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.
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Elijah Lee
17 Sep 2022
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi Sharon,
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Good sharing.
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The reality is that health care (shield plan) premiums escalate exponentially as one ages.
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Many people do not have any concrete idea how much cash outlay they will need for their shield plans after they retire.
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If they're on private coverage with rider, it's definitely 6 figures in total from age 65 to 85.
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Even government A ward is also 6 figures.
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Early planning is crucial to ensure that retirement finances can support the desired level of coverage.
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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...
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