“In my recent bypass surgery, my hospital bill was largely paid by MediShield and a private Shield supplement. Medisave took care of my co-payment of the bill. My out-of-pocket expense for the hospital bill was $8 only; yes, no typo here.” Khaw Boon Wan
Unbelievable? Even Singapore's Health Minister sees the importance of having a private-integrated shield plan to supplement his Medishield.
This amazing 'good deal' is not only for the rich. In fact, the man on the street has access to it as it can be purchased with medisave money.
I can never stress enough about having a comprehensive Hospital & Surgical (H&S) plan. This should be the first area that a financial advisor identify and ascertain for the client. The plan type and the benefits will determine how well a person is covered and the potential cash outflow he or she has to fork out.
Many clients that I hand worked with do not understand the importance of a H&S plan. They have been 'trained' to think that financial planning is about insurance plans like whole life, endowment and Investment Linked Plans. Sad to say, but these are precisely the products that will make an agent the most commission compared to a H&S plan which gives a paltry commission.
A comprehensive H&S plan has many merits, including "as charged" benefits. A cost effective one should give you the option to choose the deductible and co-insurance riders separately.
Depending on your needs, some H&S plans now come with benefits for inpatient pregnancy complications, living organ donor transplant, confinement in community hospitals etc.
So, if you have not enhanced your medishield, what are u waiting for?
Do it now before your health takes a turn for the worse.
