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Financial Planning For Cost Of Medical Treatment In Singapore

 

Financial Planning For Cost Of Medical Treatment

The cost of medical treatment in Singapore is a significant concern for many individuals and families. As healthcare expenses continue to rise, ensuring adequate insurance coverage is more critical than ever. Proper financial planning is also essential, particularly for serious medical conditions like cancer, which can impose a substantial financial burden.

Financial Planning For Medical Treatment

The risk of being diagnosed with diseases such as cancer increases with age, making it essential to have a robust financial plan in place to manage the costs associated with treatment. It is crucial to consider various financial planning strategies at different life stages:

Below Age 35

At this stage, the primary concern is loss of income due to crippling diseases. Financial planning should focus on obtaining hospitalisation plans, whole life or term insurance, multiple pay critical illness insurance especially for people with a family medical history, and investment planning to build wealth over the long term.

Age 35-55

Individuals in this age group often have responsibilities towards both their children and aging parents. Key considerations include term insurance, mortgage-specific insurance, long-term care planning, and retirement planning.

Age 56 -75

With reduced financial obligations, the focus shifts to ensuring the continuity of Integrated Shield Plans (IP) and the continuation of Critical Illness plans. People in this stage should have Long Term Care Planning, and should also start exploring Legacy Planning.

Age 75 And Above

At this stage, the priority is preserving and transferring wealth to the next generation while relying on hospitalisation plans for critical illness coverage.

Why Retirement Planning Is Crucial For Managing Medical Treatment Costs

Retirement planning plays a significant role in ensuring continued coverage for medical treatment. Many people contemplate downgrading their hospitalisation plans as they approach retirement due to financial constraints. However, maintaining comprehensive coverage is vital because the risk of serious diseases such as cancer increases with age. Proper financial planning can help manage the premiums for insurance plans that cover ages 65-85, ensuring access to private healthcare when needed.

Insurance Companies In Singapore That You May Consider

1. AIA

AIA is the largest life insurer in Asia, with over a century of expertise. They offer a variety of health and life insurance products tailored to individual needs. 

Some Policies You Can Consider:

2. Manulife

Manulife provides insurance, retirement and wealth management solutions to meet the financial needs of  customers across various life stages. 

Some Policies You Can Consider:

3. Prudential

Prudential has been serving the financial needs of Singapore for 90 years, delivering a suite of product offerings and professional advisory for customers through a network of financial consultants and bank partners.

Some Policies You Can Consider:

4. FWD

FWD started operations in Singapore in 2016 and aims to change the way people feel about insurance by leveraging technology to deliver products and experiences that are relevant, easy to understand, and accessible for our customers.

Some Policies You Can Consider:

MediSave And Medishield Life Coverage For Overseas Singaporeans

A question often asked is whether MediSave, MediShield Life and Integrated Shield Plans cover overseas medical treatments. Learn the answer in this article.

Lower Your Medical Costs With Early Detection And Treatment

An effective way to lower your lifetime medical expenses is preventive health and regular health screenings to detect diseases early and when they may be managed more easily. Purchase health screening packages from our trusted healthcare partners here

Contact us via the button below for other medical appointments.

More On Health365 About Cost Of Medical Treatments In Singapore

Additional Readings

  1. Stomach Cancer (Gastric Cancer) | National University Cancer Institute Singapore. Available from: https://www.ncis.com.sg/Cancer-Information/About-Cancer/Pages/Stomach-Cancer-Gastric-Cancer.aspx 
  2. Stomach Cancer – Singapore | Sinagpore Cancer Society. Available from: https://www.singaporecancersociety.org.sg/learn-about-cancer/types-of-cancer/stomach-cancer.html
  3. Gastric Cancer | Singapore General Hospital. Available from: https://www.sgh.com.sg/patient-care/conditions-treatments/gastric-cancer
  4. Stomach Cancer | HealthHub. Available from: https://www.healthhub.sg/a-z/diseases-and-conditions/cancer_information_stomach_ncis
  5. Stomach Cancer (Gastric Cancer): How to Prevent, Risk Factors and Treatment | HealthXchange.sg. Available from: https://www.healthxchange.sg/cancer/stomach-cancer/stomach-cancer-prevention-management
  6. Gastrointestinal Cancer Screening | Alpha Digestive & Liver Centre. Available from https://alphagastro.sg/conditions/gastrointestinal-cancer-screening/

 

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This article is informative only and is not intended to be a substitute for professional medical advice, diagnosis, or treatment, and should never be relied upon for specific medical advice.