When we are planning for our financial independence, one of the key considerations or areas to plan for is our healthcare needs.
If we are unable to take care of our well-being, then the quality of our early retirement or traditional retirement (retiring after 65 years old) will drastically drop.
There are a lot of considerations and that will be a topic for another day.
Today, I would like to explore how much we may need to get ready to pre-pay the premiums for our health insurance.
The Role of Our Health Insurance or Shield Plans in Singapore
In Singapore, our health insurance is our shield plans from various private insurers: MyShield, PruShield, NTUC IncomeShield, Axa Shield, HealthShield, Raffles Shield.
The main objective of our shield plans is to offset a large hospital bill. This can be inpatient or outpatient.
For example, a transplant at a hospital may cost around S$300,000....