Insurance

How My Client Viewed Our Local Private Medical Insurance Plans

by FinancialDex
November 25, 2010

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

Understanding Your MediShield (Medical Insurance) Plans

by FinancialDex
July 26, 2010

Over the last few months, I had met up with a few clients and they shared with me that they see no reasons for them to upgrade their MediShield plans and they are adequately covered.

And I took the initiative to go through with them what they are being covered and conclusion is that most of them do not really know what they are covered.

So instead of promoting why they should upgrade their current coverage, I would rather let them know what they are being covered and let them decide whether to upgrade. If you are one of those who know that you have a MediShield Plan but do not what you are being covered, this post will give you a clearer picture!

Direct Links To Some Of The Common Questions Asked About MediShield

1. What Is MediShield?

2. What Are The Benefits Under MediShield?

3. How Much Is My MediShield Premium?

4. How Do I Know If I Have Already Covered Myself / My Dependents(s) Under MediShield?

Understanding The Benefits Under MediShield In Parts

So what are these Figures? Basically they are the daily limits. Medishield do not really limit you to any hospital type and ward (but in reality, it’s around Ward B2 and C), so if there’s any hospitalization involved, you have to check out with the Hospital the Daily Inpatient and Miscellaneous Charges for your Ward.

If it’s normal ward and $450 per day and below, this amount will be added up with the rest of the charges and summed up against the Deductible.

If it’s more than $450 per day, e.g. $500 per day, you have to take to account that you need to pay the difference of ($500 – $450 = $50 per day) whereas the rest of the $450 fall against the Deductible.

And if there’s a Surgery Involved…

My Heart-Felt Sympathies…

by FinancialDex
March 5, 2010

I would like to express my heart-felt sympathies to the two families (one of the family I do know personally) for the loss of their precious child (one is at the 30s and the other is just 22)

The Family That I Know Personally…

I know the child (younger than me by 7 years) and the child is one of those who is very quiet and also happened to be the only child of the family. I used to be one of the bouncing-around kid in the neighborhood and this child captured my attention was that it was hard to get the child to play and mingle with us…

As usual, we all grew up and went on with our personal life. Those were the times. And it’s only upon reading the newspaper that I got to know the news. This child has grew up to be independent, smart, diligent and has gotten a place in a local university and in a good course.

As a parent, which I place myself in their position, will definitely be proud and one fine day would depend on the child to take care of them upon graduation. I believe this is how my mum would have felt when I graduated with a degree – though she is no longer around to see that. Rest in peace Mum! You deserve it!

To continue… How would it have felt when suddenly the world turns against you. With all the hopes pinned on the child, a sudden collapse meant the end of everything. A bright future. Gone. A world to see and explore. Gone. The dependence… it’s gone as well.

How would you have felt… if the same should happen and I do not wish for the same to happen to anybody…

At this moment, I would like to share that time is precious. Any moment is precious. If you have somebody that’s close to you, start to pay more attention to them. If you have been busy with work, learn to take a break and spend quality time with your closed ones. Show your love. Show that you care. Do not wait too long to do that!

Okay. At this point of your reading, I would also like to share the importance of life insurance as well. If you are not ready, I would welcome you to return next time for my other posts. Else, I welcome you to explore how life insurance can help.

The Importance Of Life Insurance…

What Are Those Insurance Plans All About – Part #1

by FinancialDex
February 9, 2010

(All About Life Insurance Related – Whole Life, Term and Group Term)

This post and the continuous ones will form the basis of all the past and current insurance plans out in the market and I hope this will give you a better understanding of the structure of plans that you may have in your current portfolio.

Note: there are many different variations of plans and if you do not see it, it would be best to seek your Financial Planner with regards to it. It’s better to understand now then to have issues (in terms of claiming or maturity). Do not be shy about asking! Thanks!

Here Goes The List:

1. Traditional Whole Life Insurance Plans

This is a plan that usually covers against Death, Total and Permanent Disability (TPD) and the 26 (now change to 30) Critical Illnesses (CI). This plan pays a lump sum upon claim and will terminate. Premiums to be paid are usually to the age 85 (this may varies) and comes with cash value. Some insurance companies offer the options to convert part or full amount of the surrender value to an Annuity Plan. Do note that this plan does not cover you against any hospitalization bills. Also note that early termination will result in heavy penalty (getting less than what you have paid)

2. Limited Premium Term Whole Life Insurance Plans

This is a new variation to the Traditional Whole Life Insurance Plan by offering you with a Limited Premium Term. This means that you do not have to serve the full premium term to 85 years old. You are given some options like 5, 10, 15, 20, 25 and to age 65. The benefits are the same as per the Traditional Whole Life and pays a lump sum upon claim and terminates.

Do You Terminate Your DPS And Eldershield Because Of The Premiums?

by FinancialDex
January 10, 2010January 10, 2012
6 Comments

There is still a strong sign of Singaporeans terminating their Dependent Protection Scheme and Eldershield simply because of these reasons:

1. If I do not die, be permanently incapacitated before the age of 60 (for the case of DPS) or unable to commit to at least 3 out of the daily 6 activities (for the case of Eldershield), the total premiums paid by me are down the drain

2. I do not know what these plans are all about.

3. My CPF accounts (Ordinary and Medisave) will run out because of these plans if i continue to pay.

And when unforeseen circumstances do happen, some of the fingers are actually pointing to the insurance companies for not doing their best to ask the Policy Holders to keep the plan or that the plan was terminated without the Policy Holders’ acknowledgement (they do happen!)

Then there will be a tough time asking for the revival of the plans… asking for leniency and such…

The Premiums Paid Is Just A Small Price…

Let’s calculate the total premiums paid when you first get in (entry age is 16 if you do make your first CPF contribution) to age 60:

Age 16 – 34, $36 per year, a total of 19 x $36 = $684
Age 35 – 39, $48 per year, a total of 5 x $48 = $240
Age 40 – 44, $84 per year, a total of 5 x $84 = $420
Age 45 – 49, $144 per year, a total of 5 x $144 = $720
Age 50 – 54, $228 per year, a total of 5 x $228 = $1140
Age 55- 60, $260 per year, a total of 5 x $260 = $1300

Making a total premiums paid of $4504 during a duration of 45 years, an average of $100 per year, $8.33 per month, $0.28 per day but covering you for a lump sum $46,000 (not including the bonuses). And should anything happen meanwhile, the return-fold is 46,000/100 = 460 times instantly.