Saturday, November 10, 2012

Insuring against medical cost for the elderly

Is there a good insurance plan to protect you against the high medical cost for the elderly?

1 comment:

Spur said...

With S'pore's runaway inflation in medical costs, even the premiums for medical insurance may soon be unaffordable except for the high-income and wealthy.

Even the barebones basic Medishield sold by CPF may eventually be unaffordable to the elderly and those unemployed.

From 2013, the Medishield premiums will be increased again. Currently those 80+ have to pay over $1,100 per year. This will probably be increased to $1,300.

If you're 40 this year, how much do you think the premiums will be 20-30 years down the road??

The fundamental problem is that medical insurance premiums are rising as fast as medical inflation. But average Sinkies salaries are stuck in limbo. Many are drawing similar pay to 10-15 years ago.

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