Pre-requisites for hiring Singapore Maids (latest in Jan-2010)

A Foreign Domestic Worker (FDW) can enter Singapore only after the following have been obtained/prepared:

 

1) In-Principle Approval Letter

 

• Issued by the Work Pass Division (WPD)
• A Letter of Notification to bring the FDW into Singapore will be issued for first-time FDWs instead of an In-Principle Approval Letter

2) Personal Accident Insurance

 

• With a minimum coverage of $40,000

3) Security Deposit of $5,000

 

• In the form of Banker's/Insurance Guarantee - recommended to have!
  

The Personal Accident Insurance and Banker's/Insurance Guarantee can be purchased at any bank/insurance company.

 

The bank/insurance company will provide WPD with the Guarantee details electronically. Thus, there is no need for you to personally submit the Guarantee details at this point.

 

The Security bond must be successfully transmitted before the FDW arrives in Singapore. Otherwise, the FDW will be refused entry and the cost of custody/care and repatriation may be recovered from the employer.

 

You may check if the Security bond has been transmitted successfully via the WP Online Service (click under 'Enquire > Security Bond Status'). You may do so after the lapse of one working day from the transmission by your bank/insurance company.

 

In urgent cases, you may check with the bank/insurance company on whether the Guarantee details have been transmitted successfully to WPD. If so, you can bring in the FDW.

 

4) Medical Insurance

 

For medical insurance policies taken up or renewed on/or after 1 Jan 2010, the insurance coverage must be at least $15,000 per year for the worker's inpatient care and day surgery during her stay in Singapore.

 

OAC Maid Supreme

Overview
Employing a domestic maid often incurs a host of expenses including a security deposit to the Controller of Immigration, levies and medical expenses should your maid be injured or hospitalized. OAC Maid Supreme can take care of all that for you for as little as 25 cents a day.

Key Benefits
OAC Maid Supreme is an all-in-one insurance package that provides protection for the following covers:

• Personal Accident cover for your maid 24 hours round-the-clock.
• Medical expenses incurred when your maid is hospitalized.
• Hospital & Surgical expenses in the event of your maid’s accident, disease or sickness.
• Wages compensation & levy reimbursement while your maid is in hospital.
• Domestic Maid’s Liability cover should your maid caused accidental bodily injury or damage caused to a third party.
• Expenses Defrayment Benefit of a daily cash allowance in the event of your accidental death.
• The loss or damage to the Domestic Maid’s Belongings due to fire and related perils.
• Termination Expenses incurred when your maid becomes medically unfit to continue working.
• Repatriation costs in the event of your maid’s death or permanent disability.
• Recuperation allowance when your maid is hospitalized for at least 5 days.
• Insurance Guarantee & Reimbursement of Indemnity Paid to Insurer for the security bond.

Click here to send email us for questions or a brochure.

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Is Maid Insurance Compulsory?

Is Personal Accident Insurance Necessary?
Employers are required to purchase personal accident insurance coverage for the maid; the minimum sum insured is $10,000.

You are also responsible for the medical expenses of the maid:
As an Employer, you are required to bear the full cost of the medical care, including hospitalisation. It is recommended to have insurance coverage for hospitalisation expenses for your maid.


To learn more about maid insurance, click here

What is the difference between Medishield and Private plans?

There are still people who are mixed up with Medishield and the Privatised "Shield Plans" in the market.

Most of the Singaporeans/PRs have Medishield, and when you upgrade your plan to a private medical plan (e..g from AIA, NTUC or Great Eastern), you simply have better and higher benefits. The deductibles and co-insurances are a little higher if you prefer to go for private hospital healthcare (e.g. Gleneagles). The "Private Medical Plan" is stacked on top of the basic government "Medishield" plan. The intergration of the plans (Medishield and the Private Medical Plan) is done by the insurer and the government, so you don't have to worry too much about it.

For premiums, you only need to pay once/yearly to the insurer if you have upgraded your medical plan.

Early Payout Critical Care EPCC

Overview
Protect yourself with the first and only plan in Singapore that pays at the earlier stages of critical illness. Early-Payout CriticalCare is now the ONLY severity-based critical illness plan in Singapore that gives you a payout at the earlier stages of critical illness.

Key Benefits
Early-Payout CriticalCare provides coverage for a total of 60 medical conditions of different severity level from early to advance stages for 30 critical illnesses to ensure you are protected all the way.

The early release of funds allows you to seek medical treatment before a critical illness progresses to a more severe and advance stage. With the advantage of early financial support you can have peace of mind to focus solely on treatment and recovery.

[more at lifeisgreat.com.sg]

Questions or need more info?
Feel free to drop me an email at Melvin.Lkw[at]gmail.com

Choice Saver Series 2 (Feb 2009)

Great Eastern recently released a revised single premium endowment fund, Choice Saver Series 2.

The good thing about the plan is that the premium is Guaranteed at maturity, giving an added assurance to consumers who are wary in today's financial products. Insurance coverage is minimum at 101% of the premium only.

Without further ado, here's a summary of the interest rates based on term, premium amount.

Projected Annualised Returns Upon Maturity (p.a)
Policy Term	Single Premium
	$10,000	$50,000
5	2.40%	2.60%
10	3.10%	3.25%
15	3.75%	3.85%
20	3.80%	3.90%
25	3.90%	4.00%

What Medisave Uses and Limitations

Medisave

You can use Medisave to pay your hospital bill as well as that of your immediate family, i.e. your spouse, children, parents or grandparents. If you are using your Medisave for your grandparents, they must be Singapore Citizens or Permanent Residents. During admission, you should inform the Admitting staff that you wish to use your Medisave to pay. You should also bring along your NRIC/Passport or your CPF membership card. You will need to sign a 'Consent to Release Medisave/Medishield Information' form to enable the hospital to access the information via the CPF Board system. You will also need to sign a Medisave Authorisation Form authorising the CPF Board to deduct from your Medisave Account to pay for the hospital bill. You may use your Medisave to pay for the hospital bill of non-immediate family members (ie, brother, sister, uncle, aunty, in-laws, niece and nephew), provided that the patient: Is a Singapore citizen or a Permanent resident Does not have a Medisave account Has immediate family members who do not have Medisave accounts and cannot afford to pay the hospital bill Is staying in a B2 or C class ward Is a dependant of the Medisave account holder Medisave cannot be used for the followings: Outpatient consultation fees, tests and investigations Charges for medical reports Expenditure on equipment, devices and appliances such as wheelchairs Private expenditures such as telephone calls, faxes and personal laundry Hospitalisation charges if hospitalisation is less than 8 hours, with the exception of day surgery cases Ambulance fees Rental of sleeper units There is also a withdrawal limit for the use of Medisave for selected outpatient treatment, eg. renal dialysis, ACP, chemotherapy, radiotherapy. For inpatient: The maximum Medisave withdrawal limit is $450 per day for each day of hospitalisation. The withdrawal limit for surgical procedures ranges from $150 to $5,000 depending on the types of surgical procedure. For day surgery: The withdrawal limit is $300 for hospital charges, while the withdrawal limit for surgical procedure range from $150 to $5,000. For maternity: With effect from 1 August 2004, Medisave can be used to pay for the hospitalisation charges for the delivery of the first four children. For the fifth and subsequent child, parents will need to have a combined Medisave balance of at least S$15,000 at the time of delivery to be eligible.

What can Medisave cover (for your hospital expenses)

Medisave covers the following hospital expenses:
	a. Daily ward charges b. Doctor's fees c. Surgical operations, including the use of operating theatres; and d. In-patient charges for medical treatment, investigations, medicines, rehabilitative services, medical supplies, implants and prostheses introduced during surgery. Medisave covers up to: a. $450 per day for daily hospital charges for hospital admission on or after 1 May 2007, or $400 per day for daily hospital charges for admission before 1 May 2007. This includes a maximum of $50 for doctor's daily attendance fees b. A fixed limit per table of surgical operation as detail below: Table of Surgical Procedures+ Medisave Limits Per Surgical Operation * (S$) 1A - 1C 150 - 250 2A - 2C 350 - 600 3A - 3C 800 - 1,200 4A - 4B 1,400 - 1,800 5A - 5C 2,000 - 2,400 6A - 6B 2,800 - 3,600 7A - 7C 4,000 - 5,000 + Classification indicates the complexity of the procedure. For a list of procedures, please click on the above links. * Includes surgeon, anaesthetist and facility fees c. For approved day surgeries, Up to S$300 per day for daily hospital charges and a fixed limit per table of surgical operation for surgeries done on or after 1 May 2007.  Up to S$200 per day for daily hospital charges and a fixed limit per table of surgical operation for surgeries done before 1 May 2007. d. For psychiatric treatment, Medisave can be used to cover up to $150 per day for the daily hospital charges including a maximum of $50 for the doctor's daily attendance fees, subject to a maximum of $5,000 a year for admission on or after 1 Jan 2007, or subject to a maximum of $3,500 a year for admission before 1 Jan 2007. e. For approved community hospitals, Medisave can be used to cover up to $150 per day for the daily hospital charges, including a maximum of $30 for the doctor's daily attendance fees, subject to a maximum of $3,500 a year. f. For approved convalescent hospitals, Medisave can be used to cover up to $50 a day for the daily hospital charges, including a maximum of $30 for the doctor's daily attendance fees, subject to a maximum of $3,000 a year. g. For approved hospices, Medisave can be used to cover up to $160 per day for the daily hospital charges, including a maximum of $30 for the doctor's daily attendance fees.

Electricty Tariffs - Biggest hike in 8 years

My email update to clients:

Dear Clients,

I believe most of you have read the article on TODAY (Sept 30), the article reported another increase in electricty tariffs.

Our convenient MRT and buses fees have increased recently too.

Year after year, this (hikes) will increase, what we are not sure of is the percentage% that it will increase.

The world population growth coupled with the dimishing resources will steadily bring about higher costs to everyone.

What this means is that the hikes are also compounding their interest. Ensure that your money is growing at a compound rate too

Protect your wealth, don't let it diminish in value, then grow it