Category Archives: Medical Costs

Breast and Prostate Cancers Rising Sharply in Singapore

 

Source: The Straits Times, 21 June 2017

There are more and more women and men getting cancer in Singapore, especially breast cancer for women rising more than double while prostate cancer for men rising more than five times.  However, with the advancement of medical technology, those cancer patients with early stage cancer have a higher chance of survival.

The top 5 cancers for men are prostate, lung, colo-rectum, liver and blood cancers, while the top 5 cancers for women are breast, colo-rectum, lung, uterus and ovarian cancers.

Therefore it is very important for us to go for regular medical checkup and ensure sufficient cancer coverage to give us a peace of mind should it happens. It is also important to ensure that our existing cancer coverage covers early stage cancer as well, so that we can use the claim to tide us over the difficulty period should we are not working for a period of time to go for various follow up treatments for the cancer.

How about you? Do you go for regular medical checkup with sufficient cancer coverage to have a peace of mind?

 

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Do You Have a Comprehensive Personal Accidental and Hospitalization Plan?

 

Source: The New Paper, 28 July 2016

Source: The New Paper, 28 July 2016

This is a very sad incident of an accident where a motorist was knocked down by a falling tree and now he remains unconscious for over a week.

The motorist is a 23 years old Malaysian who rides into Singapore to work to earn a living to feed his family especially for his wife who is also 23 years old and his 2 years old daughter.

He has severe injuries to his head, jaw, eyes and throat. Doctors told his family that the best case scenario after he awakes is that he will become paraplegic and blind in one eye.

His company’s insurance coverage will cover up to $25,000 of his medical fees. His company intends to give his family a lump sum of cash and his colleagues also helps to raise several thousands.

Do you think this sum of money is enough to pay for his medical fees in Singapore? Is it enough to finance his daily expenses and future treatment in Malaysia?

What if the biker has bought a comprehensive accidental insurance and hospitalization insurance in Malaysia or in Singapore? Will his family has a peace of mind? Do they need to worry about money for the future?

How about you? Do you have a comprehensive accidental insurance and hospitalization insurance? I have spoken to many who said “no need to buy as nothing bad will happens”, “no need to buy as everything covers by the company”. Ironically, personal accidental insurance payout and hospitalization insurance payout are the highest claims among the insurance companies in Singapore. 

Should one day something bad happen, do you want your family to worried about your recovery on top of the rising medical cost with everyday staying in the hospital? Ultimately, the choice is yours whether do you want to have the peace of mind for your family now.

 

 

 

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Hospitalization Coverage in Singapore

After retirement, how are you going to pay for your hospitalization premiums?

After retirement, how are you going to pay for your hospitalization premiums?

Most of us in Singapore have a comprehensive hospital coverage to protect ourselves against the rising medical costs so that should anything happens, we have a peace of mind as the insurance company is there to take care of our hospital bills.

However, have you thought of what happen after your retirement? Without an income coming in or lesser income coming in, how are you going to pay for your hospital premiums when it will increase as you aged older? Do you have an additional of $89,000 coming in after retirement?

If no, what are you going to do? How are you going to pay for it? Not forgetting that this is the time you need hospital coverage the most?

Do contact me if you want to know what are the various options that are available to you so that you have this sum of money coming in after your retirement.

 

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Payout from life insurers drops to S$6.79b despite rise in claims

Source: TODAY Online, 7 Feb 2015

Source: TODAY Online, 7 Feb 2015

The life insurance industry paid out to policyholders and beneficiaries has fell to S$6.79 billion in 2014 which is attributed to a drop in the paid out amount for matured policies. The rise in pay out for death, critical illness or disability claims however rose by 13% from 2013. On the whole, weighted new business remained the same as per last year while annual premium sales fell to 1.928 billion compared to 2013. The Life Insurance Association Singapore (LIA) said that the re-pricing exercise of Integrated Shield Plans (IPs) has seen a rise in premiums. In 2013, single premium sales increased to S$860.8 million and in 2014, the amount of new health insurance premiums fell by 42% to S$266 million from 2013. IPs and IP riders account for 92% of new health insurance premiums. LIA said that one in two individuals in Singapore has health cover, with premiums amounting to S$1.6 billion as of December in 2014. With the establishment of MediShield Life in end-2015, LIA would continue to collaborate with the Government and IP insurers to raise better public awareness and education on health insurance and on how MediShield Life and IP work.

What do all these figures mean to you? By looking at the increased in pay outs for death, critical illness or disability claims and the increase in new health insurance premiums, this shows that these areas are a concern of the people here. How about yourself? Are you covered too and is your coverage sufficient?

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4 shifts in Singapore’s approach to healthcare

Source: Channel Newsasia 10 Feb 2015

Source: Channel Newsasia 10 Feb 2015

Singapore’s three-pronged approaches in having a good healthcare system are: – Firstly is to focus on public health such as investing in basic sanitation, compulsory vaccination and mass education. Secondly, a system that allows one to pay for his medical treatment via his insurance coverage Thirdly, to balance in healthcare financing between individuals, insurance and government, with official grants augment by mandatory savings in the form of Medisave, MediShield and Medifund. With MediShield Life being a more encompassing scheme and insurance premiums will go higher, the government is subsidising the insurance premium to keep them affordable, particularly for the lower-income households. Sustaining a good healthcare is an on-going challenge due to progression in medical science, ageing population and the increase in diseases.

In these aspect, Singapore has made four shifts to its healthcare approach.

  1. Provide an all-inclusive support through the Community Health Assist Scheme to subsidies outpatient treatment for lower or middle-class Singaporeans at private GPs.
  2. MediShield Life to replace MediShield to better manage high medical bills.
  3. Give people better, less-costly healthcare in their vicinity by building community hospitals and improving access to polyclinics and GPs.
  4. Campaigns to promote healthier food choices and Active Ageing such as cycling connectors to encourage Singaporeans to be more health-conscious

Do you already have an existing comprehensive medical insurance in place with the private insurers or do you prefer to get yourself protected with MediShield Life? When it comes to big medical bills, do you have enough savings to pay for it if you are under the MediShield Life Scheme? How about your health? Do you exercise regularly to keep yourself fit and healthy?

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Top concerns for Singaporeans: Retirement adequacy, healthcare and cost of living

Source: Channel Newsasia, 16 Feb 2015

Source: Channel Newsasia, 16 Feb 2015

The top concerns of Singaporeans are retirement adequacy, healthcare and cost of living. Singaporeans fear having inadequate funds after they retire to cover their daily expenses and higher living cost, especially for those who are still paying their housing loans. Some Singaporeans foresee gaining help from the Silver Support scheme, while some believe that depending on oneself is crucial to pay off home loans and to prepare for their retirement. There is also a greater pool of people requesting for more withdrawal flexibility from their CPF accounts upon retirement.

Many are concerned that healthcare and hospitalisation costs may be very expensive especially for critically ill patients. Such problems will still persist despite of MediShield Life scheme that will be administered in end-2015.

Many Singaporeans also request for more financial assistance to subsidies “everyday goods and services”. Some felt that the government should relief financial burden on food such as distributing grocery vouchers.

Do you share the same concerns as what is stated above? Or do you have other concerns? Are you adequately prepared for your future in terms of medical costs, increasing cost of living and your retirement? If you don’t prepare and delay it longer, the shorter time you have left. Financial planning starts now and you re-adjust your financial plans as you pass through different phases of your life. Do you want to be in control of your finances without any uncertainty or do you want to delay your planning and live life full of uncertainties?

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MediShield Life: How will you benefit from it?

Source: The Sunday Times, 20 Jan 2015

Source: The Sunday Times, 20 Jan 2015

MediShield Life, when roll out in end of this year, is a compulsory healthcare insurance scheme which covers all Singaporeans for life which will replace MediShield. The key differences between MediShield and MediShield Life are:-

  • Covers everyone, including those with pre-existing conditions that are not covered under MediShield.
  • MediShield Life has higher claim limits for hospital bills and outpatient cancer treatment.
  • The initial lifetime claim limit has been removed in MediShield Life.

There are 3 premium subsidies with different eligibility – transitional subsidies for all Singapore Citizens, premium subsidies for lower to middle-income earners and special premium subsidies and Medisave top-ups for the pioneer generation for life. Premium subsidies for lower and middle-income households are applicable to Singapore citizens and permanent residents with a monthly per capita household income of less than $2600, and households with an annual income of $21,000 or less. The government will provide additional financial assistance for those who cannot afford premiums even after subsidies to keep all Singaporeans in MediShield Life. Those with severe pre-existing conditions will have to pay 30% higher premiums for 10 years.

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Over the years, the higher cost of living and higher medical bills has led to the government to revamp and introduce enhanced policies. This year, MediShield Life will replace MediShield to cover more Singaporeans regardless of their income. Do you think that having MediShield Life is sufficient for your hospitalization coverage or do you prefer to fork out more money on your own to get fully comprehensive hospitalization coverage?

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