Budgeting post-retirement medical expenses

[flinger]

As far as I know, most of the insurance plans for old age are just insufficient in terms of coverage. The payouts are miserable.

I think at present the only way to get sufficient coverage is through your own savings and investment to cover for the need.

Example: 1 month stay in the Ang Mo Kio geriatric and rehabilitative care hospital cost like 3000 - 5000 dollars for my mom.

Is there any insurance that would help cover for that? No.

Elder shield coverage and payouts are miserable for the cost it takes to look after someone who really needs help.

I really don't seen anything out there that can help except your own savings and investments.

Please inform me if there are such plans that I am not aware off as I would love to take them up

The govt really needs to come up with something to cover old age care from the basic care for the healthy and mobile all the way to people who need geriatric & rehabilitative care.

I'm no insurance salesman but for contingency planning, you should hedge it with insurance. Like all contingencies, they are events that you pay for and hope that it does NOT happen, just like a nation's armed forces. There are top up plans for elder shield currently.

Yes, insurance is a good hedge against the uncertainties. The link of NTUC Basic ElderShield 400 and PrimeShield 1000 plans below

http://www.income.com.sg/forms/brochure/PrimeShield.pdf

[specuvestor]

^^^ Agree... but I think the Eldershield top up is better than nothing I've gone for the $1200 payout to see how it goes before committing more.

And why I also agree on Universal care for critical illness and dialysis etc ie long term care. Like I ranted many times, there are those who still claim safety nets are disincentive to work without understanding the difference between discretionary and non-discretionary medical. Nobody hopes to get dialysis subsidies.

[Belg]

The above discussion on the interesting topic of insurance for the old age somehow rings a bell for me when I asked myself this question and a very top man in the insurance circle answered it for me in one of this articles.

http://tankinlian.blogspot.sg/. Kim Lian is the ex top honcho at NTUC insurance. Believe it or not, he do not encourage paying over the hill for insurance coverage or endowment. Instead, he spoke of the benefits of doing investing into stocks or ETF to generate the nest egg in order to cover for the old age.

Better still, we are being thought to be able to work till we die by our top statesman. Thus, the next question we should ask is, if we are being covered medically, should we fall sick as we worked through our 70s.

Be healthy and prosper,

[joanna]

Hi gzbkel,

For hospital plans, GE is currently the only one that provides the following.

This is a snapshot of my plan. Note on the cancer cover. This is a hospital plan rider. I find this useful to me as cancer is long term, way past 120 days and can lead on for years. Also it is useful for me when I feel that critical illness coverage is not enough.

Other than that, as another forum member mentioned, the do not exclude experimental drugs.

They include hospice too! Hope this helps.

[Image: ydytyjab.jpg]


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[gzbkel]

Hi joanna, thank you for the info! Will look more into it.
Also, I am grateful to all the other buddies for the advices given.