Accidents Do Happen

legMany accidents happen daily in Singapore but we are not aware. Personally I know of someone who was disabled after slamimg her bicycle into a stationary lorry at 30 km/h…. ¬†Another broke his collar bone after crashing into the bicycle in front of him which had fallen earlier… accidents do happen even at home like being burned by a hot stove or getting scalded by hot water or falling from a ladder while fixing a burnt light bulb… the list goes on.

When faced with such a dilemma, I’m sure you will rush to the hospital immediately. But the question is… which one? The nearest hospital from where you are or to the best surgeon that you know who can treat you effectively and efficiently. Many times, I hear Singaporeans complained about the long 2 to 4 hours wait at the Accident and Emergency departments of public hospitals due to the high human traffic situation there. Are you able to bear the pain and agony of waiting for your turn to be treated and warded?

If you have a comprehensive hospital and surgical insurance that pays for your stay at a Singapore private hospital, you should and will definitely rush to one nearest to you! I have been to one recently and the time to get into a ward was less than an hour! I got treated immediately upon arrival at the A&E area and the doctor on duty was decisive to admit me into a ward once he was sure of my symptoms.

Ladies and gentlemen, the CPF Medishield Life plan caters to most people who are contented to get warded into a Class B2 or C Ward in a Singapore Restructured Hospital but due to the demand at these hospitals, the wait tends to be very long. Yes, these wards are highly subsidised and you should also consider the highly subsidised outpatient fees after your discharge from the hospital. A good plan will cover the un-subsidised outpatient fees for up to 180 days ( 6 months ). Catastrophic medical treatments like chemotheraphy will be covered by such a comprehensive plan too.

Don’t rely on your company’s medical insurance and don’t assume that it will cover the full cost of inpatient fees and charges. I have come across medical plans in a Multi National company that covers only 30% of the surgery fees as the surgery was deemed as not serious. ¬†The patient had to rely on her own personal H&S plan which was able to pay the difference not covered by her company, fortunately. Otherwise she will have to fork out more than $2000 from her pocket.

Don’t be complacent, talk to a independent financial adviser representative like myself so that you buy the plan that suits your needs exactly and avoid duplication of insurance. Also plan for out of hospital expenses after a serious illness as these expenses can be quite hefty and will sap away your hard earned savings in the bank.

I can be contacted at 9001-1082 or email me at stephenmok@ippfa.com. In financial planning, I separate the best from the rest.

 

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