Do you have a private shield plan and CI cover?

To the responsible individuals of the world:

If you or your loved one is diagnosed with a critical illness, the trauma is not only physical but emotional and financial as well.

The costs of a critical illness can add up quickly and develop into a far bigger problem than most people realise.

You want to be able to afford the best medical treatment when you need it most.

When it comes to situations like these, the best solution is to prepare in advance for the financial consequences by having the right protection in place.

Looking at the cold, hard statistics and the sheer incidence of cancer in Singapore today, the more compelling question is: What if it happens to you?

Take a look at the costs. (These figures are extracted from various articles from AsiaOne website)

e.g. The cost of Herceptin, a drug for treating breast cancer.

It is $4,000 a shot, if you want to know, and you will need more than one.

e.g. The cost of Iressa, a $120 pill, which has to be taken daily to prevent lung cancer from recurring.

e.g. Another pill to treat Leukaemia in young children costs about $6000 a shot.

Statistics:

  • 24 people here are diagnosed with cancer every day, and 12 die of it too.
  • Each year, close to 9,000 new cases of cancer are found. Half of the victims die of it.

So reality check:

  • Do you have sufficient funds set aside for medical emergencies?
  • Do you want to afford the best treatment at the private hospitals?
  • The question of affordability
  • Cancer survivors say cancer treatment, which can amount to tens of thousands of dollars, can easily drain their Medisave savings as well as the accounts of their spouses and family members.
  • MediShield insurance can also be used, but there are limits on how much will be paid out.
    • e.g. 1 Mrs Fong was quoted that she wiped out the bulk of her own and her husband’s Medisave, health insurance schemes and family’s savings, now urges her friends to insure themselves while they are healthy.
    • The price tag for her new lease on life so far: about $100,000. And she still has to fork out at least $30,000 more for her shots.
    • Her oncologist, Dr Ang Peng Tiam, the medical director of Parkway Cancer Centre, advises Singaporeans to buy insurance coverage while they are healthy and to ensure that they have good coverage for critical illnesses such as cancer.
    • e.g. 2 One of my client’s friend who is a Chinese man in his 50s, sold his bungalow to get the cash to cure his cancer. His entire family downgraded to a HDB flat. All because he didn’t have an appropriate medical insurance in place
    • So, do you have sufficient CI coverage? Have you upgraded to a private shield plan?

After all, insurance is the only tool that gives you cash to handle the unforeseen events during downtime so that your plans, dreams and responsibilities can go on.

Have you protected yourself and your loved ones yet?

Call me at 9231 8779 to review your medical insurance and CI cover.

Let me help you ensure you and your family are adequately covered with the appropriate medical insurance while you’re still fit and healthy.

Best Regards

Claire Soh

Disclaimer:

The above information is strictly for general information only and is not be construed as an offer or advice or solicitation to deal in any fund, nor a recommendation to invest in any company mentioned herein.

The information contained in this email is not intended to constitute individual investment advice and is not designed to meet your personal financial situation.

Please consult your financial consultant before making any decisions.

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