There is a saying that you can afford to die but not afford to get sick in Singapore. This is true regardless if we are poor or rich. Unless you are extremely rich, hospital bills will be a problem for most of us here. Once we are diagnosed with some major illness such as cancer or other life threatening illnesses, it will probably wiped out most of our savings.

An important part of financial planning is insurance. In fact, getting insurance should come before starting any investments. One of the key insurance to get is healthcare insurance to cover our hospital bills as hospital bills can add up to quite a huge sum of money. In Singapore, we have social security schemes already in place such as Medisave, Medishield life, Medifund, Eldershield etc. These terms may be familiar to you but maybe most of us are not really sure what ......