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Health Insurance

Is It Okay For Me To Own Two Of The Same Policy Type Under One Insurer?

This is one common question that I have gotten from my clients and if you are one of them who have been asking around for an answer, the answer is a simple yes. But if you are referring to those health insurance, e.g. Shield Plans, you can only have one.

What You Need To Know About Owning Two Or More Same Policy Type

Basically you are not restricted to applying or owning two or more of the same policy type under one or two insurers. But for most insurers, you are only limited to the amount of coverage you are entitled to – and it can be based on your annual income (also quite subjective).

So how does it go? For example, some insurers may limit the amount of death coverage you may get under them up to a maximum limit of 10 – 20 times (or any multiples which you need to check out with your Financial Planner) of your annual income and also based on your current age group. For Total and Permanent Disability coverage, the common limit is around $1 million and likewise for critical illnesses coverage (recommended to verify as well).

That’s why you are not restricted to owning more of the same policy type but only limited to the amount of coverage you have with them. This is also one reason why in your insurance application form, it’s common to see a particular section that will ask you on the total number of insurance policies you have and the total amount of coverage. You may also be asked to provide a copy of your income tax as a proof to your current annual income status – the moment you apply for a certain amount of sum assured.

The Benefits Of Getting More Of The Same Policy Type Under One Or More Insurers

If your Financial Planner has done a financial planning review with you and recommended that you ought to get more insurance coverage but your rejection to him is that you are worried of the above – this particular section will share some light and maybe help to change your mind a little.

This is because there are certain benefits to getting more than one of the same policy type and even under more than one insurer. Benefits like:

1. You Get To Choose How You Want To Claim Or Surrender

Read More »Is It Okay For Me To Own Two Of The Same Policy Type Under One Insurer?

Reminder – You Do Not Get A Medical Insurance Because Of Company Rebates

This is true and sad!

I just met up with a client who is urgently interested to get a medical insurance plan because the company is offering some form of cash rebates (as a form of encouragement) when any of their employees decide to “upgrade” themselves.

The outcome is that I still went ahead with the application because the client does need that medical insurance because he does not even have the basic medishield plan under the CPF Board. This is despite the fact that the client still feels that it’s not a must to have that medical insurance because he is still young and that nothing will ever happened!

But I do hope that after my fair bit of explanation and persuasion, the client will still hold on to that insurance after the rebate is given…

If You Belong To This Category Of People…

There is nothing wrong if you belong to this category of people and to enjoy the rebates from the company. But as a Financial Planner, I do wish to highlight the rationale behind the company’s decision to offer the rebates and the importance of getting yourself well-covered adequately and early.

Rationale Behind The Rebates

There are still many people who are unaware of the importance of doing a proper Financial Planning and getting themselves covered adequately under an insurance plan. Therefore the rationale behind the rebates is to encourage their employees to be actively involved in knowing what they are covered and how to get covered.

This is precisely what happened to this client. He does not even know what are the insurance plans that he has till date. He even got mixed up that his Dependent Protection Scheme (DPS) has always been his Medishield Plan.

Because of this rebate, he decides to look for me as his Financial Planner and has all his insurance plans reviewed. Though there’s no financial needs analysis done for him, at least at that meeting, he does got himself covered under a proper medical insurance (which I believe is a must-have for everybody, irregardless of how much you do not trust insurance)!

There’s Certain Level Of Importance Behind An Insurance Plan

Read More »Reminder – You Do Not Get A Medical Insurance Because Of Company Rebates

High Blood Pressure – The Silent Killer To Your Health And Insurance

Do you know that most Singaporeans do not know that they are having High Blood Pressure or Hypertension till they have:

– Gone through a first-time ever Routine Medical Health Check

– Experienced those frequent dizziness or headaches and decided to see a doctor

And the people suffering from it can be from all walks of life, e.g.

– you can be  healthy and fit but you are working under a stressful environment.

– because of the high intake of alcohol, salt (unknowingly) and fatty rich food as part of the daily meals

These are just two common reasons that my clients have shared with me for their cause of High Blood Pressure.

Do you also know…

Do you also know that once you have this condition, you are most likely going to be under a very long term medication and you have to be under a lower medication dosage even if the condition is stabilized. In other words, you cannot take yourself out of medication once you are diagnosed with High Blood Pressure!

A Concern To Take Note Of…

And if you do know that you are having high blood pressure and under medications, its impact on your Financial Planning will usually be:

– loading (extra premiums required and usually a minimum of 25% extra) for your normal life insurance application

– exclusion (any conditions leading from high blood pressure) for your health insurance application

– long term medication costs that you need to factor in to your Retirement Planning

The So-Called Symptoms Of High Blood Pressure

Read More »High Blood Pressure – The Silent Killer To Your Health And Insurance

Understanding Your MediShield (Medical Insurance) Plans

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…

Read More »Understanding Your MediShield (Medical Insurance) Plans