employee's benefit

Are You Over-Insured or Under-Protected?

When it comes to medical coverage, many Singaporeans are over-insured or under-protected. This is because many people either make the mistake of relying solely on the medical insurance provided by their employers or waste good money on medical plans that duplicate the insurance coverage already provided by their company.

So how do you integrate the various plans-your company benefits, national health plans like Medishield and your own personal medical insurance-without any wastage of premiums?

 

Is Comprehensive Coverage Necessary?

Young or old, we all fall sick at one time or another. Besides affecting our health, serious illnesses such as kidney failure, cancer and stroke, will drain us and our family financially. Never trivialise the role of adequate medical insurance-it is your hedge against expenditure that may exhaust your hard-earned money.

 
What Types of Medical Insurance Do You Need?

To save your wallets and your dreams, your medical plans should comprehensively cover you for the following areas:
~ Hospital and Surgical
~ Critical Illness
~ Disability
~ Chronic Outpatient
~ Long Term Care

 
What can National Health Care Plans Do For You?

Most Singaporeans are covered under national health care plans like Medishield. While they are excellent "first layer" plans that can help you defray part of a big medical bill, they may give you a false sense of security because of the co-payment and deductibles features.

 

Your Employers' Medical Benefits

Even if you are well-covered under your employer's medical scheme, you cannot rely solely on it. You have to provide for times when you are in between jobs or when you are out of job.

 

Are You Wasting Money?

While the product may be a good one on its own, you could be wasting good money if the medical plan duplicates the insurance coverage already provided by your company.

 
Integrate Your Medical Plans

The means to integrating your medical plans is a portable scheme that only tops up on the benefits that you need and moves with you when you change jobs. The coverage and premiums should adjust according to your new employment benefits.

In reviewing and integrating you medical insurance needs, ensure that you
~ weave your income and employment benefits into your financial plan for greater security
~ adopt an asset allocation as the focal point of your investment strategy

 

Managing Other Obstacles

A big medical bill is just one of the many hurdles that may disrupt your pursuit of your financial goals and lifestyle dreams. You need to build into our financial plan checks and measures to ensure that you can maintain your financial health and continue to pursue your dreams even if you meet with other obstacles such as loss of your job.

It is therefore important to set in place a personal financial plan that can absorb interruptions. Your personal financial plan should meet the dual objectives of helping you achieve your financial goals with greater certainty and helping you overcome obstacles.

A competent financial adviser can help you put in place a financial plan that can accommodate changes or setbacks while it continues to produce good results. He/she will ensure that you have the plan that is appropriate for your current circumstances and future lifestyle goals.

Start planning early in partnership with your financial adviser, you can organise your finances and stay in control of your financial future.

 

This information presented in this website is of a general nature only and therefore does not take into account your current circumstances, financial situation, individual needs or personal investment objectives. Please do not act on any information in this website, but seek advice from your financial adviser. This information is subject to change.
 
home about ipac ipac testimonials resource centre events contact us sitemap disclaimer
© Copyright ipac financial planning Singapore Pte Ltd. All rights reserved.