Silver Tsunami hitting Singapore: can we survive?

Sil­ver Tsunami is a term used to describe the enorm­ous fin­an­cial resources required to sup­port the high pro­por­tion of seni­or cit­izens age 65 years old and above in a coun­try. It will attack most developed coun­tries like Singa­pore in near future. The daunt­ing truth is, by 2030, about 23% of Singa­pore pop­u­la­tion will be aged 65 and above, lag­ging behind Japan only. The medi­an age will be 41 then and will rise to 54 by 2050, trail­ing behind only Japan, South Korea and Macau (see Singa­pore faces ‘sil­ver tsunami’ in Asi­aTime Online). What can we do to weath­er the Tsunami in time to come…?

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Early-Payout Critical Illness Plan – Where shall it stand in our Risk Management?

There are now a flood of many early-stage crit­ic­al ill­ness plans in the recent 2–3 years. This plan is con­sidered part of the suite of health insur­ance. But what is the pri­or­ity shall we give to it com­pared to the hos­pit­al­isa­tion and sur­gic­al plan? And also to the tra­di­tion­al crit­ic­al ill­ness plan that pays upon more advanced stage of the crit­ic­al ill­ness?

Being a lay­man and not a pro­fes­sion­al doc­tor, we may not be able to fully under­stand the defin­i­tion of the early-stage, inter­me­di­ate-stage and the advanced-stage crit­ic­al ill­ness. How­ever, the prob­ab­il­ity of claim exper­i­ence and the lim­it it imposes may shed some light.

First thing first, the most import­ant insur­ance plan for any­one to get is the hos­pit­al and sur­gic­al plan. This plan reim­burses the med­ic­al expenses that you incur in the hos­pit­al, regard­less of the ser­i­ous­ness of the ill­ness. You can be war­ded for obser­va­tion, dengue fever, acci­dent etc. Hence, the cov­er­age is very wide. The premi­um is also afford­able with the main plan pay­able using CPF Medis­ave. It is best to get the Private Integ­rated Shield Plan that offers the “As Charged” fea­ture. As there is the deduct­ible and co-insur­ance, you can buy the rider to cov­er these gaps using cash. It is good to get this even for young baby or even if you have com­pany insur­ance. This is the health insur­ance that requires very strin­gent under­writ­ing. You need good health to be covered com­pletely without exclu­sion.


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$0 Medical Expenses: is it possible? (part 1/2)

Singa­pore health­care sys­tem is one of the more well-estab­lished in the world. While the costs for med­ic­al treat­ment at the heav­ily sub­sid­ized B2 and C wards at the Singa­pore Restruc­tured hos­pit­als remain afford­able, treat­ment and med­ic­a­tion at private hos­pit­al or non-sub­sid­ized wards can be high. So, hav­ing suf­fi­cient med­ic­al (hos­pit­al­isa­tion) and life insur­ance cov­er­age for you and your fam­ily mem­bers are import­ant in order to battle against the increas­ing med­ic­al expenses.

In this first part of this two-part art­icle on $0 Med­ic­al Expenses: is it pos­sible?, I’ll share with you how the as-charged integ­rated shield plan (ISP) offered by insur­ance com­pan­ies and the riders for the ISP can be used to cov­er all the med­ic­al expenses, effect­ively cut­ting it down to $0.

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