What kind of Medical Insurance do I need in Singapore?

The following message on medical insurance is for your information only and it does not have regard to the specific investment objectives, financial situation and particular needs of any persons.

Always consult Ms Claire Soh at 9231 8779 before making any decision on insurance or investment.

Dear CFO,

Medical emergencies and illnesses:

These things can happen and they do happen. I’m talking about reality. Agree?

What if you fall sick?

Do you know the potential costs of treating critical illness in Singapore?

According to a consumer survey conducted by one of the insurers, only 1 in 3 Singaporeans have sufficient funds to cope with medical emergencies.

Questions to ask yourself:

First and most important question to check with yourself:

Do you want to have choices when it comes to healthcare?

Do you want to have the ability to CHOOSE to go to a private hospital or a government restructured hospital in case of medical emergencies? Which do you prefer if you can afford it?

Do you know how your Medisave and Medishield work?

  • Did you know that you have to pay for the Deductible and Co-insurance portion of your medical bill first before claiming from MediShield?

Here in Singapore, the Healthcare Financing System requires individuals to be responsible and bear a portion of his/her hospitalization bills by paying the deductible and co-insurance first before any payout from MediShield.

  • What can you claim for your medical expenses under Medishield? Do you know?
  • Did you know that only certain approved outpatient treatments such as kidney dialysis, chemotherapy and radiotherapy treatment for cancer are covered under MediShield?
  • If the medical bill is small, in general, you might have enough cash or Medisave to pay for it.
  • However, in the event of big medical bills such as treating critical illness like cancer, do you have sufficient funds to cover potential healthcare expenses? Do you realize you might run the risk of depleting your own Cash and Medisave? Would your financial resources be seriously restrained in such a scenario?

An example to illustrate the potential costs involved in the event of a critical illness.

A local newspaper article published in the year 2004 stated that it cost about S$115,000 to treat colon cancer in that year. This cost covered the 7-week stay in a Class A Ward in a public hospital, loss of income and paid help for a domestic helper to take care of the patient.

You should also ask yourself, What kind of treatment do you want for yourself in the event of a critical illness?

  • Are you worried about the high medical costs in Singapore?
  • Do you want to have an inflation-proof medical care?

What do you think of Medishield? Do you think Medishield is good enough to provide comprehensive coverage against the rising healthcare costs in Singapore, given its claim limits?

If not, have you upgraded your basic Medishield to an Integrated Shield Plan (IP) provided by private insurers? Even the local government encourages individuals to be prudent and takes care of his or her finances, including having sufficient medical insurance in the long run.

Did you know that an Integrated Shield Plan can provide higher benefits and more comprehensive coverage for your medical expenses?

Do you want to have full coverage from the first dollar of your medical bills when you’re hospitalised?

Or do you want flexibility in your medical insurance plan so that you can choose to adjust your options accordingly as you proceed to different stages of your life?

If you’re married, how about your children?

Does your existing medical insurance plan cover your children? According to MOH statistics, over 1 in 3 hospital admissions in 2007 were children aged 19 years old and below.

Did you know that you can save up to 20 years’ of premiums and your children can get free medical coverage for (up to) 20 years?

YES! Such medical insurance exists. Terms and conditions apply. Don’t miss out on this opportunity to get your children covered.

Did you also know that you cannot claim for the ambulance fee or the taxi trip to the hospital with your Medisave? But now you can claim for these expenses with a particular plan.

As a responsible CFO of your own lifehave you upgraded to a private integrated shield plan to provide up to half a million dollars of medical bill coverage so that in the event of any medical emergencies, you have the CHOICE of getting the BEST Treatment for yourself?

Act NOW to ensure you and your family are insured with a medical insurance plan that suits your needs.

Because the peace of mind and financial security for you and your loved ones are priceless!

Call Claire at 9231 8779 RIGHT NOW to discuss your needs for medical insurance over coffee. Let’s work together and let me help you put together solutions for your situation.

And that, dear reader, is all for today. As always, thank you for reading.

To your success and happiness!

Ms Claire Soh

Mobile: 9231 8779

Email your query to clairemh.soh@gmail.com

ASK to sign up for my FREE newsletter! Simply email me at clairemh.soh@gmail.com with ‘newsletter’ in the subject line.

Important Notice and Disclaimers:

Nothing in this material constitutes personalized investment advice. Information provided here should not be considered as advice or as an offer or enticement to buy or sell or trade. The contents of this material, including any financial data, information, opinions and analysis, are strictly intended for educational use only.

No guarantees are made as to the accuracy of the information provided herein.

You shouldn’t make any decision based solely on what you read here. It’s your money and your responsibility.

Please consult your financial advisor or call Claire Soh at 9231 8779 before investing in any investment or insurance.

Should you choose not to seek such advice, you should consider whether the investment or insurance product in question is suitable for you.

Contents © 2010 Ms Soh Ming Hwei Claire. All Rights Reserved.

Please note that you do not have permission to copy or post the contents of this blog to any web pages whether private or public.


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