Tuesday, June 23, 2015

Kindness should not mixed together with Politics

On 20th June 2015, something terrible happened before distribution. An opposition party that Not Supposed to be mentioned, actually requested Project Awareness to help them out on their Kindness Day, which is to spread kindness to the low income families in Singapore. So we discussed and decided why not? End of the day, we just want to help the residents of Singapore, so it does not matter who we collaborate with, so long as the residents benefit from it, we are happy to support.

It was supposed to be a happy event distributing goodies bags to the residents on that day, however to our dismay, when we including our volunteers have reached the place, the President of that party told us that today’s event is their party event, it’s not a collaboration between us and them, and our volunteers are not allowed to be seen in their pictures. This is ridiculous. Not that we want to be seen in their pictures, but our volunteers are not to be seen in their pictures?

Hence we decided to pull out from the whole thing, because in the first place, they are not appreciative of our volunteers’ efforts, and even the volunteers themselves says that they do not wish to support such ridiculous people. Most are wondering if they are really doing kindness or just trying to get extra points because the General Election is nearing? 

End of the day, we know that our hearts are with the residents and人民是无辜的,特别是弱势家庭 (the residents are innocent, especially the low income families) Hence, we proceed to do our distribution on our own instead.

We decided to organise a distribution the next day and meanwhile visit the families that we took care of.

Shopping for goody bags for the low-income families

Mr Buang Family
Uncle Goh
Ms Ramlah
Ms Rohaya and Family

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!