Which elderly insurance would you recommend? - Seedly

Insurance

Asked by Rai Hanah M

Asked on 02 Oct 2018

Which elderly insurance would you recommend?

My father just fully retired (he's 74 this Nov). With that, his Co's insurance is cancelled (it covers dependant, ie my mom who has never worked her entire life). On top of Medishield and IPS, is it necessary for them to now take on any other insurance for hospitalisation/health? Thanks in advance.

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You may want to get a Personal Accident plan, last entry age would be 75 for some policies.

You won't be able to purchase any other insurance policy and it wouldn't be necessary as well. Just hold on to the Integrated Shield Plan.

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Brandan Chen
Brandan Chen

02 Oct 2018

Well, for Critical illness in later years, Majority of the bills would be covered by the Integrated Shield Plan. CI coverage is meant for income protection and they should have retired by then. Hence, may not make economical sense to pay for insurance coverage if they are not making any form of income
Hariz Arthur Maloy
Hariz Arthur Maloy

02 Oct 2018

Rai Hanah, for your mom, she can choose to upgrade her Eldershield for a lifetime payout option. :) I run SG Eldershield Specialist, you can drop us a message on our fb page if you have any questions.
Lee Jin Fei Andre
Lee Jin Fei Andre
Level 3. Wonderkid
Updated on 07 Jun 2019

Post retirement there are only a few things to look out for.

  1. -Most important- Integrated shield plan (last entry age 75)
  • This is especially important as older folks are very susceptible to chronic illnesses. It is very common that a person will rake up very high bills during the final 5 to 8 years of their life.
  1. Personal Accident plan (last entry age usually 69/74)
  • Good to have, as older folk tend to slip and fall much more easily. Due to a more fragile body, they will also be more susceptible to fractures and injuries. This means more X-rays, MRIs and even prolonged treatment for bruises.
  • However even the longest term should only be till age 85
  1. A small fund to foot for his integrated shield plan and personal accident premiums**
  1. -Least important- Any possible wealth preservation plans to transfer legacy

This 4 are what I would recommend for people reaching retirement or already post-retirement to look out for.

Hope this helps you out!

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Rai Hanah M
Rai Hanah M

03 Oct 2018

Thanks! Done #1 and will look into PA plans. On #4, really good consideration for myself .. makes it easy for my kids later on, but maybe not for my parents. Only have 2 siblings & inheritance talk is taboo for their generation. never have talked abt it & I've no expectations (plus basket pretty modest to be fighting over :-p)
Alan Kor
Alan Kor
Level 5. Genius
Answered on 02 Oct 2018

there is careshield life coming

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Colin Lim
Colin Lim
Level 3. Wonderkid
Updated on 07 Jun 2019

it is not neccessary...and furthermore not many plans are available for age 70and above..

upvote me...thanks

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Colin Lim
Colin Lim

02 Oct 2018

1 way is to buy IPs aka medishield life supplements using your medisave. aviva and other companies offer plan 3 plans which covers till govt hospital B1 ward and the premium is way cheaper. eldershield is a must to enhance as it covers disability.
Rai Hanah M
Rai Hanah M

03 Oct 2018

Thanks again Colin.. will look into it further.