How to protect yourself against hospital bills in Singapore?

Dear friend

Life is uncertain.

In the event of a personal accident or injury at work whereby we need to go to the local government hospital to get a stitch surgery for a cut finger or for young children below age 12 to seek treatment for bronchitis?

Do you know how much the medical bills will be?

It’s at least S$2000 for the above-mentioned medical treatments at the local government hospitals.

To treat early stage of cancer, the hospital bills are at least S$60,000 at the local government restructured hospitals.

Will your employer pay the medical bills for you?

Will your parents or spouse or grown-up children help you with this obligation?

Are you prepared financially for unforseen medical emergency in Singapore where healthcare costs are high?

How do you prepare you and your loved ones for such a scenario?

An update on the enhanced private integrated shield plans.

The Ministry of Health had announced that the basic MediShield will be revised to provide better medical coverage for all Singapore citizens and Permanent Residents, from 1 March 2013. Consequently, all the 5 insurance firms are revising their offerings of the private integrated shield plans to integrate the changes with the new coverage from the basic Medishield plan.

The changes to the benefits and increase in premiums are aimed at keeping pace with customer needs and rising medical costs.

Aviva Ltd did a consumer survey in 2012 and found that up to 60% of Singaporeans are not do not have enough savings for unforeseen medical emergency.

For Singaporeans and Singapore PR, the answer is clear. To protect yourself against hospital bills here in Singapore, please upgrade your basic Medishield plan to a private integrated shield plan and get the rider plan to protect your savings, be it cash or your medisave funds from being wiped out by medical emergency or potential hospital bills incurred for medically necessary treatments.

How do you check if you have a private integrated shield plan? First, log in to CPF website and check if you have upgraded to a private integrated shield plan. You should be able to see the name of the insurance firm and the name of the private shield plan that you’re currently insured with. Then check your bank statement to see if you have an annual deduction via GIRO for the rider plan which we need to service with cash (only). Otherwise call your insurance firm and check if you have such a plan.

If not, please protect yourself and your loved ones with a comprehensive private integrated shield package that provides a 100% reimbursement of the first dollar of potential hospital bills.

Quoting Eryn Yee, winner of CPF Are You Ready? Facebook Contest, “Health is freedom. Many a times, we do not realise it until an illness strikes us or our family. When illness strikes, for many, financial worry looms larger than health concerns, which is sad. This should not be the case. We should take the effort to have proper financial planning to cover future healthcare issues: big and small. We should also focus on living healthy and fruitful lives.”

Avoid the pain of having your hard-earned cash or medisave funds to be wiped out by unforeseen medical expenses due to injury or illness.

Get a free consultation worth S$500 by calling Claire at 8168 7459 today to help you determine an appropriate solution for your hospital insurance plan based on your need, objective and budget.

Lastly: I suggest to have regular medical checkups to nip any problems in the bud early. If you feel unwell, don’t try to cure yourself or hope passively that the ailment will go away; go to the doctor. It’s better to be safe than sorry. We only have one body each, treasure it and respect it.

And from 1 to 31 May 2013, all female Singaporeans and PR aged 25 – 69 years old, you can enjoy FREE Pap smear screening at participating clinics island-wide. Check out the Singapore Cancer Society website for details and terms and conditions.

Note: 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 investment decision based solely on what you read here.

It’s your money and your responsibility. And please consult your financial consultant or call Ms Claire Soh at 8168 7459 before buying 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 © 2013 Claire Soh. All Rights Reserved.


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