Jonathan Chua

The insurance world is one that is easy to grasp when it comes to its fundamentals, but is riddled with various terms that can confuse many policyholders when it’s time to make a claim. We take a look at the essential tool that is health insurance by explaining the most commonly used terms in this multi-billion dollar industry. Premiums and Claims These have been grouped together as they cover the basic functions of the industry. Premiums are the amount that a policyholder has to pay to an insurance company for the coverage. A claim is when a policyholder submits a request for the insurance company to reimburse them for a payment that falls under the agreed stipulations within their policy. Deductibles While most people usually only look at their plan’s upfront costs (premiums), the policy’s deductible should also be factored into the overall cost of your health plan. The term refers to the amount of money you have to pay every year to cover eligible incidents before your insu...

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Many of the people who engage the services of a financial planner tend to do so as retirement approaches. This is natural; retirement is a big step. Here is a financial planning to-do list if you are within 10 years of retirement. Sock Away as Much as Possible For many retirement savers, these are the highest income years of their careers. This is the time to contribute the maximum amounts possible to your employer’s retirement plan, IRA accounts and the like. While these contributions will not have the years to compound as those made in your 20s and 30s, every bit helps. (See also: Financial Planning: It's About More Than Money.) Check Social Security While there is some discussion as to the future solvency of Social Security, it's likely that those currently in their 50s will receive their benefits. You can get your statement and check your benefits here. The Social Security Administration has also indicated that they will resume mailing statements, so keep an eye out f...

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Some medical doctors are paid commission fees of 20% to 30% of the physiotherapy bill if they refer their patients – such as those who require rehabilitation due to injury or illness – to private physiotherapy clinics Dodgy practices have emerged in the healthcare industry, involving doctors, physiotherapists, insurance agents & third-party administrators (TPAs) splitting money from inflated insurance claims among themselves via a referral and commission system, TODAY has learnt. Responding to queries, the Ministry of Health (MOH) said it has received feedback on such practices, & will be looking into the matter. “MOH takes a serious view of any attempts to defraud the healthcare system at the expense of Singaporeans,” a ministry spokesperson said. “Fraudulent behaviour such as unnecessary referrals & false claims for services not rendered raises the overall costs of healthcare in Singapore, and leads to Singaporeans paying more for their healthcare services and ins...