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Anonymous
My mother is currently 55 this year and she only has a hospitalisation shield plan. What else would be recommended for her other than an accident plan? I am more concerned about her medical expenses (ops, etc.) rather than anything else.
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Phua Wei Jun
11 Mar 2019
Wealth Manager at Aviva Financial Advisers
Since your concern is on her medical expenses, your first priority would be to upgrade her hospitalisation shield plan to a maximum % coverage and ward class that your budget permits. The cost of the plan typically increases with age and health care inflation, so do take note on this. Though downgrading to a lower ward class is possible without any health underwriting required.
But of course, if your mum has any existing medical condition, DO NOT switch to a different insurance company if the existing company provide coverage for that condition. Meaning, the current plan was bought when your mum was in 100% health. This is because insurance company typically do not cover for pre-existing condition for new application.
The Basic Eldershield is another coverage you could get for your mum, it provides monthly payout of $300/400 for severe disability for upto 5/6years. She should already have this coverage unless she opt out of the program in the past. She can further enhance the coverage with Eldershield Supplement from NTUC, Aviva or Great Eastern to increase the monthly payout and lifetime payout in the event of severe disability. The government allows a limit of $600 per year to be use from medisave for this upgrade.
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Hariz Arthur Maloy
10 Mar 2019
Independent Financial Advisor at Promiseland Independent
Upgraded Medishield Life to Integrated Shield Plan with riders that cover co-insurance and deductibl...
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If you are looking on a budget end. Atop personal accident, IP medishield and eldershield coverage, you may also look into gender specific term coverage which includes biannial medical screenings too.