Asked by Rai Hanah M

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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  • Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 02 Oct 2018

    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
      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
      02 Oct 2018
    • Hariz Arthur Maloy
      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.
      02 Oct 2018
  • Lee Jin Fei Andre
    Lee Jin Fei Andre
    Level 3. Wonderkid
    Answered on 02 Oct 2018

    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
      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)
      03 Oct 2018
  • Alan Kor
    Alan Kor
    Level 4. Prodigy
    Answered on 02 Oct 2018

    there is careshield life coming

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  • Colin Lim
    Colin Lim
    Level 3. Wonderkid
    Answered on 02 Oct 2018

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

    upvote me...thanks

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    • Colin Lim
      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.
      02 Oct 2018
    • Rai Hanah M
      Thanks again Colin.. will look into it further.
      03 Oct 2018