Advertisement

Ace

06 Sep 2022

∙

How are you planning to manage/finance your insurance premium cost after retirement? Esp for health related insurance?

Saw a straits times article today. It's rather informative. Mentioned that the insurance premium for retired person is 10% of retiree's monthly expenses.

Share.

5

Discussion (5)

What are your thoughts?

Learn how to style your text

Cherie

17 Sep 2022

Some people are planning for their annuities and/or CPF life payouts to pay for insurance premiums during retirement. It can go out to $10K per year when we're in our 80s. Hopefully this article is helpful: https://plannerbee.co/learn-personal-finance/ho...

Reply

Save

Elijah Lee

17 Sep 2022

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi Sharon,

Good sharing.

The reality is that health care (shield plan) premiums escalate exponentially as one ages.

Many people do not have any concrete idea how much cash outlay they will need for their shield plans after they retire.

If they're on private coverage with rider, it's definitely 6 figures in total from age 65 to 85.

Even government A ward is also 6 figures.

Early planning is crucial to ensure that retirement finances can support the desired level of coverage.

Reply

Save

Lee Gek Lan

06 Sep 2022

Financial Consultant at Income

This article is a informative article and food for thought. Good to plan for retirement early to hav...

Write your thoughts

Related Posts

What do you guys think of setting aside 25% of salary to pay for premiums for a total of 11 policies for protection (health-related insurance), retirement planning and savings (endowment)?

Thinking of switching health insurance provider, as well as downgrade plan, as premiums are too costly when old. But we are feeling jittery, not sure if we will regret it. What should my husband and I look out for?

Urgent help required! Should I keep my insurance plans? I still have time to opt-out, and I think the premiums are quite costly. Any advice?

I have a SAF Group insurance plan but it will expire when I reach retirement. Do I need a Personal Accident Plan during my retirement, besides H&S & ElderShield plans?

I have a friend who has depression. He is covered by his company's health insurance scheme. However he is thinking of retiring and wants to purchase private health insurance now. What are his options?

Related Posts

What do you guys think of setting aside 25% of salary to pay for premiums for a total of 11 policies for protection (health-related insurance), retirement planning and savings (endowment)?

Thinking of switching health insurance provider, as well as downgrade plan, as premiums are too costly when old. But we are feeling jittery, not sure if we will regret it. What should my husband and I look out for?

Urgent help required! Should I keep my insurance plans? I still have time to opt-out, and I think the premiums are quite costly. Any advice?

I have a SAF Group insurance plan but it will expire when I reach retirement. Do I need a Personal Accident Plan during my retirement, besides H&S & ElderShield plans?

I have a friend who has depression. He is covered by his company's health insurance scheme. However he is thinking of retiring and wants to purchase private health insurance now. What are his options?

Advertisement