Asked by Anonymous

Updated on 18 Apr 2019

Been reading posts advising on having a medical insurance as part of our retirement plan. Being a young and healthy working adult now, is there a need for me to buy medical insurance as young as possible and why?


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Jim Ng
Jim Ng,
Level 5. Genius
Answered on 28 Oct 2018

The answer is simple:

If you purchase Life Insurance, Disability Insurance or Critical Illness Insurance, they're all meant to protect against the loss of income as a result of you being unable to work.

They're not meant to cover your hospital bills. Medical insurance is cheap, affordable and is able to cover your hospital bills. Only after covering your hosptial bills, then should you consider buying the rest of the other kind of insurance, since the other kinds of insurance are usually more expensive.

Ask yourself this: How would you feel if you purchased a ton of life insurance, critical illness insurance and disability insurance, but if you were hospitalised due to an accident while still being alive, and are unable to make a claim of a single cent, does it sound logical to you?




Medical insurance in Singapore remains affordable and provides great coverage against your hospitalisation bills. Thus, underwriting is one of the strictest compared to other policies. Despite you thinking that you are at the pink of your health, any minor deviations in health might cause you not to be able to be insured under Integrated Shield Plan.

Get it asap.

[email protected]


Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 5. Genius
Answered on 03 Sep 2018

Firstly, check out what kind of coverage your company provides for hospitalisation.

In terms of financial planning, hospitalisation plans are a top most priority. Indeed, we may be young and healthy today and may not require medical attention for now. However, what guarantee do we have in terms of our health in the future or even getting into accidents.

Main purpose of hospitalisation plans is to shield you from large hospital bills which can easily wipe out your savings.

Another important point to note is that such plans can only be purchased when you are healthy, once you are hospitalised, it's tough, not to mention impossible for you to obtain coverage. Given that you are young now, cash premiums would cost your less than 1,000 a year for private hospital coverage.

Drop me a PM at [email protected] should you like to find out more.


Ck Chai
Ck Chai,
Level 4. Prodigy
Answered on 03 Sep 2018

I feel that that medical insurance is often overlook by people who are young and healthy. However this is one of the most basic coverage that one should get. I've heard of so many cases of people who do regular checkup and found nothing wrong with their health but was suddenly diagnosed with last stage of cancer / severe sickness. You will never know what will happen tomorrow and definitely will not like the idea of financially trapped by the high medical bills and the need to burden your family as well.


Charmaine Ng
Charmaine Ng, The Code Breaker at @ Every Chye Peng Stall
Level 6. Master
Answered on 02 Sep 2018

I would think that becase you're young and healthy now it's much easier for you to get a insurance (and cheaper) vs when you're older or when illness strikes because by then you'd face exclusions. Even if you're not retiring yet, you would want to be able to cover the medical costs in terms of hospitalization, personal accident and the period of time between your incident (illness/accident) to full recovery.

Think about it, if anything happens - would you be prepared and would you want to burden your family with these costs? We never know when accident might strike and trust me, it often happens in the most unexpected timing.