The recent newspapers reports on Mr Khaw Boon Wan, the current Health Minister, paying only S$8 for his medical bill for his bypass surgery reinforced the beauty of having sufficient medical insurance.
What did our Health Minister do right to minimize the cash outlay from his pocket?
Read all about the article if you’d missed it last Sun. MediShield (full) – SunTimes 31 Oct Article for 1st dollar Coverage
Mr Khaw upgraded from the basic MediShield plan to a private shield plan with a rider.
The private shield plan is a ‘as charged’ plan. This means the bulk of his medical bill is reimbursed and YES, you can have inflation-proof medical care.
On top of this, the rider covers both the deductible and the co-insurance so that the first dollar of your medical bill could be covered.
Do note that insurance companies impose some limits to the amount of claims we can make. Hence you may still need to pay a bit but the cash outlay from YOUR pocket would be minimized.
So have you upgraded your basic umbrella (Medishield plan) to a bigger umbrella, a private shield plan YET?
Most importantly, ask yourself, “What do you want to happen when you fall sick?“
Pick up the phone and call me at 9231 8779 to meet up over coffee.
Let’s upgrade you to a private shield plan with a rider while you can.
Don’t leave it to chance or rely on your employers because group medical insurance plans are usually not portable once you leave the company.
It’s our money and our responsibility.
Ensure you’re insured today with an appropriate medical insurance plan to minimize the impact of medical bills on your finances.