The implications are wide, and ultimately, they help patients to better manage the bills. Certainly, the difference in a few thousands of dollars more in coverage could prove a life-saver for many households.
Without a doubt, the appetite for bearing medical costs for wealthy individuals is significantly higher. There are High Net Worth Individuals (HNWIs) who are both so cash- and asset-rich that rainy days could merely spell a light shower. They are confident of self-funding exigencies, medical or otherwise.
A HNWI client had once remarked that she didn’t need healthcare insurance as she could afford to absorb an expensive medical bill, say S$500,000 or even a million. But what if it hits S$2 million or surpasses that – which is entirely possible, especially in protracted cases of illness, or if she, as a highly mobile entrepreneur with business interests around the world, wanted to seek treatment abroad? She stopped and began to think twice.
All things considered
Indeed, the global pandemic has forced all of us to slow down and focus on what truly matters. In Agility Research & Strategy’s WealthLens 2021 report on HNWIs’ financial behaviour, we know that the majority of this exclusive group of clientele considers mental and physical well-being as important as their financial wellness. More than half of the 300 individuals surveyed in October 2021 stated that they were concerned for their own health as well as that of their family’s, even in the face of the stabilising Covid-19 situation and gradual economic recovery. To paraphrase an idiom, diseases are certain as death and taxes.
Results from the 2022 Global Medical Trends Survey by Willis Towers Watson (wtwco.com) showed that insurers in Singapore projected a slightly higher medical inflation rate of 9 per cent for 2022, mainly because of higher utilisation of medical services. Cancer continues to be the top condition driving medical costs, followed by cardiovascular and musculoskeletal disorders.
Of note, the incidence of musculoskeletal disorders has moved up four places (compared to the 2021 survey) as the top condition driving the number of claims. This is likely attributable to poor ergonomics in work-from-home environments.
Among the globally mobile HNWIs AIA Singapore serves, some have become more aware of costly outpatient and complementary medicine costs for chronic conditions, because their potential medical bills may come from anywhere in the world. From our wealth managers’ close relationships with their clients, we have come to know that there are also some who have to attend weekly Traditional Chinese Medicine (TCM) consultations and acupuncture sessions for back pain and poor circulatory system issues, as they feel that Western medicine is unable to address them effectively or thoroughly.
This is why, at AIA Singapore, we believe in the holistic concept of WealthBeing by AIA, which integrates the importance of Health, Wealth and Wellbeing. Our health insurance policies and related health services including screening and concierge programmes are important pieces of the puzzle to offer HNWIs 360-degree protection and peace of mind – in the face of future uncertainties, and sky-rocketing health and medical fees. There is never a better time than now to reassess your needs and coverage.
Securing Your Wealthbeing
Understanding the needs of HNWIs has been placed front and centre at AIA Singapore. Since 2019, it has partnered with the Wealth Management Institute (WMI) to become the first insurance organisation in Singapore to provide its representatives with the same level of training and assessment as private bankers, through certification from the Institute of Banking and Finance (IBF).
Currently, AIA remains the only insurer in Singapore to upskill its insurance representatives to meet these high industry standards and elevate their financial advisory competencies to better serve the rapidly growing affluent population here. Beyond their finances, we are also their partners in healthcare.
From our experience serving HNWIs, we have developed a keen appreciation of their work-life patterns and the kind of health-related services they procure. Many resident HNWIs, who are frequent jetsetters and spend a large part of their time outside the country, have more rigorous healthcare needs, such as fulfilling annual full-body check-ups as part of the requirements to maintain their senior management or Board of Directors positions. We know that they prefer seeking a second opinion (or third) whenever health issues arise; they endorse complementary medicine such as regular TCM, chiropractic care or physiotherapy; and they’d rather select their own medical specialists than stick to insurance panel doctors.
For these globetrotting business owners who need access to good healthcare while on the go, AIA Singapore has the perfect solution: the AIA Premier International Medical, a comprehensive international medical insurance with high annual benefit limits, which comes with the flexibility for the business owners to select their coverage based on their preferred geographical region and to gain access to AIA’s global cashless medical network, 24/7. With a minimum of three employees and an inpatient plan to qualify, AIA Premier International Medical offers additional coverage in the Outpatient, Dental, Maternity, Optical and Wellness categories.
In serving a host of HNWIs residing outside of Singapore, we are also aware of their deep trust in our nation’s world-class medical centres and advanced healthcare services. To support them, as well as the wealthy based locally, we have developed the best-in-class AIA Platinum Health policy to ensure comprehensive and rigorous coverage.
Apart from complete medical coverage, including specialist consultations, there is also a high lifetime payout limit of S$5 million. The benefits even extend to items that are “as charged”, such as hospitalisation costs, including pre-hospitalisation, post-hospitalisation and even Intensive Care Unit charges. We also offer policyholders the flexibility to seek a free second diagnosis of any of the 30 medical conditions covered.
The WealthBeing by AIA concept is also taken to the next level with the AIA Altitude Pinnacle membership, which is a comprehensive programme curated for our most esteemed customers. Exclusively for those with a total annualised premium of S$100,000, the membership affords a slew of privileges and VIP experiences – from discounted health screening packages to medical concierge and teleconsultation services,
to will writing, Lasting Power of Attorney and Advanced Medical Directive services.
As partners in your WealthBeing journey, we are continually upgrading our offerings, be it our products or the AIA Altitude programme. While you refocus your priority to lead a healthier, longer and better life, let us do what we’re good at – elevating your wealth and optimising your well-being so that you can enhance your progress.
This story first appeared in the August 2022 issue of Prestige Singapore.
