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How My Client Viewed Our Local Private Medical Insurance Plans

I just met up with a Client who came back to Singapore after 10 years of staying and working in the USA.

The purpose of the meet up is to recommend a Private Medical Insurance and any possible Supplementary Benefits that can be added.

How Singapore’s Medical System And the USA’s Medical System Differ

I had a good chance to understand the difference between the medical health system in the USA and Singapore. And what my Client has shared is quite shocking! And here are some of it, though I must still say that the accuracy of what I will be sharing may not be the whole truth:

– The Charge To Call For An Ambulance In The States Is $500 Per Trip

(image courtesy from sxc.hu)

Yes, you are reading this right! If there’s any emergency that you really need to call for an ambulance to fetch, be prepared to pay $500!

And if you are thinking that this ambulance will fetch you to the best hospital around, guess again. These ambulance services will still fetch you to the nearest hospital near your residence. If you stay just 30 minutes to the hospital, this $500 is a huge price to pay! This is why my Client says that most people in the States have to think twice before calling an ambulance.

They do have Medical Insurance Plans to cover for the ambulance services but you have to read the second last Pointer to understand that having a medical insurance plan will not make much difference.

– To Call For An Ambulance In Singapore Ranges From $35 to $75 per Trip

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2010 – A New Year To Start And Improve Your Financial Plans

Happy 2010!

Phew! 2009 has been a rough year for many and there are many valuable lessons that one can learn from and apply to in 2010.

And some of these which I personally feel that it’s worthy to keep in mind at all times:

  1. It’s wise to be more knowledgeable in what you are investing – nothing is safe till you know the risks involved.
  2. It’s always good to diversify – not just your investment portfolios. Big companies with many years of history may just go bust overnight so do not put all your nest eggs into just one basket. In other words, it’s okay to have the same type of insurance plan with other companies. You need it too!
  3. Not everybody will tell the truth – learn to listen and ask good questions and to put the feedbacks or answers down in writing (do verify after the writing)
  4. What “goes down in March” will “come up in August” – this is an investment lesson or experience that I have personally went through. A unit trust that went real down in March 2009 (also the time when many people choose to sell off) climbed back up in August 2009 (and it was higher than the normal times). So do not follow what other average people do, learn to differentiate and understands from within.
  5. Not all are down during the recession – many stock prices are down but not all and it’s evident in the property market (especially in Singapore) and in the prices of Gold (have you seen how it climb at the last few months of 2009). What this mean to all of us is that we need to understand how the financial market really work – relationship between various investment options like Equities, Commodities, Properties and Cash.
  6. Take good care of your health. 2009 is the year that many people are concerned about their financial health but they are unable to get the insurance that they need. Common illnesses: Hypertension, High Cholesterol and Diabetes!

So will the new year in place, have you set aside some of your resolutions to start and improve on your financial planning?

If not, how about getting some pointers and guidelines from this blog?

For Newborns And Children Starting School (Kindergarten or Primary School)

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