Buying insurance is a responsibility
Growing up, I never had any insurance plans. My mom defended that my dad never had enough money, so how in the world would they have money to pay for our insurances? You may judge me, but I felt that was an irresponsible thing to do. Thank god we never had to be admitted to the hospitals, but what if something happens?
I was really emotional about our lack of insurance plans. I felt that they didn't care. The only thing they bought was an endowment plan that matured when I turned 21, I believed. The last I knew, this plan didn't even give profits. I was angry, but my anger subsided after I reflected on this - my parents are not well-educated. They didn't even have their own hospitalisation plans, and my dad even thought that he could rely on his company's hospitalisation subsidies should anything go wrong. I chided him for thinking this way. He's in his 60s already. If his employment ends with his company, who is going to insure him? Who is going to pay for his medical bills? He can't claim from his HR or Finance anymore.
Insuring my parentsAnd so, early this year, we purchased a hospitalisation plan from NTUC Income for my mum. We were lucky that she has never been admitted to the hospitals before, which made purchasing the plan at her age (50s) smooth. My dad wasn't so lucky. Other than having been admitted for a minor operation, he had high blood pressure, which meant that quite a number of coverage (say, potential claims from heart attack) would not be applicable to him. We didn't proceed with the purchase of the hospitalisation plan for him in the end, as the exclusions were plenty. We're just hoping the Medishield Life would be enough. My dad was pretty firm that his Medisave would be enough, which he kept repeating that he has maxed out his Medisave. Fine.
Ever since I started working, I knew I had to get minimally a hospitalisation plan for my parents. Should anything happens, I'll be the one forking the bills since I've now earned more than them combined. I'm also the eldest and the one who has a substantial savings since working 4 years ago. Nobody wants to exhaust their savings which in my case, I've been saving since 7, for a sudden hospitalisation bill! We all know the common phrase in Singapore i.e can die, but cannot be sick. Hospital bills are insane. Granted that we received heavy subsidies from the government, but what if we are admitted for a long period? These are things that scares me. I'm glad my brother and I took our steps to insure them, albeit only 3 years after I started work.