How much money should I have at least to buy an insurance plan and what kind of insurance should I buy if I am currently 21?

Hey dude,

What is your income like? If have enough spare cash then look into the private health plans.

However if just starting out and every dollar counts then perhaps the coverage is for a level of care that is just too high end for your life stage.

In that case stick with the base level medishield and whatever your company group health covers. Coverage is only for a low class ward but you can save on the insurance premiums of high end plans (and pray you don't get hospitalised!)

Hi Han,

If you are working at 21 with an income, then for starters, get your hospitalization coverage increased beyond the default limits of medishield life. Add a rider to cover co insurance and deductible. This is the very first insurance you need to get. Hospital bills can be staggeringly huge in Singapore and you'll want to make sure that you don't have to bear a large chunk of the costs.

After that, insure yourself for critical illness, in the event of illness preventing you from working, you will have a lump sum of money to ensure that you can continue to meet your expenses. Following that, death/TPD if you have dependents (e.g. parents who rely on you). That should hold you in good stead at the age of 21 and you should ideally not spend more than 10% of your income on coverage.

Beyond that, your life circumstances in the coming years will dictate what kind of coverage you need. Want to prepare for retirement? Set aside money to save and invest. Have a kid? Get them covered for hospitalization, and prepare their education fund as well. It all depends on how your life progresses.