This struck home recently as a close one suffered from a sudden heart-attack at barely 40 years-old. Due to proximity and criticality, she was admitted to a private hospital nearest the workplace. Few days and an operation later, the hospital bill came to a 6-digit figure. She’s still in the ICU, and it’s still a long journey ahead. With just the basic MediSave without additional cover, it covers a very small fraction of total cost. It’s really a stressful period as the family have to cope emotionally and financially.
Just this year, we finally sat down to do some financial planning for the family. For years now, since before marriage, I have been trying to get the husband to examine his insurance policies and coverage. Being financially trained, I see the importance of insurance and financial planning early in life, as soon as possible. The husband has been someone who does not like to handle stuff like that. His policies were bought by his parents and he was always told that he ‘has everything’ and is covered, no need for more insurance. This dragged on for years as he was reluctant to take any action.
Finally, we looked through his policies this year as I was also looking to increase my coverage. He has a hospitalization plan that does not cover the deductible portion plus a cap for total claim amount and an NTUC plan that covers a grand total of $25K. Needless to say, I was horrified and insisted on getting him covered. The $25K coverage will not even cover his funeral expenses, I morbidly exclaimed.
My advice to all working adults is to get full hospitalization cover as soon as possible. I’m the ‘buy term and invest the rest’ type, and also have (early) critical illness coverage - 不怕死，只是怕不死。(loosely translated as ‘not afraid of death, only afraid that one do not die’). Any illness or accident can potentially wipe out decades of savings with unimaginable financial and emotional stress for the family.
My dad is someone who does not believe in insurance and always complained about the profits made by insurance companies. He also thinks that it’s ‘expensive’ since insurance companies have the right to increase the premiums anytime during the coverage. However, when premiums increase, it usually reflects the increase in healthcare cost. He also thinks that Medisave ‘is enough’ and he does not mind being treated in public hospitals. However, I beg to differ and have come across so many instances where Medisave is grossly inadequate and that public hospitals might not give the best or even ‘sufficient’ care when you need it most.
I will always remember the sight when we visited his grandmother at Changi Hospital. It was a 6 or 8 bedded non-aircon ward with no full walls across the whole level. ‘Rooms’ were separated by chest-level walls, and you can look across the whole level and hear everything. There were many old people, some in worse condition than others. Many were groaning in pain or perhaps trying to talk. It was a very disturbing sight that never fail to haunt me. I hate hospitals. I have also been to many public hospitals, and the nurses were curt and sometimes rude and lack patience and compassion. Doctors were often trainees who does not seem to be very sure of what they are doing. I have also heard of many horror stories and bad experiences around me. Compare that with a private hospital - the whole environment, doctors and nurses are really a world apart. It really hit me that you get what you pay for. If I ever need the hospital and critical care, I really would want a comfortable environment and not have to worry about bills.
Of course, the best insurance is always taking good care of one’s health with regular exercise and a balanced diet. Go for regular checkups and listen to your body. However, one really wouldn’t know when sickness may hit, especially with longevity. Get insured before anything happens and you become uninsurable. I’m very thankful to have met a really great insurance agent who gives me constant updates and informs me whenever he’s out of town. I am also invested in healthcare stocks and funds, which I believe is a growing yet resilient industry.
Health is wealth and nothing is more important than one’s health! While physical health is the focus here, mental health is also something one should be mindful of.
If you are not covered by insurance yet, please do your family a favor and consider getting covered.
Just this year, we finally sat down to do some financial planning for the family. For years now, since before marriage, I have been trying to get the husband to examine his insurance policies and coverage. Being financially trained, I see the importance of insurance and financial planning early in life, as soon as possible. The husband has been someone who does not like to handle stuff like that. His policies were bought by his parents and he was always told that he ‘has everything’ and is covered, no need for more insurance. This dragged on for years as he was reluctant to take any action.
Finally, we looked through his policies this year as I was also looking to increase my coverage. He has a hospitalization plan that does not cover the deductible portion plus a cap for total claim amount and an NTUC plan that covers a grand total of $25K. Needless to say, I was horrified and insisted on getting him covered. The $25K coverage will not even cover his funeral expenses, I morbidly exclaimed.
My advice to all working adults is to get full hospitalization cover as soon as possible. I’m the ‘buy term and invest the rest’ type, and also have (early) critical illness coverage - 不怕死，只是怕不死。(loosely translated as ‘not afraid of death, only afraid that one do not die’). Any illness or accident can potentially wipe out decades of savings with unimaginable financial and emotional stress for the family.
My dad is someone who does not believe in insurance and always complained about the profits made by insurance companies. He also thinks that it’s ‘expensive’ since insurance companies have the right to increase the premiums anytime during the coverage. However, when premiums increase, it usually reflects the increase in healthcare cost. He also thinks that Medisave ‘is enough’ and he does not mind being treated in public hospitals. However, I beg to differ and have come across so many instances where Medisave is grossly inadequate and that public hospitals might not give the best or even ‘sufficient’ care when you need it most.
I will always remember the sight when we visited his grandmother at Changi Hospital. It was a 6 or 8 bedded non-aircon ward with no full walls across the whole level. ‘Rooms’ were separated by chest-level walls, and you can look across the whole level and hear everything. There were many old people, some in worse condition than others. Many were groaning in pain or perhaps trying to talk. It was a very disturbing sight that never fail to haunt me. I hate hospitals. I have also been to many public hospitals, and the nurses were curt and sometimes rude and lack patience and compassion. Doctors were often trainees who does not seem to be very sure of what they are doing. I have also heard of many horror stories and bad experiences around me. Compare that with a private hospital - the whole environment, doctors and nurses are really a world apart. It really hit me that you get what you pay for. If I ever need the hospital and critical care, I really would want a comfortable environment and not have to worry about bills.
Of course, the best insurance is always taking good care of one’s health with regular exercise and a balanced diet. Go for regular checkups and listen to your body. However, one really wouldn’t know when sickness may hit, especially with longevity. Get insured before anything happens and you become uninsurable. I’m very thankful to have met a really great insurance agent who gives me constant updates and informs me whenever he’s out of town. I am also invested in healthcare stocks and funds, which I believe is a growing yet resilient industry.
Health is wealth and nothing is more important than one’s health! While physical health is the focus here, mental health is also something one should be mindful of.
If you are not covered by insurance yet, please do your family a favor and consider getting covered.
