Is your maid insured?

March 17, 2007

Maid cleaning window survives three-storey fall

Indonesian is the third maid to fall from a flat in the past few months

By Amelia Tan & Krist Boo

AN INDONESIAN maid had a lucky escape early yesterday morning when she survived a three-storey plunge from her employer's flat.

Ms Nia Wulandari had climbed onto the ledge of a third-storey Choa Chu Kang flat at about 6am yesterday to clean windows when she slipped and fell.

The police received a call at 6.15am and a Singapore Civil Defence Force ambulance took her to National University Hospital (NUH) shortly after, where last night she was in a stable condition.

Ms Nia is the third maid to fall from a flat in the past few months. In October and November last year, two maids fell to their death in the course of work, adding to the grim total of more than 100 workplace maid deaths over the past seven years.

A neighbor, who wanted to be known only as Mr Liu, said he saw Ms Nia falling from the flat, screaming. When he rushed to the ground floor, she was lying motionless and calling out for help.

Employing a domestic maid often incurs a host of expenses including security deposits to the Controller of Immigration, levies and medical expenses should your maid be injured or hospitalised.

A Maid Insurance can take care of all that for you for as little as 10 cents a day.

—An all-in-one insurance package that meets your need, Maid Insurance can pay the S$5,000 security deposit required by the Controller of Immigration, and covers:

—Personal accident cover for your maid 24hrs round-the-clock

—Medical expenses incurred when your maid is hospitalised

—Repatriation costs in the event of your maid's death or permanent disability

—Hospital and surgical expenses when the maid is hospitalized

—Wages compensation & levy reimbursement while your maid is in hospital

—Termination expenses incurred when your maid becomes medically unfit to continue working Insurance Guarantee and Reimbursement of Idemnity Paid to Insurer

Take responsibility!
Contact us for your needs based advisor!

Singaporeans are grossly underinsured: LIA research

March 30, 2007

Singaporeans are grossly underinsured: LIA research

Two new studies suggest lack of awareness of what is enough coverage

By Lorna Tan, Finance Correspondent

MOST Singaporeans are woefully underinsured and will not have enough to cover their death expenses, outstanding loans and dependants' needs, a body representing the life insurance industry said yesterday.

The Life Insurance Association (LIA) said its commissioned research found that the average Singapore adult may be underinsured by as much as $362,000.

What many consumers do not realise is that they only have to pay premiums of less than $4 a day to buy a term plan to cover this shortfall, the LIA said.

LIA's new findings indicate that Singaporeans without an insurance policy are indifferent about getting coverage.

They see insurance as 'expensive' and believe there are 'more urgent necessities' such as a car and credit card loans.

Those were the key findings of two new studies commissioned by the LIA to find out consumers' attitudes on insurance protection, and to determine the extent of underinsurance for death cover among working Singaporeans.

Of the 400 consumers polled in the first survey, three in 10 did not have any insurance. Of those who did, 26 per cent had no idea how much they are covered for.

Those who believed they are well-covered were often quite misguided as the average amount of coverage of this group was only $173,000, well below 10 times average annual income - a widely used rule of thumb.

In fact, Nanyang Technological University's Associate Professor Yee Wah Chin, said the minimum level of death cover should be 11.3 times of a person's annual income.

The facts are out! Singaporeans are grossly under insured. But not many people are keen to open up and listen to what an insurance agent has to say. This could be due to the bad publicity; bad experience from past agents, what ever the reason, this should not hinder one from seeking a reliable needs based honest agent to help them in properly insuring their family. To be in command, control and even have a say even when the sole breadwinner is gone!

Feb 20, 2007

Widow struggles to care for kids, mum-in-law

On Jan 26 last year, the family's breadwinner, lorry driver Lim Kah Sim, was crossing the carpark just below the Bukit Timah flat when he was knocked down by a van.

It was 5.45am and Mr Lim, 50, was on his way to take a bus to his Jurong workplace.

He suffered head injuries and was in hospital for two days before dying just a day before Chinese New Year.

His wife, who wished to be known only as Madam Kong, now cares for their son, 15, and daughter, 13, who are in Secondary 3 and 1 respectively.

Mr Lim earned about $1,500 a month, supplementing his lorry driver's income by working at a friend's shop on weekends.

Madam Kong, 44, helped out by selling household products part-time.

Madam Kong said: 'Life is very unfair. My husband was very healthy.'

She revealed that they had hardly any savings, and Mr Lim did not own any life insurance policies.

They also had to support Mr Lim's immobile parents who lived with them in their four-room flat. His father passed away shortly after Mr Lim's death, leaving his mother in Madam Kong's care.

If her husband had taken an insurance policy, his family would not be in such a bad state. Insurance is a gift of love…..providing family income and care beyond the grave!

Contact us now for a non-obligation financial health check!

Can your company survive a major catastrophe?

March 30, 2007

Case File

3 OFFICES IN AYER RAJAH BURGLED

THREE offices in Ayer Rajah Crescent were found burgled on Tuesday morning, with two of the break-ins on the 7th floor of Block 55.

The front door had been forced open in one unit, and $390 stolen from a drawer. A manager of a second office also found the doors breached and the place ransacked, but nothing was stolen.

In the third burgled office at Block 71, $360 was stolen from a drawer.

Are you protected with Theft insurance? What should your business insurance protect against? Well for a mere $250 onwards a year, such package policies can provide comprehensive protection to your company. Why leave your company exposed to financial risks that beset any business establishment - big or small - such as damage or loss due to natural calamities, theft, workmen’s injuries or the untimely demise of a key personnel?

To protect you and your business against these types of financial burdens there are BUSINESS 3-IN-1, an all-in-one plan specially designed to protect your three prime assets.

1. Protect your CAPITAL ASSETS with BizAssurance

2. Protect your STAFF with Employees Comprehensive Benefits (ECB) Plan

3. Protect your KEY PERSON with Keyman Insurance

BUSINESS 3-IN-1 Gives You Flexibility to Protect What You Need

Once you sign up, you can enjoy the convenience of having a one-stop insurance provider with an all-inclusive range of packages. Let us help you tailor-fit a package suited to your business and management operations.

General Insurance Secures Your Business

Business security plays a critical role in ensuring uninterrupted and worry-free operations. Being extra careful at work or with your property is not enough. You need to anticipate and take necessary measures to minimise damages and/or losses caused by various unforeseen natural calamities, work-related accidents, liabilities and fraudulent acts by unscrupulous individuals. With General Insurance, you and your assets will be covered against such financial strains.

BizAssurance Protects You From Financial Risks

BizAssurance is specially designed to indemnify your business against a wide array of perilous occurrences. Should fire, lightning or any other disasters interrupt your business, you can be rest assured that BizAssurance will keep your business running.

BizAssurance Gives You Comprehensive Protection

Through BizAssurance, your business is indemnified against these perils:

• Fire and Extraneous Perils indemnifies you against physical loss of or damage to your contents including stock-in-trade as a result of fire, lightning, and other perils such as earthquake, flood, riot and strike, malicious damage and sprinkler leakage.

• Consequential Loss covers the loss of profits and expenses incurred to restore your business to its position before the loss.

• Theft and Hold-Up indemnifies you against physical loss of or damage to your contents including stock-forcible or violent entry.

What are you waiting for? Contact your personalize needs based adviser for a no-obligation review on your company’s needs.

Is your medical insurance policy keeping up with inflation?

By Tan Hui Leng, TODAY | Posted: 20 March 2007 1356 hrs

Don't like the heftier numbers on your hospital bill? Blame the economy. Apparently, it is doing too well.

Almost every hospital in Singapore has raised its charges — admittedly by just a handful of dollars. As the demand for healthcare professionals rises with the improving economy, hospitals' manpower costs are going up.

Noting that the majority of healthcare costs goes to human resource, National University of Singapore health economist Associate Professor Phua Kai Hong said: "Every time there is a wage increase, the first to be affected is healthcare because there are many qualified specialists there and you need to keep them from moving to the private sector."

It is not the specialists alone that are benefiting. Nurses have been asked to shoulder some of the responsibilities of junior doctors. But this came with a demand for better benefits, and they recently got a pay hike.

Is your medical insurance policy keeping up with inflation?

What do you look for in a medical insurance policy? What are the key factors you should consider? Are your medical plans “as charged” or is it still room and board charges?

Contact us for your free financial health review.

How you can get “Free” MediShield cover for yourself!

March 20, 2007

'Free' MediShield cover for two kids: Here's how

I REFER to the article, 'Give your baby a MediShield gift' (ST, March 2).

As most parents have a CPF savings account, the premium for the MediShield insurance is payable from the Medisave account, meaning there is no out-of-pocket payment.

Parents can also enjoy 'premium free' MediShield insurance by manipulating the various accounts to achieve safe and higher returns allowed under the CPF savings scheme.

By transferring $5,000 from the Ordinary Account (earning interest at 2.5 per cent per annum, or $125) to the Special Account (earning interest at 4 per cent, or $200), and assuming that the parent has not fulfilled the prevailing Minimum Sum requirement, would earn him an extra $75.

The additional $75 is more than adequate to service the premiums for two children at $30 each for the most basic cover.

Chin Kee Thou

Kee Thou has a good point in that the interest can pay for the MediShield plans. Do you know if your MediSave account has about $30,000. You can get your MediShield plans free as well? With $30,000 in your MediSave account will yield about $1,000 in interest per annum!

Paying for a "as charge" MediShield plan is about $540 for an age 60 person for Class A Ward. The premiums are much lower for the younger aged. This provides an affordable and comprehensive medical insurance protection for you and your family.

Don't risk paying huge bills! The Doctor may save your life, but you may loose your life savings! Contact your reliable needs based advisor today!

Does your car insurance provide good claims service?

March 22, 2007

Seven-car pile-up on expressway

PHOTO: DERICK TAN/STOMP

A white Hyundai ended up on top of a black Mazda in a seven-car pile-up in the rain yesterday.

Stomp reader Derick Tan, 31, witnessed the accident and sent in a picture.

The warehouse coordinator was driving along the Bukit Timah Expressway near the Kranji Expressway exit with his wife at around 8 am when they witnessed the crash.

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It pays to shop around for a good car insurer. After coughing out thousands for your car, isn’t worth while to pay a few hundred to get it insured with a good insurance company? The lowest price might be the most attractive in the short run, but you may be ending up on the raw side of the deal when you claim against your own insurer.

I know of a situation where months after later the accident, these claims are still being processed by the cheap insurer! Talk about paying good money and getting bad claims service! You are lucky if you are able to recover the full repair amount! Is waiting months for your claims payment worth the wait to save a few dollars? Call us for your quote!

Please comment on your claims experience! Thanks

How to select a Singapore MediShield Hospital and Surgical Plan

By Kelvin Tan

There is now a larger pool choice for Central Providence Funds (CPF) MediShield plans in Singapore. There have also been vast improvements in the coverage of such Singapore MediShield Hospital and Surgical Plan. How do you weed out all the marketing and get a down to a good plan for yourself?

1. Look at the company; what’s its background, how long has it been in the Singapore market? How deep are its roots? Has it a good reputation in the industry? What about its contract terms? Do they help the patient or just protect the company from its liabilities?

2. Check sure the Singapore medical or hospital & surgical plan to see what is covered, you should make sure the annual limits and lifetime limits cater for catastrophic illness. Does it provide additional protection for catastrophic illness? Make sure the policy is guaranteed renewable; you don’t want the situation where the policy is canceled due to excessive claims.

3. Check the Ministry of Health website (www.moh.gov.sg) to see the company’s claims processing speed, this would ensure that the company doesn’t play punk when it comes to paying claims. Ensure that the company is regulated under Monetary Authority of Singapore and has a good track record.

4. Check the entire Singapore medical policy or hospital & surgical plan premiums range, and make sure that premiums do not increase exponentially with age! You don’t want a situation where the initial entry is very low but at later years pay a hefty sum to keep the policy. If you develop a medical condition it could be very difficult to switch medical plans. And you will be left in a tight spot.

5. Check individual limits and benefits of the policy, are the items specified “as charge”? Or are there individual limits to each item. This would mean any claims outside those limits would be out of your pocket. E.g. Room and Board $250 or “As Charge”. The advantage of “as charged” polices, is that they provide better reimbursement of claims.

6. You may want to consider purchasing pays cash only medical policy to cover the co-insurance and deductibles for Singapore medical policy or hospital & surgical shield plans as this would help reduce the amount of cash you have to pay for the co-insurance and detectable in the event if the hospital bill is large. Having another policy would also provide you with a wider coverage, for example there might be situations where the Shield Plan does not cover, but the other medical policy may provide cover. Go through the terms and conditions to see where the shortfall in medical protection is and how they can complement each other.

Insurance cover for congenital diseases falls short

Insurance providers say such schemes may be costly

By Salma Khalik, Health Correspondent

EVERY year, 700 to 800 babies are born here with congenital problems. They have one other problem - a lack of medical insurance.

There is no insurance scheme that will help pay their medical bills from birth, even if their parents had bought them a Medi-Shield policy, as this does not cover congenital diseases.

Only one policy, Great Eastern's SupremeHealth, covers congenital diseases - but only if they are identified at least two years after the policy starts.

Associate Professor Arijit Biswas, a senior consultant obstetrician at National University Hospital, said most congenital problems - nine in 10 - will have been diagnosed within the first year.

Some are minor, such as a cleft lip or palate, which can be remedied easily. Once corrected, the problem is essentially solved, although the child may require some speech therapy.

But one in four congenital problems is serious, said Prof Biswas. Heart defects, for example, may require several operations over the years.

Does your current policy protects for congenital diseases for your child?

For more details on your Singapore Medical or Hospital & Surgical plans visit www.Abundance2Insure.com

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.

Will your beneficiaries be inheriting all your assets?

By Kelvin Tan

Recent newspaper articles have highlighted the importance of estate planning here in Singapore. While numerous countries like Malaysia, Hong Kong, India, Australia, New Zealand, Italy, Sweden and Canada have actually done away with such taxes. I wonder why is Singapore so slow in adopting good practices (like abolishing Estate Duties) or reducing personal income taxes, but fast in implementing and increasing GST taxes?

Anyway below are some news articles which highlight this issue.

March 11, 2007

Why estate duty should die a quick death

THERE was much disappointment among Singaporeans and tax experts when the much-hoped-for scrapping or tweaking of the estate duty did not materialise this year.

Instead, the Government has opted to postpone its decision over what to do with the tax until next year.

Some people reckon that it should be abolished. Their arguments include the following:

It's a double whammy for taxpayers: A taxpayer is taxed twice - once on his income which is used to acquire the assets and again on the value of his assets when he dies.

It's an unfair exemption limit for movable assets: The lower exemption limit of $600,000 on movable assets such as cash and shares means that many middle-income earners would be slapped with the tax.

And these are the people who may not be financially savvy enough to minimise the potential tax paid through estate planning.

March 11, 2007

Death can be taxing for the living

With rising affluence, more Singaporeans may find themselves having to grapple with estate duty

By Lorna Tan, Finance Correspondent

FOR such a sombre topic, the death tax has been generating some very lively debate of late.

It has continually popped up in Budgets over recent years, including the recent one, while letters about it were still appearing in The Straits Times Forum page last week.

The attention reflects the fact that increasing numbers of Singaporeans who do not consider themselves rich are waking up to the fact that they are not immune from the snares of the tax, which kicks in if a deceased person has assets over a certain limit.

March 11, 2007

What can be done to minimise estate duty?

Q MY BROTHER, 54, who was single, died last year. He had willed all his money to our mother, who is about 80 years old now. My younger brother, 41, and myself, 42, are also not married and are named as executors to the will. In all, he left behind about $1 million in cash and a commercial property that was under his name alone. There is a small outstanding mortgage on this property.

My question is whether this money is subject to estate duty if our mother were to die? If so, what can be done to reduce or avoid being taxed? Estate duty of about $32,000 has already been paid and the Letter of Probate obtained. The monies are now in a joint account under my brother's and my name.

Currently the best policy for estate planning is to plan now and review it regularly. Even if you give your assets away, be warned of the 5 year claw back! i.e. Should you die within the 5 years, your gifts will be taxable! Some wealth protection methods for planning your estate protection you can use are wills, trust, and gifts.

Contact us for more information and advice www.Abundance2Insure.com

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.

Why doesn’t my Singapore Insurance policy pay when I make a claim?

By Kelvin Tan

Many times we get an insurance policy in Singapore and we think we are protected from everything! But when we are down with an accident or illness, our claims don’t get paid!

Why what went wrong? Isn’t that main purpose people buy insurance in Singapore for? Isn’t that what insurance in Singapore suppose to protect? And then is just the blame game, and you think that the insurance company just plain right cheated you with all the fine prints no doubt!

Well this is far from the truth, very likely the agent who sold you the policy did not do a good job in helping you understand clearly or explaining what the policy protected you from or against. And through time you probably forgotten all the finer details what the policy protected you from!

Insurance is such a broad topic, and the terms and conditions spelt out in the insurance contracts in Singapore, tend to be specifically worded to protect against that exact risk. And anything outside that description is usually not covered!

Insurance can be a very complex protection tool but you need to understand clearly what it can do for you. There are many different kinds of policies to protect against many different kinds of risks. There are medical policies to protect against hospitalization, life policies to protect against death, personal accident policies to protect against accidental death and total permanent disability, critical illness policies to protect against 30 dreaded diseases. The list just goes on and on…There is no one single plan that protects from everything, that is why you need to review your policies regularly to ensure any new risks are covered.

So what policy do you want to claim against? Hospitalization? Total permanent disability? Even when you are doing a claim, you need to review your different policies and check which will give you the best benefit when doing a claim.

Need to get a good insurance agent who understands what kind of protection you may need, and clearly explained to you what you are insured for. So any event of a claim you would know which policy to use or claim against. The secret is in using the right tool for the right job. Insurance can a powerful tool in the right hands, which provides huge protection at minimal cost!

If you understand the concept of insurance, it can help give you a very good foundation for protection and financial freedom for you and your family.

Contact us for your free policy review and advice www.Abundance2Insure.com

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.

Is your a retirement fund or CPF savings adequate to provide you a decent lifetime income?

By Kelvin Tan

From 1st July 2006, the Medisave Contribution would increase from $90,000 to $94,600. The new amount will apply to CPF members who turn 55 from 1 July 2006 to 30 June 2007.

For existing CPF members who just turned 55, they should have close to S$95,000 in their accounts.

For a person born May 1951, The CPF Minimum Sum applicable to you is $90,000.The projected monthly payout (retirement income) from age 62 is $711 and is estimated to last for 20 years. (Taken from the CPF calculator)

This assumes that you set aside the Minimum Sum fully in cash when you are age 55. The current retirement account interest rate is currently 4% pa, and is subject to change.

Hopefully this person would have more than the minimum sum, with the likelihood of GST hitting 7% middle of the year, essentials are going to cost more.

Assuming if this person just spends $18 for three meals a day, his monthly needs will be about $558, for food alone. This leaves him $153 from the monthly retirement income from CPF payout to handle all the other necessities? There are some necessities to be considered like medical insurance, utilities etc.

Another important point to note is that this CPF retirement income amount will be paid up to 20 years only! i.e. up to the person’s 82nd birthday. What if this person lives beyond this age what then? That is why annuities were introduced, what are annuities? It’s function is basically similar to that of the CPF retirement income, the main difference is that income from annuities will be paid through out the person’s life! Additional benefits in terms of cash are paid out if the person is unable to do 2 of the 6 activities of daily living (ADL).

For the majority of Singaporeans who just meet the minimum sum, retirement is not going to be a very rosy. Those who have less than the minimum sum, I can’t imagine how they are making ends meet? Is that why many Singaporeans who reach retirement age of 62 are still working?

That’s why it’s important for you to have a proper financial planning as early as possible all the way to retirement, in order for you to enjoy the fruits of the your labor.

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Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.

5 key points in selecting a Singapore based Insurance policy

By Kelvin Tan

With so many insurance companies and difference insurance protection plans in Singapore it’s difficult to weed through everything to make a good decision on what to purchase. You don’t want to be stuck with a Long term insurance plan that doesn’t meet your needs or finding halfway through the policy life that it isn’t what you want.

The first key point of selecting a good insurance plan is finding the right company. Key questions you should ask your financial planner are:-

1. Has the insurance company been around for a long while (more than 70, 80, or 100 yrs)?
2. Is there good public Image about the company?
3. Importantly what are the financial standing and reserves?
4. Is the company growing and financially sound?
5. Has this company managed to deliver what is it has promised?
6. Is the insurance company listed in the local stock exchange (example Singapore Stock Exchange - SGX)?

The second key point is to make sure you have a good financial planner who you are comfortable with and have your needs at hand. This person must be able to ascertain through questioning, your long term needs and goals. Importantly is this person representing with a good Singapore based Insurance company regulated by Monetary Authority of Singapore (MAS)?

The third key point the planner should be able to one review your needs and recommend suitable plans that will meet your lifestyle goals. The planner should be able to explain clearly and in simple English what the plans offer, different advantages, disadvantages, benefits, and of course the premiums payable.

The fourth key point you should consider is that the policy should provide you adequate protection when you need it. Is there a regular review by the life planner on your policy?

The fifth point to consider is the payment of premiums, what payment options are available, and which payment option fit your needs. Yearly payments may yield a small discount compared to monthly payments.

For more details on contacting your reliable needs-based advisors visit www.Abundance2Insure.com who will partner you in your quest.

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.

MediShield to automatically cover all newborns, children

March 6, 2007, 4.30 pm (Singapore time)

MediShield to automatically cover all newborns, children

By Ng Kai Ling, ST Interactive Reporter

NEWBORNS and children will be automatically covered under MediShield later this year unless their parents opt not to, under the Government's 'auto-cover' where an annual premium of $30 will be deducted from the Medisave account of either the father or the mother.

The move is expected to affect some 390,000 young Singaporeans below the age of 20.

Children entering Primary One will also come under this opt-out scheme starting next year. Their annual premiums will also be deducted from their parents' Medisave accounts.

For older children still in school, there will be a one-off exercise to get them under the scheme.

This was announced on Wednesday by Health Minister Khaw Boon Wan, who expressed concern that young Singaporeans below 20 years of age are not insured.

'The premium at their age is inexpensive, only $30 per year. And young parents can use their Baby Bonus to pay for the premium so cost is not an issue,' Mr Khaw said during the Budget debate for his ministry estimates and programmes.

'MediShield coverage from young will give parents the peace of mind that, should their children develop any illnesses as they grow up, they will have insurance coverage for such illnesses and the subsequent treatment,' he added.

Mr Khaw said that once the majority of children here are covered, he will turn his attention to the 100,000 or so housewives who are uninsured.

Finally protection for the newborn! There are so many stories where newborns with birth defects are uninsurable! These parents having a tough time paying for the hefty medical bills, which range from thousands to hundreds of thousands of dollars.

The issue now is what about those newborns which have birth defects? Can they be insured under MediShield with their pre-existing conditions? Check the fine print! But at least it spells hope for those newborns fighting to live, and parents fighting to pay for medical treatment.

Retirement Planning – Are you planning to retire or retire to work?

March 5, 2007

Extend period to help seniors taking up jobs

I REFER to the letter, 'Why no extra 30 mins of concessional fare' by Ms Noelle Tang of SMRT.

We senior citizens thank SMRT and appreciate its consideration in curbing peak-hour travel patterns out of concern for senior citizens' safety.

Unemployed senior citizen are also mindful not to compete with the able-bodied during peak hours.

However, with the Government's recent encouragement to employers to hire more senior citizens, may I suggest that the concession period also apply from 5.30am to 4.30pm and after 7pm?

March 5, 2007

Govt panel to focus on work for the elderly

Having income will help solve many problems of ageing, says Lim Boon Heng

By Sue-Ann Chia

THE man in charge of tackling the issue of Singapore's ageing population said last night that his top priority was getting more elderly people to work in their golden years.

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I read these articles forum pages with interest and wonder? Why do the elderly or retired need in Singapore need to work? Shouldn’t they use their time on better things than to make ends meet? Wasn’t the Central Provident Fund (CPF) the solution to retirement for these people? What has gone terribly wrong? Did inflation rise so fast that the existing rate of returns from CPF can’t match up? Were they so poorly paid that they were living on a hand to mouth existence?

I think the problem lies in that not many Singaporeans are serious in planning for retirement! Not many knew how, not many bothered! The results are clearly seen! Elders seeking for jobs in their twilight years and not enjoying the retirement life style they would have wanted.

What is the solution? Singaporeans should focus on retirement planning in their earlier years, with regular prudent savings using insurance and investment instruments that would provide a disciplined savings for use in latter years. Annuities provide for life long income, along with disability benefit if the insured is unable to do 2 out of 6 activity of daily living. Is that enough? Well this depends on the person’s lifestyle; the ideal situation is that a person should also have passive income to provide a continuous stream way in to the twilight years. This is to cater for rising health cost, basic essentials and a nice holiday once awhile!

Don't wait for retirement to do your retirement planning! It starts now!! Click here to contact our reliable needs based agents, who will help plan your retirement lifestyle you desire!

What happens when ElderShield Stops paying?

Feb 26, 2007

Major overhaul of ElderShield scheme

By October, there could be higher payouts, longer payment periods and more insurers

By Salma Khalik, Health Correspondent

A MAJOR overhaul of ElderShield, Singapore's disability insurance scheme, is under way to provide higher payouts and greater options, including more insurers to choose from.

Payouts for the basic scheme is likely to go up from $300 to $400 a month, with payment periods extended to six years, from the current five.

This will raise payouts to a maximum of $28,800, up from the present $18,000.

Will the major overhaul be enough? This scheme will benefit all senior Singaporeans with disability insurance under ElderShield. With $400 a month, and payments period extended a year, is that really helpful?

If the person’s disability is permanent, how will this person continue when the payouts stop?

That’s is why one should invest in long term GoldenCare annuity, which pays lifetime income as well as disability benefits if the insured is unable to perform at least 2 out of 6 activities of daily living (bathing, dressing, feeding, continence, mobility, transferring).

This payout is for life of the person insured. In Singapore, Annuity benefits are not subject to tax if your policy is purchased through CPF.

Government can only provide so much help; the rest is up to you. Call us for your retirement planning

Full paying patients but given slow and poor service

Feb 23, 2007
FRIDAY MATTERS
When private patients' patience can wear thin
By Chua Mui Hoong, DEPUTY POLITICAL EDITOR

It led me to wonder: Why would Singaporeans persist in paying private rates in a public hospital, if they have to put up with much longer waiting times, which increase anxiety, waste time sitting in a hospital waiting room when they could be resting at home if ill, or working if well, and generally endure a poorer quality of customer service?

It isn't as though rates for private patients in public hospitals are that much lower than rates in the private sector. (Data on the Ministry of Health website comparing rates for some procedures suggests that cost can be 20 to 30per cent less in public hospitals for Class A patients than at private hospitals.)

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A simple explanation may be that the Singapore health care system is overloaded and overworked? Or can it be that Singaporeans are working themselves to such an unhealthy state?

Why has the health care system in Singapore has such long waiting times?
Why are the public hospitals inefficient compared to the private ones?

Why not have an insurance policy that pays for private hospitalisation?
Why not choose faster and better health care?

If you are unsure what kind of medical insurance coverage you need, check with your friendly needs based advisor www.abundance2insure.com