Skip to main content

Here's a reason why you should buy the best hospitalisation plan



You must be thinking why a lady in her 20s is telling you this. Simply because, this young lady has just received her medical report and there are some issues that need medical advice.

Your Health is Your Most Important Asset. It's not too late when you're healthy.

I purchased the NTUC Enhanced Incomeshield plan since I started working. I knew I needed some wealth protection because I've always been a weak kid. I also happened to know that my parents did not purchase any insurance plans for us because "Daddy has no money for those". Honestly, I was dumbfounded. I was angry and I cried. I felt that my parents didn't love us enough. Which parent does not purchase insurances for their kids? I always thought we were covered.

"Why didn't he purchase hospitalisation plans for us!?" I exclaimed. "What if something happened to us and we had no money to treat?!" My mum probably thought I was really senseless and selfish to say such things, which after thinking through it now, I might have been a little rude. The short answer to the lack of insurances for us was because, we had no money (to spare).

Since I started earning my own keeps, I knew the 1st plan I needed was an hospitalisation plan. Do I know what I needed? Honestly, no. But I refused to purchase anything from an insurance agent. I just couldn't trust them knowing that they earn money from the plans I bought (sorry to agents reading this). All I trusted was myself. So, smartie me decided the best place to look around was via Google. Long story short, I decided on NTUC Incomeshield because

  1. their terms were easy to understand
  2. charges seem transparent
  3. I could purchase it just by going down their store
  4. I trust their brand
So off I went to the Bras Basah outlet in 2013 and signed on the Advantage plan. According to the agent, he finds that I do not need the Preferred Plan since public hospitals are equally good. I thought, "hey, at least he doesn't push me to take on the best plan!"

3 years down the road, I've changed my mind. I wanted to upgrade to the best plan possible because, why wait when I'm still young and healthy?! As we grow older, our health gets weaker. Should I decide to upgrade later when I'm diagnosed with some illnesses, it'll be too late. 

I've already upgraded my plan and took on the Plus Rider. It's time for you to take action if you've not purchased any hospitalisation plan.

Your Health is Your Most Important Asset. Be sure to protect it.

For the clueless, you may wish to check out the Medishield Life website to decide if you require an enhanced plan.
MediShield Life

You may also refer to AK's take on that. He might convince you better than I did.

Good Luck.
Labels:

Comments

  1. TIMarch 8, 2016 at 1:39 PM

    Hi! Nice to different new voices blogging on finance etc. Once upon a time, I was like you - but I wished I had spent more time budgeting and investing then. Hope to see you continue blogging! (By the way, the best private shield plan can get rather expensive at older age and there is mthly withdrawal limit on cpf that can be used so gotta be careful there)

    Kevin L.

    ReplyDelete
  2. CherryMarch 9, 2016 at 7:49 AM

    Hi Kevin

    Thank you for your advice! I guess I will have to weigh the cost as the premiums get more. Hope not to downgrade my plan unless it's too costly to stomach. Will keep your words in mind :)

    Stay healthy! That's most important.

    ReplyDelete
  3. LizardoMay 29, 2017 at 10:28 PM

    Incidentally, did NTUC provide a projection of the charges for the rider as you grow older? It's not a fixed price. And subject at their discretion to adjustments (which I think is never going to be downwards). But I do agree it makes sense. Just need to do so with eyes open.

    ReplyDelete

Post a Comment

No rude messages please. Unkind messages and spams will be blocked and deleted.

Popular posts from this blog

I finally cross $700k networth, after 1 year 4 months

I wondered how I should kickstart this post - should I be positive or negative about this? After 1 year 4 months, I finally crossed $700k in networth - returning back to where I've been at, back in Dec 2021.  I am disappointed.  For the past many years, I've always been growing my networth, at around $100-$150k/year. I had big plans to hit a net worth of $850k by December 2022, but the universe had other plans for me. Instead, I only managed to reach $646k, leaving me with a $204k gap to my target.  Ever since I became more aggressive in my "investment" portfolio in 2021, being sucked by greed to deploy most of my cash into stocks and crypto, I fell heavily, along with the crashes. Crypto wiped out 5 digits savings, so did the stock market.  To be honest, ever since the crashes and a bad hit to my net worth, I actually didn't do anything special to improve. I didn't make drastic spending cuts, I didn't stop my holidays, I didn't continue investing (no
2 comments
Read more

What the luck? DBS and OCBC banking tokens died!

What luck. My ibanking tokens went dead one after another. OCBC Token First was my OCBC token. It said "low battery", but I ignored it. And when I finally need to use it, it was dead. Granted that I could use SMS OTP, I had to make a big transfer to other banks and it was over the withdrawal limits. And to do that, I needed the ibanking token. And serve me right for not activating the onetoken. In the end, I had to call in to OCBC call centre for a replacement. 7 working days, they said. What a long wait. In the midst of it, I needed to make my interbank transfers. I even went down to OCBC bank and explored a stupid manual way i.e to withdraw cash and deposit into the other bank. But the moment they told me they ran out of big notes, I got scared. While waiting for the token to arrive, I figured I could actually do transfers in smaller amounts, but had to bear with a daily cap. Sigh. And, one week later, my OCBC token arrived. How efficient. DBS token
3 comments
Read more

Extremely bad start with UOB One

With the influx of posts on social media re UOB One (psst on grabpay) and the receipt of my house keys, I decided it was the time to sign up for a UOB One account plus credit card. It was gonna be the best tool for household joint expenses and joint savings. However, I've faced multiple hiccups that made me VERY frustrated....WHY ME?! 1. Delayed approving process led to losing out of sign up bonus First, I signed up for the UOB One card and Account in early Oct through Singsaver's promotion. The promotion said that I'd get to enjoy cash incentive for registration + UOB's promotion of $80 cash credit with min $1k spent within 30 days of card approval. Mind you, t hese terms were stated to end on 31 Oct , extracted below: S$80 Cash Credit for  UOB  One Account:  Limited to the first 500 new to  UOB  Deposits customers who either (i) deposit and maintain $5,000 or (ii) credit their salary, into their new  UOB  account for 6 consecutive months. Terms and conditio
11 comments
Read more