How to get a $1 million dollar medical insurance policy using no Cash!
By Kelvin Tan
You must be telling yourself this must be another Internet scam. Well this time you are wrong! If you are a Singaporean with CPF savings and Medisave you can qualify for this medical plan.
Medical plans in Singapore have fairly stringent health underwriting. In order to qualify for this medical plan you need to be close to perfect health before the insurance company will insure you. That being the case, you should select a good insurer and stick with them, before your health deteriorates through the years.
The current basic CPF Medishield plan which covers majority of Singaporeans provides only partial coverage and the patient is left with a hefty bill to pay. Majority of Singaporeans are still in the dark about MediSave or MediShield and assume that the standard plans will protect them from these huge bills.
This may be a shock but until recently, Medishield was catered to handle catastrophic illness only, and even then the majority of the bill is still left to the patient to pay which can amount up to more than 60% of the entire bill.
In the recent forum page, a lady wrote in to complaint why CPF only paid 3% of the $50,000 hospital bill for her mother’s hospitalization.
Nov 28, 2006 Straits Times Interactive Forum
MediShield paid $1,438 of $50,000 hospital bill
This came as a rude shock to her! CPF payout was calculated based on subsidized hospitalization. As a result she could not claim the full sum of $50,000 even though there may be more than $50,000 in her account.
MediSave should be used to buy hospital & surgical insurance policies and not to pay hospital bills! For the simple fact that Medisave yearly withdrawal limits are too low to pay for any hospital bills, furthermore this monies are supposed to last the person’s entire life. If you are struck with a catastrophic illness this would have wiped out your Medisave account with one go! Therefore these limits were imposed to reduce the amount MediSave could be used a year.
That is why it makes sense to actually invest in a good hospital and surgical insurance plan that will provide cover for you, for as much as possible and low premiums that only cost a few hundred dollars a year, compared to the thousands or hundreds of thousands it may cost you when you are hospitalized.
Recent years have seen the emergence of many improved medical shield plans, with “as charge” coverage. This will cover to about roughly 80% of medical health costs when warded in government restructured hospitals. Depending on the kind of wards you prefer. The premiums can be paid using the MediSave account, thus no cash is needed!
Example
For a male, aged 43 premiums are at SGD $221 with a yearly limit of $150,000 (B Plus plan, for Class B Wards and below). Just imagine if you were struck with a hospital bill of $10,000. CPF may only reimburse up to $3,000 per year (simplified for illustration purpose only). The other $7,000 will have to be paid by you. If you were to have a medical policy, this is how it works the MediShield insurance cost $221 / year will cover up to 80% of the bill or $8000. You have to pay the co-insurance and deductible (estimated) $2000 from your own pocket. You can cover this co-insurance and deductible with another cash medical plan.
Get protected now before it’s too late!
For more details on how to get your $1 million dollar medical Insurance policy using no cash contact us at www.Abundance2Insure.com
