Hospitalisation Insurance (H&S)
National Service (NS)
AXA Shield Health Insurance
Asked on 25 Apr 2020
I’ve been paying for it using Medisave, should I be doing this? Is this enough coverage for me?
In general there are 5 things to cover for insurance: Death, Total Permanent Disability, Hospitalisation, Accident and Critical Illness (CI). Hospitalisation and Accident is normally the basic insurance people should have so it is still good you got it! You might want to consider getting an Accident plan for accidental injuries/death coverage next and consider progressing to a Life Plan/CI plan.
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The worth of a plan varies according to the dollar that you are willing to pay in return for the value that you get in return.
Why You need Healthcare Insurance
Generally, all my clients will have proper healthcare insurance as part of their insurance portfolio. This is because medical inflation hits 10% in 2019. As a result, a single medical bill may potentially wipe out your entire savings.
With this in mind, I will suggest for you to seek clarification with your agent or to get professional second advice to evaluate on the next course of action.
Moreover, I will strongly encourage my clients to consider the optional add-on rider. In effect, it reduces the cash outlay when a claim airse.
Of course, now that you are serving the nation, 11B acts like your healthcare insurance - no upfront payment is usually requested for treatment at polyclinics and public hospitals in Singapore.
However, there is a limit to how much and scope of coverage that it is able to give you.
Therefore, having your own healthcare insurance is certainly important.
On the whole, I will suggest for you to speak with your agent or an experienced consultant to do comprehensive life planning. Through this process, it creates clarity on how you should proceed with insurance planning, as well as financial planning in general.
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All the more you need it.. When i had a knee injury while training... I need settle my bill first before mindef reinburse to me. Make sure u also have accident plan.
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