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Critical Illness

Understanding Your Private Health/Medical Insurance Scheme

For the last few days, there have been quite a few Clients who have been asking me about the idea of getting a Private Health Insurance Plan and if it’s feasible to do so.

I appreciate their interest in getting a health insurance plan and as I have shared in my previous post on the basic fundamentals of Financial Planning – getting a health insurance plan is a must-must to take care of huge medical bills, on top of a Critical Illness Protection Plan.

Why Is A Health/Medical Insurance Scheme So Important?

To put in simple terms to understand, if there’s a hospital bill of $100,000 today right in front of you, would you

  • Want to take care of this bill 100% on your own accord or
  • Split this bill among your family members (in equal shares and hurt each other feelings…) or
  • Have a Health Insurance Plan that require you to pay out only $12,700 (assuming $3,000 deductible and 10% co-insurance) and have the rest of $87,300 taken care of by the Plan?

If I am you, I would rather have a Health Insurance Plan to take care and even if I do have to split the $12,700 among my family members, it’s easier to do so now!

But Hey Hold On… Does This Medical Bill Of $100,000 Really Exist?

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Questions To Discuss For Your Critical Illness Protection

In my field of doing financial planning with clients, one of my duties is to have a discussion with me asking questions (on the emotional side) and have the clients realized the importance of doing a financial planning.

One of the area that you need to look into is on your Critical Illness Protection.

Many people may be just relying on their Medisave and Medishield Schemes to pay the costs of their medical treatment (the number #1 killer in Singapore is Cancer). However, you should know that Medisave and Medishield have their daily limits and the available quantum may just be not enough to pay for the cost of prolonged hospital treatment or a major surgery.

If you are curious to know what is Medisave and Medishield all about, here is a list of useful links:

As such, you may need to have other source of funds to help pay for this kind of medical expenses – both for you and your immediate family members.

Another reason is that unlike death, being stricken with a Critical Illness may present to you a long-term financial strain. Think of this, beside being have to endure a significant initial and ongoing costs of treatment, you (as an income earner) will need to have some form of protection against the issue of a loss of income as you will probably by unable to work during this prolonged period of recuperation.

Therefore are you ready to understand more of yourself in terms of Critical Illness Protection, to really see if you need to start planning or to enhance?

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30 Critical Illnesses – #1 Killer – Major Cancers

I was going through the insurance claims list of my company and was shocked to see that majority of the claims is due to Cancer-related.

The Thing About Cancer

Photo courtesy of sxc.hu and alwyck

What was even shocking to know is that Cancer can come knocking at your own door, even if you are just 2 years old or 55 years old when you are reading this and also regardless of whether you like it or not!

Cancer can strike anyone! So how prepared are you?

The #1 Killer:

  • For Singapore Men is Colo-Rectum
  • For Singapore Women is Breast
  • For Singapore Children is Leukaemia

Cancer do not cause instant death and you may have to go through a few years of fighting. You either lose or win this battle! So do you have enough Critical Illnesses Insurance and Medical Insurance to last you through this?

If you are still ignorant about the effects of Cancer, there are many informative sites like the National Cancer Centre Singapore site >> http://www.nccs.com.sg/pat/08.htm (click this to read up on what Cancer is all about and its warning Signs)

What Causes Cancer?

Read More »30 Critical Illnesses – #1 Killer – Major Cancers