Sunday, June 14, 2015

Should We Upgrade Our Medishield?

Some of my customers are wondering, should they upgrade their basic Medishield that they are currently having? What are the benefits of upgrading their Medishield to Private Integrated Shield Plans?

1) Government Hospitals vs Private Hospitals

Medishield is designed to cover for large hospitalisation bills in Class B2 and C wards in government hospitals.

While government hospitals do provide professional health care, sometimes you have to be prepared to wait for a long period of time for treatments. I have heard stories where you have to risk waiting several months just for a surgery, and many prefer to be transferred to a private hospital for a faster treatment.

If you prefer to have the choice of seeking treatment from private hospitals and not have to worry about incurring a huge amount out of pocket, then choosing a private integrated shield plan that covers for private hospitals can provide greater peace of mind.

Wouldn't you prefer to have a faster and earlier treatment?

2) Limited coverage vs Full coverage

Medishield Life has claim limits for different portions of the bill e.g daily ward charges and surgical procedures.

Integrated shield plans typically come with As-Charged coverage instead of limits, you can submit the actual bill amount for claim without worrying about the individual sub limits, and this helps to protect against medical inflation.

3) Option to cover the co-insurance and deductible portion of the bill also known as Excess

Under both Medishield Life and Integrated Shield plans, we are expected to pay for a portion of the bills known as co-insurance and deductible.

However, private insurers providing Integrated Shield plans offer the option of purchasing cash riders (cash top ups on top of the basic plans) which cover for the deductible and co-insurance or at least reduce the amount of out of pocket expenses.

So if you prefer to have the peace of mind knowing your medical bill can be fully covered and not paying a single cent of the bill, then such riders to Integrated Shield plans would come in handy.

4) Coverage for pre and post hospitalisation related follow up charges

Medishield Life covers mainly for inpatient and selected outpatient treatment like chemotherapy and dialysis. However it does not cover for specialist scans or consultation prior to hospitalisation nor post hospitalisation follow up treatment.

Integrated Shield plans include these benefits, typically for bills incurred within 90 days before and after hospotalisation, some even longer.

If you value the freedom of choice to seek treatment in private hospitals and not have to worry about rising medical bills due to inflation, or if you want to be covered for pre and post hospitalisation related expenses and prefer not to co-pay part of the bill, then integrated shield plans would still be something worth looking at for a greater peace of mind.

With the enhancements in Medishield Life, there would inevitably be an increase in premiums.

Ultimately, here are 2 questions to consider in determining whether to upgrade or not

1. Do you value the enhanced coverage and peace of mind enough to pay more for them?

2. Are the premiums affordable and can it be manageable for you?

Do contact me at +65 9151 9924 for a non-obligatory discussion.

Thursday, June 11, 2015

How Much Insurance Coverage Do You Think It's Enough?

Many people tell me that, aiya. I'm still young and healthy, no need to buy insurance now,  or, okay la I have enough savings for my rainy days. Unfortunately, things don't always go as planned. Too many Singaporeans don’t have enough insurance coverage for one simple reason – they don’t know how much and what insurance they need in the first place!

Being underinsured, while better than being uninsured, is still a risky situation that can hurt you financially in the event of an unfortunate mishap. Young Singaporeans especially in their 20s and 30s are particularly vulnerable to being underinsured – which is dangerous because these are the years when you should be buying enough insurance to protect your future wealth!

So How Much Insurance Do I Need?

To find out how much insurance every young Singaporean needs, here's a simple way to calculate:

Take your annual salary times 10 to 15 times. This will be a pretty good rule of thumb.

For a more detailed calculation, it’s always better to contact a financial consultant to calculate your financials, as each and every one situation is different.
Conclusion – You Need at Least $500,000 Insurance Coverage to Last You 10 Years!
That insurance coverage number is in line with what the amount of insurance recommended by the Life Insurance Association (LIA) Singapore for the average working adult in an average household – which is $490,000.
So before you decide to choose the cheapest policy available or worse, skip out on insurance entirely because you think putting all of your money into savings or investments is better – just remember that all it only takes ONE accident to wipe out your savings.

Don’t take the risk of assuming nothing will ever happen to you – purchase an insurance policy so that the financial risk is transferred to your insurer!
Do you have enough insurance coverage? Share your thoughts with me on Facebook or WhatsApp me at +65 9151 9924!

Tuesday, May 26, 2015

My Food Reviews on House of Seafood @ Punggol Point Branch

My Food Reviews on House of Seafood @ Punggol Point Branch

Recently I went to House of Seafood together with my friends to dine in for their seafood because I have been hearing my friends recommending me to House of Seafood for their crabs and seafood. 

Upon reaching the place, we can see live crabs (the crabs are so huge!) and live seafood display in the restaurant itself. This guarantees that the seafood we are going to order is definitely fresh from the waters! Next, I was greeted by the a group of warm and friendly waiters and waitresses, and were shown to our tables. The tables are big and comfortable enough for the 6 of us to eat as we don't have elbow knocking moments as we are enjoying the fabulous crabs.

Live Crabs Display at the Main Entrance

Live Seafood Display, look at the size of this Geoduck!

We ordered some of our favourite dishes like:
Black Pepper Crab, the spiciness is just nice, with adequate black peppery taste and sweet sauce. A dish I strongly recommend!

Chilli Crabs, the perfect combination of the sauce and eggs, its a heavenly match with the Fried Mantou!

Seafood White Beehoon, a must try!

Thai Fried Beancurd, Cripsy on the outside, extremely soft on the inside. Coupled with Thai Sauce, it is a great appetizer!
Deep Fried Seabass with Soya Sauce, one of the few fish I only eat! Cripsy and not oily at all!

Sautéed Broccoli, Crunchy and fresh! What's more is there to ask?

 Honey Pork Ribs, a sweet addition to all of the seafood we have eaten, another Signature dish!

My favourite is Salted Eggs Crabs (too delicious till I forgot to take a picture of it!) as the fusion between the salted egg sauce is just nice and not too salty, brings out the freshness of the crab meat, and not too overpowering as well. Even when I'm writing this, it means me hungry again as I think of it!

I will definitely ask my insurance colleagues at SP-Wind-Motion and SP-Motion to dine there together in the future! Can't wait for the next visit!