TLDR: It depends, and probably not for your property loans.MAS has recently announced that you can apply to your banks and insurers to defer repayment of your property loans and premiums for (life and health) insurance plans.However, should you?Residen…
Category: SG Budget Babe
Longer life expectancies. Rising healthcare costs. The sandwiched generation.
Add that together and you basically have an equation for disaster.
- the choice of hospital (private hospital bills were typically 2 to 4 times higher vs public hospitals)
- over-charging and inappropriate treatment
- those with IP riders incurred 20% to 25% higher medical bills vs those with IPs only (insulation from medical costs resulted in little incentive for policyholders to manage their health and medical costs)
Thus, with medical inflation at an unsustainable 10%, the Ministry of Health (MOH) has implemented several changes, namely
- implementing compulsory co-payment (patients with riders co-pay 5% and those without riders co-pay 10% of the bill, and this should help reduce the “buffet” practice),
- introducing benchmarks for medical fees, and
- encouraged insurers to use a panel of preferred healthcare providers.
How can I protect myself against rising healthcare costs in Singapore?
1. Maintain a healthy diet.
2. Exercise regularly.
3. Set aside emergency funds to complement your insurance cover.
4. Go for regular health checkups.
5. Pay attention to your emotional and mental well-being.
Disclosure: This post is written in collaboration with Aviva as part of their educational outreach efforts.
Come May, you will soon earn less interest on your bank deposits.No, this isn’t an April Fool’s joke (although I certainly wish it was). With interest rates dropping across the globe, not to mention that of SIBOR and the Singapore Savings Bonds, we kne…
Make cash top-ups to my CPF
Transfer CPF savings from my OA to SA
Now that my house is settled, I’ve opted to leave enough in my OA to pay for a year of my mortgage. This serves as an emergency fund, just in case we ever run into cash liquidity issues, especially given the current economic climate. I then transferred the rest of my OA savings to my SA, to grow my pot of gold for retirement.
Delay his starting payout age
But not everyone has that luxury. Some of us (especially if you’re the sandwiched generation stuck between supporting your children and elderly parents) struggle to have enough left to save for our own retirement.
- If you choose to wipe out your OA for your house, then you have to be prepared to have less in your retirement savings. This in turn may translate to lower monthly payouts during your retirement.
- If you choose to make cash top-ups and OA-to-SA transfers early, then you get to take advantage of more interest paid to you and thus grow your retirement savings significantly.
This post is written in collaboration with CPF Board. All opinions are that of my own, showcasing my own personal journey of actions that I’ve already made prior to this.
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