The possibilities are endless
The possibilities are endless
Table of contents Our global network of professional partners...4 Welcome to Infinity school benefits solutions...5 Infinity s service pledge to schools...6 School health insurance...7 Considerations for schools when deciding on healthcare packages...8 Portability Pre-existing conditions Types of plans Cost containment Upgrades Outpatient claims online Evacuation cover for teachers and dependants Insurance options for schools...11 School group life cover Total and permanent disability plan for schools Short term disability plans for schools Long term disability plans for schools Group travel insurance Group pension plans for schools...13 Our services Details of the pension plans Benefits Portability Flexibility Contributions Vesting periods 3
A global network of partners We carefully select and monitor each of our partner providers. Over the years, Infinity has built up a significant network of partners including some of the world s leading financial institutions. We work closely with our partners to ensure our clients have the best available solutions to meet their needs. Some of Our Professional Partners and Product Providers 4
Welcome to Infinity school benefits solutions At Infinity, we understand that schools are far more than businesses and that they play a key role in their communities. That is why, in our partnership with schools across Asia, we strive to match the best possible benefits solutions to the needs of each individual school. Our experience of working with schools has taught us that an appealing benefits package can attract the best quality teachers and retain them for longer. We also realise the importance of finding the right benefits at the right price. As a company, we will always negotiate the best possible deal for our school clients and do our utmost to meet your expectations on every level. We can also assist with cost control by creating, where necessary, cost containment measures to ensure that your premiums do not escalate on a yearly basis. These measures will help your school save money and allow your finance department to budget effectively every year. Providing benefits packages for international schools can be complicated. Schools across Asia must take into account different national legislation and mostly employ overseas staff from multiple countries. At Infinity, we are experienced in untangling the complexities and providing sensible, straightforward, flexible and portable solutions that will meet your needs. Whether a school is looking for group life insurance, staff medical cover or establishing a pension scheme, as an independent international broker we have access to a vast array of internationally recognised providers and can source the most cost effective solutions for your school. Our long relationships with the leading product providers means we will always be able to negotiate the best deals on your school s behalf. 5
Infinity s service pledge to schools Infinity is dedicated to providing the highest standards of customer care in the financial services industry. Our relationship doesn t end at finding the right product for a school; that is the point where it begins. Our service pledge includes: > Assisting fully with the initial set up of any benefits plan including a presentation to staff members explaining the scheme and providing assistance with all document preparation > Providing detailed briefing and assistance to your human resources or administration department on the processes involved in the operation of any group scheme > Providing advice for staff on the claims process for any group insurance cover > Providing a telephone number and email address for all scheme members to contact our dedicated client servicing team in the event of any problems or queries. > Providing, if required, the presentation of any benefits package to new staff at the beginning of the school year > Providing, if required in the case of medical claims, a service for outpatient claims submission enabling the school to collect and send a weekly batch of claims to our local office. We will then register the claim and courier to the insurance provider > Handling negotiations for any renewals and providing the appropriate advice > Undertaking regular reviews of the market to ensure your school is receiving the best possible price for your benefit packages. At Infinity, we place the highest importance on long term relationships and on providing excellent client care so you can be assured that whenever you need us we will be there. 6
School health insurance Our experience of working with schools has taught us how much teaching staff are valued and because of this, we understand the importance of providing the right health insurance package. A good healthcare scheme not only gives staff the confidence that they will receive top quality medical care if required, but also acts as an additional employment bonus. As a result, a medical benefits package can help schools retain and attract high quality teachers. Standards of healthcare vary from country to country as do costs and in most Asian countries, quality medical care can be expensive. A good group health insurance package offers the only practical way to provide staff access to high quality medical assistance and still keep close control over costs. Infinity is an independent broker which allows us to source health insurance packages from a range of internationally recognised providers. By matching your school s requirements with the options available in the market, we are confident we can find you the highest quality group medical cover for the best possible price. Core > Hospitalisation - all inpatient and accommodation costs including cancer treatment Outpatient > Cashless facility available with some providers > Out-patient doctors fees, specialist fees and day care surgical costs > Physiotherapy, chiropractors, osteopaths, acupuncturists, homeopaths, chemotherapy, radiotherapy, dialysis > Chinese medicine treatment > Local ambulance charges Evacuation & Repatriation > Emergency evacuation from current location to nearest centre of medical excellence > Repatriation and/ or burial of mortal remains > Repatriation to home country and/ or burial of mortal remains Dental > Emergency only, or routine/complex + emergency Optical cover Maternity > Routine delivery > Complications of pregnancy > Newborn cover Other > Congenital disorders and hereditary conditions cover > Organ transplants > Wellness check-ups > Overall cover limits ranging from US$100,000 to unlimited > Excess/deductible options MHD for 10 or more employees to cover all pre existing conditions 7
Considerations for schools when deciding on healthcare packages As well as selecting the level of benefits a school may require, there are a few other areas that need to be taken into consideration as well: Portability This is the ability to transfer from the school group scheme to an individual policy. Most providers can offer this if teachers remain expatriates; however many also have certain restrictions as well. One common restriction is that teachers returning to their home country are not permitted to remain on the policy. Some providers permit home country cover in a limited number of countries, but generally withdraw cover from countries that are deemed high risk. Transferring to another group scheme is usually straightforward and requires proof of being a member for at least 12 months on another group policy. Schools need to consider whether or not they want to continue cover after a member of staff leaves employment. Without it, some staff will be left with either no insurance at all or restricted insurance when they decide to leave and get their own. Pre-existing Conditions The term commonly used on policies concerning preexisting conditions is Medical History Disregarded (MHD). If requested, this can be included to cover all medical conditions for the group immediately upon joining. Schools should be aware that some conditions are generically excluded; where this is the case it is clearly stated in the membership guide. However, in most cases most conditions are covered. Without MHD terms, your policy will be fully underwritten and therefore some pre-existing conditions may not be covered. However, as long as you have a minimum of 10 employees on the scheme, MHD terms can be applied. Cover for pre-existing conditions can make a big difference in attracting staff members who have a chronic condition and require MHD terms. 8
Types of plans Community rated health plans cover less than 100 people and form part of a wider pool of health plans from the same provider; sharing the risk across a wider community. These are effective when there is an unexpectedly large claim. The claim is pooled and as a result, will not affect your premium at renewal. Infinity recommends that all small group school plans should be community rated. The premiums are calculated on age and discounted according to the size of the group. Premiums for start-up schools are initially high until they get to a sizable group. This is an important consideration for budgets in the early days. Experience rated plans cover policies of 100 people and over. Premiums are generally based on the history of claims in previous years. If claims increase year on year then your premium will go up accordingly. If they are stable then they will stay the same and in some cases, with negotiation we can arrange for them to be reduced. The premium is generally flat rated in most cases so you will see a price for each member as the same, although some providers price differently for adults and children. 9
Cost containment In cases where schools are on experience rated plans and premium costs continue to rise, Infinity can assist them in introducing cost containment measures. This usually involves controlling the access to excessive outpatient claims. There are other options that can also be examined such as the imposition of an excess or deductible for claims or per condition, coinsurance and/or utilising network clinics and hospitals to protect against overcharging. Outpatient claims online Most providers offer the option of processing outpatient (OP) claims online. This is a very effective tool for reducing the school s administration time when it comes to handling OP claims. Online claims dispense with the need to post claims for reimbursement. School staff can individually email their claims, track them online and receive reimbursement directly into their bank account. Upgrades In schools that decide to limit their health cover to the main essential benefits, teachers and their families may require additional benefits such as congenital/hereditary cover, maternity and/ or dental cover. It is possible to introduce a two tier system which provides a standard level of cover provided by the school and an upgrade to those teachers who are willing to pay extra for the extra benefits. Additionally, if a school only wants to offer a local plan then it is possible to introduce an optional upgrade that provides staff with an international in-patient only plan with higher benefits and limits than a local plan. Evacuation cover for teachers and dependants A crucial benefit offered by most international medical insurances, that is not available through local alternatives, is evacuation cover. This cover will give staff the peace of mind to know that they, and their families, are able to receive the best possible care in any situation. It is common for school teachers to take the opportunity to travel during school holidays. With evacuation cover if they fell ill, or were involved in a serious accident, in a remote area without adequate medical facilities they would be afforded the necessary emergency assistance to get them the required level of care. 10
Insurance options for schools School group life insurance Many schools offer group life insurance cover to staff which provides dependants with adequate protection in case of an employee s death. Group life plans can be packaged with the option of adding cover for total and permanent disability, short term disability or long term disability. Levels of cover may be fixed according to seniority or set as a multiple of salary. Total and permanent disability plans for schools Disability cover gives protection where a member of staff becomes totally and permanently disabled due to illness or injury and unable to work in the same capacity as before. There are some options available for partial disabilities where a percentage of the sum assured is payable. In the event of a claim, this cover is normally payable six months after the disabling event. 11
Short term disability plans for schools These policies are normally payable after a deferred period for a short time, usually to support total permanent disability cover. Policies will pay an income whilst the insured is unable to work due to illness or injury. Duration of cover is usually no more than two years and is usually set between 70-80% of salary. Long term disability plans for schools Long term disability plans are similar to the above, except payable over longer periods such as to retirement age, where total permanent disability cover does not qualify. Group travel insurance In cases where schools have staff that spend a significant amount of their time travelling or where a school offers insurance to staff to cover travel back to their home countries, a group travel insurance scheme may be required. Travel delays, curtailment or cancellation present not only frustration, but also involve a financial cost in making alternative arrangements. Group travel insurance is a cost effective way in providing staff with the necessary protection. Group travel schemes can also provide cover for personal accident, medical expenses, personal baggage, legal expenses and personal liability. 12
Group pension plans for schools Our services Infinity Corporate Benefits is a leading provider of pension services to both schools and businesses of all sizes. Infinity Corporate Benefits will work on behalf of your school to identify the most suitable group pension plan to meet your requirements. When considering suitability we review cost effectiveness, investment options, security, additional benefits, flexibility and administration. Additionally, it may be possible to set up a pension of behalf of an association. In these circumstances, a number of schools can be covered under the master trust of a group pension plan, with each school being a sub-group of the parent association. Infinity would need to look at the possibilities of this on a case-by-case basis with a pension provider and the association. The pension plans we implement offer: > Reduced administration for schools > Outsourcing of all reporting requirements > Option for web based accounts and statements for schools > Personalised investment options for each member > Asset protection through an arranged trust > Estate and succession planning opportunities > Removal of any investment risk from the schools > Tax free growth & favourable tax treatment of benefits > Currency options > Statutory investor protection > International portability and inter-employer portability 13
Pension plan benefits for schools Benefits The administration of a pension plan is minimal for the school as the majority of work is undertaken by the pension provider. The bulk of the administration involves making deductions from payroll and transferring payment to the pension provider. Online web-based monitoring tools are available that allow both members of staff and the schools to view contribution records, account balances and investment performance over the internet. The school can decide whether the pension plan is mandatory for certain levels of staff or choose to provide an optional scheme for eligible employees. The school can set a retirement age for eligibility to withdraw or simply allow withdrawal from the scheme upon leaving employment. Portability All the plans we set up provide total portability staff members can be located anywhere in the world and contributions can be allocated to the plan from any country. Simplicity The legislation pertaining to onshore pensions is voluminous, complicated and restrictive. The international plans we recommend are simple to understand, quick to implement and easy to administer. Furthermore, a school is likely to see a reduction in professional services costs, such as accountants and tax advisers. 14
Contributions Schools may elect whether the schemes are contributory or non-contributory and have total flexibility in setting contribution levels. Minimum premium levels vary according to the provider. Premiums are generally variable as long as a clear schedule of payment breakdown for each member is provided. Schemes are primarily denominated in US dollars, Euros or Sterling but it may be possible to provide other currencies if required. Contributions could be in one of the following formats: > Any percentage from the employer only, allocated from payroll to pension plan > An equal contribution from both employer and employee. For example 5% and 5% > A minimum amount from the employee (5%) and a maximum amount from the employer (10%) > An amount agreed as an End of Service Bonus (EOSB) when leaving or retiring. Vesting periods All employer/school sponsored contributions are generally subject to a minimum vesting period. As an example, this could be set at one year and would mean that the staff member would not have access to the school s contributions unless they served a minimum of one year s employment at the school. Vesting periods do not apply to contributions made by the members of staff themselves and are always available to withdraw upon leaving employment. Vesting periods are usually used to encourage an employee to remain for the duration of their contract which may be a factor in staff retention. Vesting periods can be set at whatever length of time the school deems appropriate. 15
Doing business with Infinity Infinity receives remuneration directly from our product providers. We do not charge a fee for initial consultations and will only apply charges with prior notice to, and approval from, our clients. Infinity Corporate Benefits is a division of Infinity Financial Solutions which is registered in Labuan, Malaysia (company number LL04446) under the Labuan Companies Act 1990. Infinity s operations are regulated and supervised by the Labuan Financial Services Authority (LABUAN FSA) License Number BS200548 and are subject to the legislation of the Labuan Financial Services and Securities Act 2010. 16
infinitysolutions.com admin@infinitycorporatebenefits.com Infinity Financial Solutions Ltd S06A2, 6th Floor, South Block Wisma Selangor Dredging 142-A Jalan Ampang Kuala Lumpur 50450 Malaysia Telephone +60 3 2164 6585 Infinity Financial Solutions Ltd Registered Office U0195, Jalan Merdeka PO Box 81933 87007 Federal Territory of Labuan Malaysia Company No.LL04446 Labuan FSA License NO.BS200548