If you have yet to notice… premiums for most (or all) private medical shield plans have increased along with the introduction of new benefits under… Read More »Private Shield Plans’ Premiums Have Increased – What To Do About It?
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:
- List of Benefits and Limits Of Medishield (a .pdf file)
- Explore everything you need to know for your Medisave and Medishield
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?