According to the latest statistics, Singapore’s medical spending growth rate is five times more than our general inflation rate. This is a worrying figure as this increasing rate may not be sustainable in the long run. Even with multi-layered government subsidies such as Medisave, MediShield Life and Medifund to offset medical expenditures, Singapore’s out-of-pocket expense for healthcare still clocks in at more than 50%.
Our healthcare system is highly income-dependent and this means that Singaporeans shoulder most of their own healthcare costs. As medical costs continue to escalate, lower and mid-income groups will feel the pinch and find it increasingly difficult to afford good healthcare.
Medical insurance is a must-have as we face an ageing population, higher incidences of critical illnesses and increasing medical inflation. Better safe than sorry – protect yourself against the onset of serious illnesses such as colorectal cancer which have little to no symptoms at all.
There are different health insurance policies to help with the expenses incurred at these times. Here are some common health insurance policies to consider:
It’s never too early to start planning and stay one step ahead. Medical insurance is essential for everyone – speak with us to find out what type of plans work for you.
Source: http://www.moneysense.gov.sg/Understanding-Financial-Products/Insurance/Types-of-Insurance/Health-insurance.aspx
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