Business and Lifestyle in Singapore

Singapore has a reputation for being a leading business hub in the world, as well as providing a high quality of life to expats and residents. Singapore has managed to leave a couple of years of negative growth, due to the global financial crisis, to create a prosperous country which offers many opportunities for expats in healthcare, finance, trade and technology.

The World Bank has ranked the city-state in the first position for ease of doing business. Ernst & Young found the state country to be the third of the most globalised economies among 60 of the world's largest economies according to a report by Ernst & Young (2011). There currently are more than 7,000 companies operating in Singapore, and over 100,000 expatriates working there.

One of the most remarkable aspects of Singapore is the mix of solid traditional values and modern business techniques. Let's take a look at some hints and tips for professional expats living or looking to relocate to Singapore.

Business tips

• Singaporeans are an eclectic mix of ethnics. Companies approach to business may, therefore, differ.
• Respect and hierarchy, as it happens in other Asian cultures, is widespread in business. For instance, junior employees do not deal with senior business partners. 
• Decisions are always made at the top.
• Any debates over disagreement about any decision made are held in private, never in the open.
• It is important to maintain good personal relationships. Make sure you attend any business dinners you are invited to.
• Harmony is sought in business meetings.
• Check out the Ministry of Manpower for more information on business skills that may be in demand.
  

Lifestyle

• When greeting people, a nod and a hand shake are the usual custom. 
• Women need to bear in mind that a big proportion of the population comes from an Islamic background. So, fashion may be a bit more conservative than in Western countries.
• Gift-giving is not as widespread as in other Asian cultures. Gifts are usually modest and not too personal.
• Enjoy chili crab and their carrot cake (not the Western version at all!)
• Singapore can be an expensive country. For example, their excellent healthcare comes with a high price tag.
• Haji Lane is fashionista's paradise! 

Got any other tips? Please let us know!

Thank you for reading this blog.
The Medibroker Team

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Key Questions to Ask when Buying Your International Health Insurance

So, you have decided to make the move and work abroad for some time. You may be excited about the prospect of meeting new people, a great new job and enjoying the culinary treats in your guest country. Next thing is to plan that move.

In tough economic times, we tend to save as much cash as possible. Exercising regularly and eating healthily will definitely help you and your loved ones in different ways. But, a healthy lifestyle will not protect you and your finances against an unexpected event or from an old injury or illness. For example, the bill for just an injured elbow in Hong Kong could cost you £10,000 or more. 

Now, health insurance is not the easiest product to shop for, but it is not as hard and daunting as it may look like at first glance. We thought we put together the key questions to ask your health insurance broker. Got any more questions, just ask!

1.     Do I need worldwide cover?
This will depend on your circumstances at that moment. If you're a contractor and are looking to live in different countries, then your options may be different from expats on a company transfer. This becomes particularly important if your family is travelling with you. Your domestic health insurance cover is not likely to cover you abroad.

2.    What benefits are provided?
Benefits range from regular medical check-ups to maternity cover and expatriation. All you need to do is assessing your circumstances and decide what benefits your health insurance plan needs to include. Your broker can help you with this.

3.    Will my medical history be taken into account?
Any previous injury or illness history will have a bearing on your health insurance policy. This is what we call pre-existing conditions in insurance.

It is important that you tell your broker about any condition or injury that you might have received treatment for in the last five years, including those that are controlled by medication, such as hypertension. The reason for this is that you may not be covered for any of these conditions nor for any derived consequences of them. Your broker will help you choose an insurance cover that best suits your needs.

4.    Why do I need international health insurance?
The chances of you or your family having an unexpected illness or an accident may seem small. But, road accidents or injured limbs can easily set you back a couple of thousand pounds anywhere in the world, which would add to the anxiety of needing to perform well in your new job. An adequate international health cover will enable you to have prompt access to quality treatment or being evacuated home if needed.

5.    Am I covered for routine medical check-ups and dental treatment?
An international health insurance will include a variety of treatments, including medical check-ups and dental treatment. It is generally a good idea to include dental treatment in your policy, as it can be quite expensive to arrange when abroad.

6.    Would I be covered if I become pregnant?
Yes, you may be covered, although insurance plans worldwide may cover different aspects of pregnancy.

7.    Can I choose doctors and hospitals?
Yes, you can choose both the doctors and hospitals or clinics where you wish you to be treated.

8.    When would I be seen?
A qualified healthcare professional would see you as soon as you need it. Even in industrialised countries, such as Canada, waiting periods can be long and bureaucracy overwhelming. Your international health insurance policy will enable you to avoid the hassle.

9.     How much will I pay?
That would depend on various aspects, such as the benefits included and on the number of people who would be included on your policy. Your broker will help you find the plan that best suits your needs and budget.

10.  Can my family or spouse be covered with my insurance?
Health insurance plans can include family members or spouses.

Still in doubt? Then, please ask us!

Thanks for reading this post.

The Medibroker Team


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