As far as I know, most of the insurance plans for old age are just insufficient in terms of coverage. The payouts are miserable.
I think at present the only way to get sufficient coverage is through your own savings and investment to cover for the need.
Example: 1 month stay in the Ang Mo Kio geriatric and rehabilitative care hospital cost like 3000 - 5000 dollars for my mom.
Is there any insurance that would help cover for that? No.
Elder shield coverage and payouts are miserable for the cost it takes to look after someone who really needs help.
I really don't seen anything out there that can help except your own savings and investments.
Please inform me if there are such plans that I am not aware off as I would love to take them up
The govt really needs to come up with something to cover old age care from the basic care for the healthy and mobile all the way to people who need geriatric & rehabilitative care.
I think at present the only way to get sufficient coverage is through your own savings and investment to cover for the need.
Example: 1 month stay in the Ang Mo Kio geriatric and rehabilitative care hospital cost like 3000 - 5000 dollars for my mom.
Is there any insurance that would help cover for that? No.
Elder shield coverage and payouts are miserable for the cost it takes to look after someone who really needs help.
I really don't seen anything out there that can help except your own savings and investments.
Please inform me if there are such plans that I am not aware off as I would love to take them up
The govt really needs to come up with something to cover old age care from the basic care for the healthy and mobile all the way to people who need geriatric & rehabilitative care.
(07-05-2014, 11:05 AM)CityFarmer Wrote:(07-05-2014, 10:17 AM)specuvestor Wrote: I'm no insurance salesman but for contingency planning, you should hedge it with insurance. Like all contingencies, they are events that you pay for and hope that it does NOT happen, just like a nation's armed forces. There are top up plans for elder shield currently.
Yes, insurance is a good hedge against the uncertainties. The link of NTUC Basic ElderShield 400 and PrimeShield 1000 plans below
http://www.income.com.sg/forms/brochure/PrimeShield.pdf