Dear Mr Tan,
Both my parents mum 62 and dad 68 are not insured by any hospital cover. Do you think it is still worthwhile for them at this elderly age to buy hospital cover? my dad is healthy and has some monies in the cpf medisave while my mum has been a housewife and has history of high blood pressure and high cholesteral level.
And if in the event it is worthwhile to consider buying, which type of hospital cover do u think wil suffice? eg most basic cpf medishield or buy from private insurers?
REPLY
Try to enrol them for Medishield (from CPF). It covers most of the cost of hospital care in subsidised wards, i.e. B2 and C. It is suitable for elderly people and the premium is much lower than private Shield. If they cannot be accepted, it is all right to be self-insured. If they need medical attention, go to a subsidised wards.
This is covered in Practical Guide on Financial Planning.
Shield, private or Govt, is a way to ensure you or your family is not burden by huge medical bills. Recently my Mother-In-Law blackout in the park with no apparent reason. Injured her face and stayed in Hospital for 5 days and then followed up with post Hospital appointments.
ReplyDeleteAll tests were no conclusive.
Total bill is $6k. NTUC paid $5k. Her Enhance IncomeShield cost $1k a year. Note that she had a cataract operation in 2010 costing $1.8k which she cannot claim.
NTUC shield has a limit of $2k deductable and 10% co-insurance.
You can look at the above as a burden relief. Imagine if there is no shield and if the above happens again, it will deplete my saving very quickly.
Saving on not securing a shield plan for old folks and backfire and clean up your saving very fast.....