Female Illnesses - The Men Don't Get It!

It’s a known fact that women generally tend to outlive the men. In the Singapore context, women live an average of 83.2 years vs men at 78.4 years (Source: Health Facts Singapore 2008). This is good news for women but this genetic make up also puts them at a higher risk of diseases, specifically female related illnesses.

Facts:

• From 2003 to 2007, on average, about 2046 female Singapore residents are diagnosed with breast cancer annually. That translates to 5.6 cases per day.
• Among the top 5 female cancers, Breast, Ovary and Uteri cancers are ranked 1st, 4th and 5th place respectively. (Cervical cancer is ranked 6th)
• Systemic Lupus Erythematosus (SLE) occurs 10-15 times higher in females than males.
• Rheumatoid arthritis hits women 3 times more than men.
• 70% of Chronic Auto-immune Hepatitis cases occur in women
• Osteoporosis hits 1 in 3 or 4 females over age 50

A comparative look at historical statistics revealed a rise in the incidence of breast, cervix, ovary and uteri. For instance, between 1993-1997, there were 3,574 breast cancer cases. For the same 5-year period between 2003-2007, the incident rate for breast cancer went up to 6,798. That is close to a 50% jump!

Carcinoma-in-situ vs Cancer

When we talk about cancer, we need to first understand the difference between Carcinoma-in-situ and Cancer.

Carcinoma-in-situ refers to a pre-malignant stage without invasion of the cells. As for cancer, it points to the presence of malignant tumours where there is abnormal and uncontrolled growth of cells and evidence of invasion of cells.

A plan which covers critical illness covers cancer. A female illness cover, on the other hand, covers both carcinoma-in-situ as well as cancer.

Other Special Needs of the Woman

Motherhood and maternity, plastic reconstructive surgery due to accidents and burns, medical procedures on female organs and annual routine medical check ups are also special concerns of the females.

In the competitive marketplace, there are a few insurance companies that offer female illness cover. Some come in the form of standalone plans whereas others are riders to basic plans.

With a plethora of options in the market, which female illness plan is most suitable for your needs?

What to look out for in a Female Illness plan

• Check if it covers carcinoma-in-situ stage of major female illnesses
• This is one of the key differences between female illness cover versus normal critical illness cancer. A female illness plan allows for claims even at early stages.
• Pay attention to the number of sites the plan covers i.e. 1 or 2 sites for some and others 6 sites
• Look out for coverage of specific illnesses that females are prone to
• A free medical check up (usually bi-annual) would be useful
• Maternity cover – this benefit covers pregnancy complication and congenital anomalies. It is mostly optional and it comes at a substantial cost. If you have a Shield plan that reimburses for these, then this may not of importance to you.
• Female surgical procedures reimbursement – if surgical procedures are required and done in a hospital, then this can be taken care of by your Shield plan.

In conclusion:

• Get yourself covered with a female illness plan now before it is too late
• Protection is an investment and it is one of the best forms of leverage for your money
• Ensure you have adequate critical illness coverage in place (If you do not know what is your ideal coverage, seek professional help.)
• Lead a balanced lifestyle – pay attention to your physical, mental and emotional health
• Spend quality time with yourself and with your loved ones; cherish the blessings you have been given
• Go for a health screening every year

Fool-proof Medical Insurance Reduces Stress

What is Medical Insurance

With medical care costs escalating steadily, you need to protect your financial health should you be hospitalised as a result of an illness or accident.

Medical insurance or health insurance is perhaps one of the most overlooked area in financial planning. And many people do not realize that a hefty medical bill can potentially derail their financial plans overnight. For example, a heart angioplasty at National Heart Centre would set you back between S$21,000 and S$31,000.

So, do you have a fool-proof medical insurance plan in place?

Since the introduction of medisave approved integrated private shield plans, we are spoilt for choices. An enhanced plan has 'as charged benefits' instead of sub limits for each category of medical expenses. Besides the usual room and board, surgery, doctor's fees and treatments etc, other benefits available with such plans include confinement in community hospitals, pregnancy complications, congenital conditions, letter of guarantee and benefits for major medical transplant.

What to watch out for

Every life insurer would offer medical insurance solutions. A medical plan is made of 2 parts: 1) the basic plan and 2) the rider. There are full riders and there are partial riders. A full rider covers the deductible (up front payment, depending on the ward class) and co-insurance (10% of the balance of the bill after deductible). On the other hand, a partial rider covers only the co-insurance portion. Hence, it is expected that a full rider will cost more than a partial rider.

Besides the riders, the plan type will dictate the level of benefits. In choosing a plan, be sure to go with one that covers your health concerns.

How we help you

So, how do you then select from the plethora of options in the market? Do you have the time and energy to meet up with different insurers to understand their plans?

If the answer is no, then you would be better off consulting a professional financial advisor who has access to the different solutions available in the market. He or she would be able to highlight the differences between each plan and advise on a plan that best fits your needs.

We go through a structured questionaire with our clients to get them thinking about their requirements for health care. Our recommendation will be based on their responses to the questions.

We have counselled many who have pre existing conditions and advised what is best moving forward to ensure that they get cover for other conditions. As a rule of thumb, insurers exclude pre-existing conditions altogether. However, Aviva is the only insurer that has moratorium underwriting v/s full medical underwriting. Aviva’s moratorium underwriting is the first in the industry. This gives people with pre-existing conditions a chance to be covered for their existing conditions. What this means is that during the period of 5 years of continuous insurance from the date of commencement of the cover, if the insured person has not, in relation to the pre-existing condition experienced symptoms or sought advice or tests from a specialist, physician or alternative medicine provider or required treatment or medication, Aviva will cover that pre-existing condition.

The type of medical insurance you have can either make or break your financial plans.

Consult a professional financial advisor before you make the purchase. One wrong move and you could lose your insurance coverage completely.