I wish to give the following tips on how you can save on your medical insurance:
* if your employer now provides medical insurance for you, you do not need any shield plan.
* however, if you wish to have continuation of cover after leaving your employer, you can take a low cost plan now, such as Medishield or a B2 private shield plan.
* you should not waste money on an expensive plan, as you are not likely to claim on it while you are working.
* you need a shield plan only when you are not covered by your employer; you can choose a plan the meets your budget.
* the premium increases when you get older; at that time, you should downgrade to a cheaper plan, eg to cover B2 or B1 ward
Do not over-spend on a shield plan that you do not really need.
I differ on this view.
ReplyDeleteEveryone needs a Shield Plan irrespective of whether they have a medical benefit.
Unless, it is a pensioner that have life time medical benefit, Shield Plan is essential.
Yes, it is considered duplicate but it is a safety net.
Nobody knows when one will contract a dread disease or chronic illness.
If such happen, one may be terminated from employment, and by then if one then considers a Shield Plan it may be too late.
I wish all employers will have a portable play or subsidise their employees to take up shield plan as a benefit, if company wish to provide such medical benefit.