AIA Hong Kong and Macau’s Post

Navigating Increasing Medical Costs: Why Early Planning Matters A recent article in The Straits Times highlights a crucial reality we face in Singapore – medical costs are on the rise, and even the government is taking decisive steps to support Singaporeans with these expenses. As a wealth manager, I cannot stress enough the importance of early financial planning. Why act now? - Youth and Health Advantage: Securing coverage while younger and healthier often translates to more extensive coverage options and lower premiums. - Future Cost-Effectiveness: With an active income stream, it’s manageable to finance these insurance premiums, laying the groundwork for a worry-free retirement. - Safeguarded Retirement: Good retirement planning ensures that the cost of maintaining medical coverage in your golden years is affordable, allowing you to enjoy quality healthcare without financial anxiety. Establishing comprehensive coverage early – including hospitalisation and critical illness plans – is not just prudent, it’s essential. My commitment to my clients goes beyond mere financial advice; it’s about ensuring that everyone can access top-notch healthcare facilities even post-retirement. Let’s talk about securing your health for the long run. Reach out to me, and together, we’ll build a safety net that lets you focus on living life to the fullest. #HealthcareCoverage #MedishieldLife #FinancialPlanning #RetirementPlanning #CriticalIllness #SingaporeHealthcare #FinancialSecurity #StraitsTimes Eric Tan Wealth Specialist IBF Advanced (Level 3)

📰 NHMS 2023: Over Half of Malaysian Adults Overweight or Obese The latest findings from the National Health and Morbidity Survey (NHMS) 2023 reveal a concerning statistic: more than 50% of Malaysian adults are overweight or obese. This health crisis not only impacts individual well-being but also has significant implications for our healthcare system and economy. 🚨 Why It Matters for Life Insurance As we grapple with these alarming numbers, it's crucial to understand how this trend affects our lives and financial planning. Being overweight or obese increases the risk of chronic diseases such as diabetes, heart disease, and hypertension. These health conditions can lead to higher life insurance premiums and may even affect eligibility. 💡 Taking Proactive Steps Healthy Lifestyle Choices: Adopting a balanced diet and regular exercise can significantly reduce health risks. Regular Health Screenings: Early detection and management of health issues can lead to better outcomes. Comprehensive Life Insurance: Ensuring you have a policy that covers critical illnesses and medical protection can provide peace of mind and financial stability. 🌟 Your Health, Your Future Investing in your health today is an investment in your future. Let's take this opportunity to raise awareness and encourage each other to lead healthier lives. Together, we can build a healthier nation and secure our financial futures. Read more about the NHMS 2023 findings here: CodeBlue Article https://lnkd.in/gqDGUJx2 #HealthAwareness #LifeInsurance #HealthyLiving #FinancialPlanning #NHMS2023

Source from The Straits Time, 7th March 2024. The Singapore government is expanding MediShield Life coverage to provide better healthcare protection for Singaporean and PR! Wondering why this matters? Here are some key points: 1) Affordability & Accessibility: With expanded coverage, MediShield Life ensures essential healthcare services are more affordable for everyone, regardless of financial status. 2) Risk Mitigation: It helps mitigate unexpected medical expenses, providing a safety net for financial stability. 3) Promoting Health & Well-being: Access to comprehensive health insurance encourages prioritizing health and preventive care for better outcomes. 4) Social Cohesion & Inclusivity: Ensures every citizen has access to adequate healthcare coverage, fostering inclusivity within society. ________________________________________________________________________________________________________________ Now, why should YOU consider getting a basic hospitalization plan to supplement MediShield life coverage (Insurance)? 1) Financial Security: Protect yourself and loved ones from unexpected medical costs. 2) Peace of Mind: Focus on health without worrying about financial implications. 3) Risk Management: Share the burden of healthcare expenses and ensure financial stability. 4) Government Support: Contribute to national priorities by securing insurance coverage. If you are still unsure if you have any coverage on it or simply not sure what you are covered for? Just comment below and i will get in touch with you #MediShieldLife #healthcareforall #FinancialWellness #Inflation #medicalinsurance

Will Malaysia ever be ready for a healthcare revamp? So, let's talk about Malaysia's healthcare financing setup. Prime Minister Anwar Ibrahim dropped some big news in the 2024 budget announcement on October 13, 2023. The Ministry of Health (MOH) got a hefty RM41.22 billion allocation, up around 13.5 percent from the previous year's RM36.3 billion. That's a serious commitment to keeping Malaysians healthy, right? But here's the thing - while it's awesome that the government is putting so much money into healthcare, some folks are wondering if this approach is sustainable in the long run. With healthcare costs going up and the population getting older, relying solely on government funding might not cut it forever. Look at our neighbours like Singapore and Indonesia. They've got schemes like MediShield Life and Jaminan Kesehatan Nasional (JKN) in place. Basically, these are health insurance plans that cover the basics for everyone. It's a way of spreading the risk and getting both public and private sectors involved in healthcare. In Singapore, MediShield Life hooks up citizens and permanent residents with coverage for big hospital bills and some pricey outpatient treatments. And over in Indonesia, JKN makes sure folks get comprehensive healthcare coverage, handled by the BPJS Kesehatan or BPJS Ketenagakerjaan. So, could Malaysia follow suit? Well, it's not as simple as copy-pasting. There's politics, money, and public opinion to consider. But if we're serious about making healthcare sustainable and fair for everyone, maybe it's time to start looking at new ways of doing things. Whether it's something like MediShield Life or a whole new idea, let's make sure all Malaysians can get the care they need, when they need it. #Malaysia #MOH #KKM #healthcare #hospital

nib New Zealand CEO Rob Hennin unveils the comprehensive update to cover and benefits, addressing the changing needs of members. Witness the positive transformation with higher benefit limits and expanded coverage over the next 12 months. https://hubs.la/Q02jHVLv0 #HealthInsuranceEvolution #MemberWellness #nibNZUpdates #InsuranceInnovation

Have you thought about where you want to be in 10 years? The Manulife Asia Care Survey 2024 sheds light on how people in Asia view their future well-being and how Manulife can help them achieve their goals. In Singapore, respondents have high aspirations for their physical, mental, and financial well-being but are uncertain if they will reach their desired levels. Financial well-being is a major concern, with a significant gap between desired and expected levels. Mental well-being is seen as the most important, highlighting the importance of mental health in overall well-being. It's crucial to prioritize your health as it directly impacts your financial well-being. Good physical and mental health can prevent chronic illnesses, reducing healthcare costs and ensuring financial stability. Additionally, feeling financially prepared for the future can provide peace of mind. Interestingly, confidence in future well-being decreases with age, with older respondents expressing less optimism about their quality of life. Understanding the specific health concerns of different age groups is essential for improving their well-being. Younger individuals worry about issues like liver diseases and stress, while those in their 40s and 50s are more concerned about diabetes, heart disease, and cancer. Tailoring health solutions to address these needs is key to supporting future well-being. Life and health insurance play a crucial role in safeguarding your well-being. Life insurance provides financial protection for your loved ones in the event of your passing, while health insurance covers medical expenses, ensuring you receive the care you need without financial strain. Understanding the differences between the two and their importance is essential for securing your future. Take the time to assess your current well-being and set goals for your future self. By prioritizing your health, planning for your financial future, and understanding the importance of insurance, you can take proactive steps towards a healthier, more secure tomorrow. #VAPlanners #Wellness #FinancialWellBeing #HealthInsurance #Manulife #FuturePlanning

🌟 Welcome to Switzerland: A Guide for Newcomers 🌟 🛡️ Step 1: Important Insurances in Switzerland Mandatory: 1. Health Insurance (KVG): Must be obtained within three months. 2. Accident Insurance (UVG): Employees are covered by their employer, while self-employed individuals need private coverage. 3. Social Insurances (3 Pillars): Ensure retirement and survivor benefits. Especially grasp the second pillar: ▪ Mandatory Part (BVG): For employees above a certain income threshold. Contributions by both employees and employers. ▪ Employer's Role: Choose the pension plan, match employee contributions, often offer additional contributions to attract talent. ▪ Portability: Savings are portable when changing jobs or leaving Switzerland permanently (with important restrictions). Recommended: Liability Insurance: Shields against third-party damages. Household Insurance: Safeguards personal property. 🔍At Haysen, we're dedicated to providing comprehensive support for all your financial and insurance needs Listening closely is the cornerstone of effective consultancy. Understanding your unique situation enables us to tailor recommendations that suit you best. For newcomers, addressing urgent matters precedes delving into a full financial analysis. These include Life and Health risk planning, estate planning, tax strategies, investment, and retirement provisions. Stay tuned for deeper dives into these topics! 🌊🏡💼 #WelcomeToSwitzerland #Haysen #ExpatLife #FinancialPlanning

NEW: Research conducted by the Centre for Economics and Business Research (Cebr), on behalf of Zurich UK, has found people with long-term health conditions now account for almost a third of the UK workforce. In 2017, 25.4% of those in employment suffered from a long-term health condition. This has risen to 30.7% as of 2022, set to breach 40% by 2030. As we speak, the Government is looking to tackle growing long-term health figures. Most recently, this has come in the form of the Department for Work & Pensions’ (DWP) new Occupational Health Taskforce, led by Dame Carol Black. However, as Peter Hamilton, Head of Market Engagement at Zurich Insurance, rightly points out, “while there are many aspects of occupational health, vocational rehabilitation tends to be the poor relation; it’s overlooked and forgotten […] rehabilitation is the unsung hero, it’s the difference between people getting back to work or not.” Consequently, Zurich is now calling on the UK government to mandate rehabilitation support in the workplace. This campaign has been endorsed by Kim Leadbetter MP who believes the UK’s workforce is “not fighting fit.” Kim is pleased that awareness is increasing among employers of the benefits of improving the health and wellbeing of their workforce, “but there is definitely more to be done.” https://lnkd.in/eYcJJSYr

Why is Healthcare so Expensive? Medical cost in Singapore is rising faster than our cost of living, with the last 4 years at 10% each year. April is usually when insurers review and amend their premiums/terms for their shield plans and riders. With the recent trends, premiums have been on the rise. As of 2024, healthcare has overtook education as the largest component in social spending. 3 reasons why medical costs are increasing: 1️⃣ Government Health Expenditure The Gov spends more than $10bn a year on healthcare. They are facilitating and encouraging the consumption of healthcare services from managing critical illnesses to going for regular check-ups. Private sectors are beefing up investments as well, in areas like longevity and long-term care. These leads to greater advancement in medical technology and expensive treatments, which further attracts wealthy foreigners. 2️⃣ Aging population As medical needs are required for the elderly, an increase in the aging population results in higher medical expenses. 1 in 10 above age 60 suffers from dementia and 1 in 3 may develop diabetes in their lifetime. Each of these conditions alone can lead to medical costs of $900-$4000 per month. Government programs like careshield aims to provide some relief, but at the same time also contributes to the inflation. 3️⃣ Access to Healthcare In Singapore, we are spoilt for choice due to the ease of access to all types of medical facilities and the wide array of insurance coverages and employment benefits to make healthcare seemingly affordable. It's a vicious cycle combining overtreament, increasing premiums, lack of social responsibility and government subsidies. All in all, we are fortunate to have access to world-class healthcare infrastructure, but in the long run, we are responsible for managing healthcare costs. The government will continue to provide subsidies for those that really cannot afford it, but for most of us, we'll be dealing with higher premiums and out-of-pocket expenses. It's time to consider including medical costs into retirement planning either in a form of higher passive income or a separate lump sum solely for medical needs. Of course, this is in addition to your hospital and critical illness insurance. It is overwhelming for sure, but start early and take one step at a time (most importantly, take the first step)! #financialplanning #healthcare #insurance #Singapore #passiveincome

The health reforms are taking shape. We wrote some thoughts around the Social Health Authority and why it is best fit to drive #uhc.