Insurance
MOH clarifies on medisave-linked insurance schemes
By Patrick Lim  •  October 11, 2011
today, the ministry of health responded to the writers of 2 letters; hospitalisation insurance drains medisave (october 01, 2011) and lower premiums for medishield can help (october 04, 2011): the first letter: october 01, 2011 hospitalisation insurance drains medisave MY HUSBAND and I believe in insurance protection, and our parents, who are in their 80s, are insured by MediShield and IncomeShield. But the premiums have wiped out their Medisave and they have to pay in cash. For an 81-year-old Singaporean, the MediShield premium for a stay in a C class ward is S$1,087 per year, while for IncomeShield it is $2,354. Our parents cannot continue to afford such premiums. We wrote to the Ministry of Health and were told to use our Medisave to pay for the premiums. But for insured persons aged 81 and above, the withdrawal limit for premiums is S$1,150 per person. So we will eventually have ......
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By Patrick Lim
Patrick is an Associate Director with Promiseland. He has more than 20 years of personal investment experience both in stock and shares and unit trusts. In his early years as an investor, he got burnt really bad in the infamous 1987 crash and again during the clob incident. With 2 decades of so-called battle scars behind him, the last few years (since 2003) have been good to him especially with his single country funds doing exceptionally well. On his investing style, he is both a technical analyst and fundamentalist. Patrick view wealth accumulation as part and parcel of the wealth management process but only if one has already executed his/her wealth protection planning on an on-going basis.
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