Protect your wealth against future uncertainties and skyrocketing health and medical costs with AIA
If you prefer to self-finance expensive medical expenses in the event of a serious illness, how much are you really willing to spend? In the face of rising costs, AIA offers solutions to help the wealthy protect everything they hold dear and improve their lives.
The alarming rate at which cancer treatment costs are rising in Singapore has led the Ministry of Health to implement new measures to improve affordability. The implications are vast and ultimately help patients better manage their bills. Certainly, the difference of a few thousand dollars more in coverage could save the lives of many households.
Undoubtedly, the appetite for medical expenses of wealthy people is significantly higher. There are high net worth individuals (HNWIs) who are both so cash-rich and asset-rich that a rainy day might just mean a light downpour. They are convinced of self-financing, medical or other requirements.
An HNWI client once remarked that she did not need health insurance because she could afford to absorb an expensive medical bill, say S$500,000 or even a million. But what if it hits or exceeds S$2 million – which is entirely possible, especially in cases of prolonged illness, or if she, as a highly mobile entrepreneur with business interests around the world, wish to seek treatment abroad? She stopped and started to think twice.
All things Considered
Indeed, the global pandemic has forced us all to slow down and focus on what really matters. In Agility Research & Strategy’s 2021 WealthLens report on the financial behavior of HNWIs, we know that the majority of this exclusive group of customers consider mental and physical well-being as important as their financial well-being. More than half of the 300 people surveyed in October 2021 said they were worried about their own health and that of their families, even in the face of the stabilization of the Covid-19 situation and the gradual economic recovery. To paraphrase an idiom, illnesses are certain like death and taxes.
Results from the 2022 Global Medical Trends Survey by Willis Towers Watson (wtwco.com) showed that insurers in Singapore were forecasting a slightly higher medical inflation rate of 9% for 2022, mainly due to a higher use of medical services. Cancer continues to be the leading condition causing medical costs, followed by cardiovascular and musculoskeletal disorders.
It should be noted that the incidence of musculoskeletal disorders has moved up four places (compared to the 2021 survey) as the main condition driving the number of claims. This is likely due to poor ergonomics in home office environments.
Among the globally mobile HNWIs served by AIA Singapore, some have become more aware of the high costs of outpatient care and complementary medicine for chronic conditions, as their potential medical bills can come from anywhere in the world. From our wealth managers’ close relationships with their clients, we have learned that some also need to attend weekly Traditional Chinese Medicine (TCM) consultations and acupuncture sessions for back pain and circulatory system because they believe that Western medicine is unable to treat them effectively or completely.
This is why, at AIA Singapore, we believe in the holistic concept of WealthBeing by AIA, which incorporates the importance of health, wealth and well-being. Our health insurance policies and related health services, including screening and concierge programs, are important pieces of the puzzle in providing HNWIs with 360-degree protection and peace of mind – in the face of future uncertainties and to soaring health and medical costs. There’s never a better time than now to reassess your needs and coverage.
Securing your assets
Understanding the needs of HNWIs has been placed at the forefront at AIA Singapore. Since 2019, it has partnered with the Wealth Management Institute (WMI) to become the first insurance organization in Singapore to offer its representatives the same level of training and assessment as private bankers, thanks to the certification of the ‘Institute of Banking and Finance (IBF).
Currently, AIA remains the only insurer in Singapore to hone its insurance representatives to meet these high industry standards and elevate their financial advisory skills to better serve the rapidly growing affluent population here. Beyond their finances, we are also their partners in the field of health.
From our experience serving HNWIs, we have developed a keen appreciation of their work and life patterns and the type of health-related services they provide. Many resident HNWIs, who are frequent jet-setters and spend much of their time out of the country, have more rigorous health care needs, such as having annual full body exams in the as part of their senior management or board retention requirements. posts. We know they prefer to seek a second (or third) opinion whenever health issues arise; they approve of complementary medicine like regular TCM, chiropractic care or physiotherapy; and they prefer to choose their own medical specialists rather than sticking to insurance panel doctors.
For those globe-trotting business owners who need access to good healthcare on the go, AIA Singapore has the perfect solution: AIA Premier International Medical, comprehensive international medical insurance with benefit limits high annual fees, which offers business owners the ability to select their coverage based on their preferred geographic region and access AIA’s global cashless medical network, 24/7. With a minimum of three employees and an inpatient plan to qualify, AIA Premier International Medical provides additional coverage in the outpatient, dental, maternity, optical and wellness categories.
Serving a host of HNWIs residing outside of Singapore, we are also aware of their deep confidence in our country’s world-class medical centers and advanced healthcare services. To support them and the locally based wealthy, we have developed the best-in-class AIA Platinum Health policy to ensure comprehensive and rigorous coverage.
Along with comprehensive medical coverage, including specialist consultations, there is also a high lifetime payment limit of S$5 million. The benefits even extend to items that are “as billed” such as hospital charges, including pre-hospital charges, post-hospital charges, and even intensive care unit charges. We also offer policyholders the option of requesting a free second diagnosis of one of 30 covered medical conditions.
The WealthBeing by AIA concept is also taken to the next level with the AIA Altitude Pinnacle Membership, which is a comprehensive program curated for our most valued clients. Exclusively for those with a total annual premium of S$100,000, membership offers a wealth of VIP privileges and experiences – from discounted health screening packages to medical concierge and teleconsultation services,
will, durable power of attorney and advanced medical directive services.
As partners in your WealthBeing journey, we are continually improving our offerings, whether it’s our products or the AIA Altitude program. As you refocus your priority on living a healthier, longer, and better life, let us do what we’re good at: growing your wealth and optimizing your well-being so you can improve your progress.
This story first appeared in the August 2022 issue of Prestige Singapore.