| Singapore Medical Insurance - Is It Necessary? |
| Written by The Editor |
| Sunday, 25 January 2009 12:15 |
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In all nations, healthcare costs are constantly rising. And Singapore is no different. This may be due simply to the effects of inflation but more often, it is because of rapid development in healthcare infrastructure within each nation. We need medical care when we get older, when some of us have retired and found to our horror that we have not built up a sufficient nest egg for retirement. Some of us may have had the foresight to set aside a retirement fund but realize, a little too late, that medical care has become far more expensive that we initially thought. What little we have set aside is being spent on medications, doctors’ appointments, scans, hospital stays etc. What about our daily expenses? What about our overseas trips? The time to plan is now. When most of us are still working. When we have regular paychecks. If we are struck down with a terrible illness, would we be able to afford the astronomical fees necessary for treatment? What will happen to our family finances? Can we still afford to send our children to school? This picture may be grim, but how many of us are actually aware of the realities? A simple appendicectomy can cost between S$2,000 and S$6,000. Cataract surgery can cost between S$3000 and S$5000 per eye. An operation to treat colon cancer, between S$10,000-30,000 and a cardiac bypass operation up to S$25,000 and S$40,000. Chemotherapy for cancer can range from S$10,000 to S$100,000 for a 6 month course depending on the type of medications used. Arguably, these figures are derived from operation costs quoted to private patients but nevertheless, it gives us a clue as to how much treatment of an unexpected medical illness will cost. How many of us can afford such payments? More importantly, what can we do to protect ourselves against such catastrophic costs? It is here that medical insurance can play a vital role. Much like life insurance, medical insurance serves to protect us against the ever increasing cost of healthcare. We would not want our hard-earned savings to be wiped out by an unexpected illness. Many of us working adults may feel that it will never happen to us. Stroke, cancer, heart attack – that only affects the old and infirm. What about Dengue, Appendicitis or even the simple pneumonia? Have we had friends admitted for these? Just a one night stay in an A class room in any public hospital will cost between S$450 and S$550, never mind the other charges like drugs, procedures etc. A night’s stay in the Intensive Care Unit (ICU) will set you back over S$1,000. So why get medical insurance now? Why not wait till we are older? Then we will be more likely to be using this insurance. Yes, but as you get older, you may discover that you have more medical problems, like diabetes, hypertension, hypercholesterolemia. Insurance companies will then offer you a higher premium due to your “higher risk”. Some may not even want to insure you against certain illnesses. Isn’t it better to lock in you health right now? As a medical practitioners for the past 10 years, we can safely say that medical costs are never going to go down. It will only escalate. Get yourself some medical insurance for your peace of mind and your family. When you have built up a large nest egg and feel that you have enough reserves and do not need further protection, you can always cancel your policy and stop paying the premiums. Until then, get yourself covered. We know we have! |
| Last Updated ( Sunday, 25 January 2009 13:13 ) |