What is MediShield?

Last week, the govt was appealing to those 100,000 women (in particularly housewives) who have yet to take up MediShield. I would like to take the opportunity to explain why is this so.

So what is Medishield and its purpose? Under CPF website, it says:

" Medishield is a BASIC MEDICAL INSURANCE that helps CPF members & their dependents meet large hospitalisation costs. Members & their dependents are covered individually under the scheme. Medishield works most effectively for hospitalisation at Class B2/C level in restructured hopsitals.

Additional insurance coverage, including treatment in Class A/B1 in restructured hospitals or treatment in private hospitals, can be obtained by purchasing a Medisave-approved enhancement plan offered by a private insurer.

Medishield and IP premiums can be paid using Medisave, up to $800 per insured person per policy year. For insured members who are 81 years (as of age next birthday) and above, the Medisave withdrawal limit is $1,150 per insured person per policy year from 1 Dec 2008."

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So a few simple questions are:
1. Are you or your loved ones covered by the basic Medishield?
2. Have you upgraded your basic Medishield to a private insurer under the "as-charged" plan? Or rather, have you upgraded your family's protection against hefty medical bills in the event of a long illness or a serious accident?

Reasons being:

- Do not under-estimate the hospitalisation fee in Singapore. As our country continues to drive to become the medical hub of Asia, our medical cost is expected to increase gradually.

- What are the chances that you or your loved ones will end up in hospital for some reason or another? I do not know. But I definitely do not want to take chances and fight against the hospital bills with my life savings , or worse still; beg, borrow, or steal? Do you?

- And do you know that the money under your Medisave Account can never be withdrawn in cash even when you retire?

Solutions:

- Medishield is a good option to transfer the risk away. BUT the basic plan is probably insufficient for large hospital bills. The table below shows the limit under the basic plan for some of the items.

- By upgrading to an “as charged” plan, it covers the amount as charged, and is not submitted to a sub-limit for individual items (e.g. surgery, room and board, investigation) in the hospital bill. It is useful if you wish to be treated in a private hospital where the charges can be quite high.

If you are serious about providing family security for yourself or for your loved ones, taking responsibilities of the potential hospital bill is the first step you should take. Do give me a call at 9876-0237 if you are keen on improving your current status.

Some things are worth waiting for. But many things cannot wait!

10 Points to consider before parting with your Money (27-Jul-09)

" CONSUMERS THEMSELVES NEED TO BE MORE WARY OF WHAT INVESTMENTS THEY MAKE."

People are all trying to make their money work very hard for them. But once bitten twice shy, many laymen on the street become very worried, or rather skeptical of whatever products there were pushed out in the market.

It is important for any consumers to know what they are in for. Typical questions:
1. What's the kind of risks involved?
2. What things are guaranteed? And what are not?
3. What kind of lock-in timeframe? What is the breakeven year?
4. Are the returns reasonable? Or too good to be true?

5. Err.. got free gift or not? (J-o-k-e J-o-k-e)

Are you buying the product based on a personal trust with yr financial adviser, or based on a professional trust between a buyer and a seller? The bottom line is, DO NOT invest if you i) do not understand the document, ii) find the various risks too technical and difficult to understand, iii) not comfortable with or cannot accept that you may incur a loss.

If you are in doubt of what you are having now, or planning to have, pls feel free to contact me for a no-obligation review or advice. \(*-*)P

NTUC's drive to get more housewives to sign up for MediShield (26-Jul-09)

"Extracted from Channelnewsasia, By Valarie Tan/Shaffiq Alkhatib/Ng Lian Cheong, Channel NewsAsia"

SINGAPORE: Singapore's labour movement has started a campaign to get more women to sign up for MediShield, a government insurance scheme that can cover up to 80% of large hospital bills.

The Ministry of Health (MOH) says an estimated 100,000 women, mostly housewives, are not covered as they have no income. Flyers, posters and videos on the campaign will be distributed to some 1,200 unionised companies soon.

Madam Kumutham was diagnosed with kidney failure in 2001. The 50-year-old had to give up her job as a cleaner and now undergoes dialysis three times a week.

Her treatments and drugs can cost some $2,000 a month. But her family pays less than $400 every month, thanks to MediShield.

Her husband uses his Medisave fund to pay for Madam Kumutham's MediShield premium since she has no income. She said: "The payment of $300 plus (for MediShield yearly premium) is very good for me. I'm so happy for this."

And, MediShield is the best gift husbands can give their homemaker wives, according to NTUC's latest campaign.

NTUC deputy secretary-general, Halimah Yacob, said: "This is not just good for the wife but also good for the husband and the family, because the costs of hospital care in later years could also be a tremendous burden on the family."

This is especially so when women can live up to 82 years old on average, five years longer than a man's lifespan.

Video:
http://www.channelnewsasia.com/video/index.php


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Medishield is the first plan that everyone in Singapore should have to cover the basic Hospital & Surgical needs. But do you know that in the event of a major crisis where the hospital bill can blow up to tens of thousands, there is a limitation on how much you can depend on the basic Medishield plan?

This is why it is reasonable for us to upgrade to a private insurer under the "as-charged" plan. Payment can be made via CPF Medisave, and for extra benefits, riders (cash portion) can be applied as well. For those who desire more information, pls contact me directly.

Run For A Cause (26-Jul-09)

If you are an avid runner with a bit of spare cash, why not run it for cause? I summarized some of the meaningful runs for the remaining 2009.


1. 2009 Race against Cancer
Date: 23 August 2009, Sunday
Time: 7.45 am – 11.00 am
Venue: Angsana Green, East Coast Park
Route: 5 km or 10 km
Participation Fee:
$30 for Adults
$18 for Child – 12 years or below / full-time student with student ID
Official Website: www.raceagainstcancer.org.sg


2. Yellow Ribbon Prison Run 2009
Date: 6 September 09, Sunday
Gathering Time: 7.00am
Start Point: SAF Open Field, Farnborough Road (Near Changi Village)
End Point: Changi Prison Complex
Run Pricing:
5km Fun Run $25 ; 10km Competitive Run $30
Official Website: www.yellowribbonprisonrun.sg/


3. Run For Hope 2009
Date: 22 November 09, Sunday
Gathering Time: 7.00am
Vanue: Angsana Green, East Coast Park
Run Categories: 4km & 10km
Run Pricing:
Category Early Bird Rates (1st – 31st Aug 2009): Adult $30, Youth $15
Normal Rates (1st Sept – 16th Oct 2009): Adult $35, Youth $18
Official Website: www.runforhopesingapore.org/


4. Standard Chartered Marathon 2009
An initiative of Standard Chartered Bank, the Run for a Cause programme aims to raise funds for the beneficiaries of the three adopted charities supported by Community Chest, the Official Charity Partner of the Standard Chartered Singapore Marathon 2009.

Date : Sunday, 6 December 2009
Start Point : Esplanade Drive, The Esplanade Bridge
End Point : St Andrew’s Road, The Padang
Run Pricing: Miscellaneous
Official Website: http://www.singaporemarathon.com/

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“My momma always said, Life was like a box of chocolates. You, never know what your gonna get.” - Forest Gump

Juz keep running my friend.

Ministry of Health Statistics (24-Jul-09)

From the many clients I talked to, they often say: "在新加坡，人可以死，但最好不要病。我付不起", literally meaning that the medical expenses in Singapore is too high for them to afford. Ta boleh tahan. Very true indeed? With Singapore progressing to becoming the medical hub in Asia, it is no big secret that medical expenses are going to be the rise every other year.

Are you ready for such heavy expenses? Tell me frankly, how many old folks around you that you know, be it yr loved ones, relatives or friends, had not been to a hospital for treatment?

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All information extracted from MOH website:
http://www.moh.gov.sg/

Top 10 Conditions of Hospitalisation
(as of 2005 ~ 2007 data)

1. Accidents, Poisoning & Violence
2. Cancer
3. Ischaemic Heart Disease
4. Pneumonia
5. Obstetric Complications affecting Fetus or Newborn
6. Chronic Obstructive Lung Disease
7. Other Heart Diseases
8. Cerebrovascular Disease (including stroke)
9. Intestinal Infectious Disease
10. Complications related to Pregnancy

Principal Causes of Death
(as of 2005 ~ 2007 data)

1. Cancer
2. Ischaemic Heart Disease
3. Pneumonia
4. Cerebrovascular Disease (including stroke)
5. Accidents, Poisoning & Violence
6. Other Heart Diseases
7. Diabetes Mellitus
8. Chronic Obstructive Lung Disease
9. Urinary Tract Infections
10. Nephritis, Nephrotic Syndrome & Nephrosis


For an estimated Hospital Bill Size, please refer to link below:
http://www.moh.gov.sg/mohcorp/billsize.aspx?id=302

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This is in addtion to the cancer statistics for women, the No.1 killer. This is why government keeps on encouraging ALL women to go for regular breast checkup. Early detection is the most effective way of curing breast cancer!

Get saavy about Refinancing (24-Jul-09)

Happened to come across this article. For those we are looking to re-financing their home loans, you can approach me too! It's important to do your refinancing every few years to make sure you are getting the best deal out of it. Every cent is hard-earned money yo...

Girl, 12, dies after battling cancer for 6 years (22-Jul-09)

"extracted from The New Paper, by Ho Lian-Yi"

I was dozing off standing in the MRT when I happened to glance this headline news on my "neighbour"'s NEW PAPER. A typical cancer story? Or one day will it become my story? Or worse, your story? Entering my 2nd month career as an Independent Financial Adviser, the way I see things are different already. I will imagine, WHAT IF the parents had bought her sufficient and proper insurance coverage? Perhaps a large portion of the hospital and surgical bill would have been well taken care by the upgraded Medishield. Or perhaps they would have a lump sum of money from the payout to pay for the chemotherapy treatment?

Some things, it's better to get yourself prepared, and expect the unexpected to happen. Simple example, will you tell your boss in advance that tmr you will fall sick & take MC?

Read on.
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IN THE battle to save Marjorie Soh's life, her parents spared no expense.

The girl, whose pet name is Dear Dear, was just six when she was diagnosed with osteosarcoma, a malignant bone cancer.

Over the next six years, Mr Max Alan Soh, 43, and his wife, Madam Pat Lee, 40, racked up an estimated $400,000 in medical bills - and took hefty bank loans to pay it.

But Mr Soh said the weight of his debts is nothing compared to her bravery.

Despite six major operations, countless minor ones and chemotherapy, Marjorie soldiered on with little complaint.

He said: 'The doctors said she was a fighter. After so long, she was still fighting. She was a brave girl.'

He took months of no-pay leave and gave up his job as a car salesman last month. His wife, also gave up her job as a sales executive to look after their child.

But they could not avert the inevitable. Little Marjorie died, aged 12, at home at 5.30am on Saturday , after being in a coma for three days.

Said Mr Soh in Mandarin: 'Even if I owe banks money, even if debt collectors called us every day to chase for money, it was worth it - it was definitely worth it.'

To get by, he borrowed from his friends - $5,000 here, $8,000 there, even $10,000.

His mum, in her 70s, sold her four-room flat in Yishun and moved in with her younger brother, to lend him $150,000 of the $200,000 proceeds.

'I told her, after I settle my daughter's situation, I'll buy a house back for you,' he said.

Some friends criticised him for going too far, though others commended his sacrifice.

'The heavens will take care of me - I'll find a better job and pay off my debt,' he said.

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Nobody drives a car down a road and wish to get himself into an accident. Nobody wishes himself to kana a critical illness and end up in a hospital bed. Nobody wishes anything to happen to himself or their loved ones. But every day, such cases are commonly happening. So who is the 'Nobody'?

If you wish to provide protection for yourself and your family in a realistic way, do give me a ring. 9876-0237.

Unit Trusts Stage Big Turnaround (14-Jul-09)

" The first 6 months this year was a great time to be a unit trust investor with many funds that were bleeding to death last year roaring back into positive territory. The average equity fund gained almost 25% in the period, rewarding investors who defied the global financial storm to put money into stocks and bonds"

From the people that I talked to, many were unhappy with their unit trust performance that they had invested using hard cash or CPF via their insurance agents. I think this unhappiness comes about naturally. Singaporeans are a unique bunch; when their portfolio is making money, they just keep quiet and do not want anyone to know, and when their portfolio lose money they will go round telling people how much they had lost.

The key thing is, what was your timeframe you set when you invested your money via Unit Trust? 2yrs? 5yrs? 10yrs? Or even 20yrs? Unit trust are not meant to be a short term profit generating machine because of the risks we all have to bear. If you have a reasonable time frame of > 7yrs, it is very likely to make a tidy profit, SUBJECTED to conditions like capability of your insurance agent (who is supposed to be consciously reviewing your portfolio on a regular basis), nature of the funds, market sentiments, etc.

Are you worried about your fund performance at the moment? If your uncertainty is there, do something about it! Do contact me for a no-obligation discussion of your current portfolio. 9876-0237.

DBS & POSB Banks cut Savings Rates (01-Jul-09)

Today, interest rates on the millions of savings accounts at both DBS Bank & POSB will be trimmed to levels not since 2005. It is now in the range of 0.1% to 0.125% for the different banks in Singapore. Can you feel the difference? With inflation hovering around 3~5%, it simply means that your money is NOT working hard enough for you!

There are many instruments in the market with different functions to meet yr needs. If you want to know ways to make yr money work harder (of course in a legal and systematic way!), do drop me an email or contact me directly.

Insuring Lifes (26-Jun-09)

It's been a month long since I last updated this blog. The switch from an engineering lifestyle to that of a full time professional financial advisers hasn't been an easy path. Discipline, Commitment, Perseverance, Mental Strength and so much more ingredients have to be put in to achieve the success recipe.

This article from a Prudential adviser roughly sums up the perks that keep me going. The rewards in this career goes beyond the dollars and cents because I know I am able to help him/her when financial help is needed most. In this line, we meet all sorts of people, the positive type, the negative type, and of course the neutral ones.

Working with people is definitely more challenging & difficult than working with machines. Only by climbing out of my cocoon than I realized my engineering skills had been so limited. Time to break out into the real world.