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!