What insurance for should I get for my parents? Will hospitalisation insurance suffice since they are above 50?

Hi anon,

At a minimum you should get hospitalization coverrage for them.

You may consider a hospital plan that adds on to their basic Medishield Life (MSL) coverage, such as NTUC Enhanced Incomeshield Basic Plan, with a rider. Since this is sized for B1 hospital ward bill sizes, which is only a minor step up from MSL coverage, the additional premiums are not too hefty. (Note that this is NOT a recommendation by me, please speak with an advisor first)

You can find the premium tables here:

https://www.income.com.sg/health-and-personal-a...

https://www.income.com.sg/health-and-personal-a...

CI and death/TPD coverage is quite costly at their age and probably not feasible.

Another thing you may look at is long term care coverage for them (i.e. Eldershield). As this is also paid by Medisave, your cash outlay will be zero. The supplementary plans for Eldershield may not be feasible depending on their medisave balance.

Hi,

The premium for integrated shield plans are usually listed on the respective insurance companies' websites or brochures you can download . For e.g. NTUC Income Incomeshield's below.

https://www.income.com.sg/health-and-personal-a...

There are several other things to consider other than just price, such as period of pre and post hospitalisation coverage. I suggest talking to an independent financial planner (not exclusive to only one company) to get a better recommendation.