What is the most over-looked area in Personal Finance

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Dennis Ng
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What is the most over-looked area in Personal Finance

Post by Dennis Ng »

From reviewing the financial portfolios of many people, I realised one commonly overlooked area is "proper medical insurance planning". Most people have some life insurance, some critical illness cover but very inadequate medical insurance cover.

Even when I highlighted the inadequacy to them, some of them chose to disregard it. One day they would regret it as some of my clients who did after being diagnosed with serious illness before they do anything to their medical insurance.

Thus, personally, I bought medical insurance for my children early so that they will not be subject to any risk of "existing medical conditions being excluded from cover" or made "to pay higher premiums" or "rejected from cover altogether".

Last year my 2 year old son was warded 3 days in hospital. The total bill was $1,000. I couldn't claim a single cent from Shield plan (since deductible range from $1,500 to $3,000). But I managed to claim about $700+ (more than 70% of medical bill) from a first dollar medical insurance...

So I was really glad that becos I have the knowledge and experience that I am able to do something right for my children.

I also managed to get AVIVA Plan 3 for my mum but couldn't do so for my father as in the 1980s, due to ignorance he had opted out of Medishield altogether. He had a stroke in 1991 and is now deemed un-insurable for medical insurance. In 1991, I was still studying in university and had no idea and knowledge at all about insurance. How I wished a competent Financial Planner had properly advised my parents before my father's stroke....then everything will be very different.

It is one major motivation why I chose to leave a comfortable banking career as a manager in year 2000. Becos I hope that I can prevent some of these financial mistakes that people might make and I can ensure that I can be there to guide them in making informed decisions.

As mentioned in my various postings, at the end of the day, a consumer can choose any Shield products from any of the insurers. I just want to urge consumers to go in with both eyes open and make an informed decision. It's a long term decision.

Anyway, whichever shield plan a person chooses, he/she is still better than just having a basic Medishield plan. So I urge everyone who is insurable to upgrade their Medishield Plan to Plan A or B (1 or 2) from any of the different insurers. The only plans in my person opinion are NOT value for money are from Prudential, AIA and NTUC Income P Plan. Any other plans are better.

Upgrade your basic medishield plan. You will never regret it. One day, you will thank me for this message. If you do not upgrade your medishield plan, one day you would definitely regret it as well. Please treat this message very seriously, I'm not here to scare anyone but speaking from my heart and from the many experiences I had reviewing people's personal finances.

Of course if you need someone to help you make sense of all these different types of insurance and medical insurance plans in the market, I'll be there for you.

Cheers!

Dennis Ng, dennis@leverageholdings.com
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
candy_chia
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Post by candy_chia »

I am really gladful that Dennis advised us to upgrade from our basic medisheld plan to Aviva Myshield Plan 1 in Nov 2005 when you are still practising as a financial planner.

My dad suffered a stroke 1 week ago, we discovered limitation of basic medisheld plan.

Below are some basic comparison between Basic Medisheld and Aviva Myshield:


1) Basic Medisheld

(a) Daily daily hospital claim limit is$250 per day.

(b) Maximum claim limit per policy year is $50,000.

(c) Lifetime claim limit is $200,000.

(d)Maximum coverage age is 85 years old.


2) Aviva Myshield

(a)Daily hospital claim limits based on per charged basis.

(b) Maximum claim limit per policy year is $300,000.

(c) Lifetime claim limit is $2,000,000 ($2 Million).

(d) Maximum coverage age is LIFETIME.
bemoneysavvy
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Comparing Medical Plans

Post by bemoneysavvy »

And just to add a point to Cindy is that there are also itemized limits for surgery (maximum $1,100 claim), kidney dialysis (only $1k/mth) and many more items.

You can compare medical plans by clicking on this website:

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=11164

A simple upgrade to an as-charged plan costs only $207-249 pa (age 41-50) for B1 and below ward. Well affordable payable by Medisave.
candy_chia wrote:I am really gladful that Dennis advised us to upgrade from our basic medisheld plan to Aviva Myshield Plan 1 in Nov 2005 when you are still practising as a financial planner.

My dad suffered a stroke 1 week ago, we discovered limitation of basic medisheld plan.

Below are some basic comparison between Basic Medisheld and Aviva Myshield:


1) Basic Medisheld

(a) Daily daily hospital claim limit is$250 per day.

(b) Maximum claim limit per policy year is $50,000.

(c) Lifetime claim limit is $200,000.

(d)Maximum coverage age is 85 years old.


2) Aviva Myshield

(a)Daily hospital claim limits based on per charged basis.

(b) Maximum claim limit per policy year is $300,000.

(c) Lifetime claim limit is $2,000,000 ($2 Million).

(d) Maximum coverage age is LIFETIME.
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Dennis Ng
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Re: Comparing Medical Plans

Post by Dennis Ng »

Hi Candy_chia,

I was just doing my job as a Financial Planner then, educating clients about need for comprehensive medical coverage and helping them to upgrade to such plans was just part and parcel of my work then.

The other day I received a call from family member of another client, thanking me for convincing my client a few years ago to write a Will, as my client passed away but his estate matters are clearly stated and should be settled amicably becos of the work I did for him.

Cheers!

Dennis Ng
bemoneysavvy wrote:And just to add a point to Candy is that there are also itemized limits for surgery (maximum $1,100 claim), kidney dialysis (only $1k/mth) and many more items.

You can compare medical plans by clicking on this website:

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=11164

A simple upgrade to an as-charged plan costs only $207-249 pa (age 41-50) for B1 and below ward. Well affordable payable by Medisave.
candy_chia wrote:I am really gladful that Dennis advised us to upgrade from our basic medisheld plan to Aviva Myshield Plan 1 in Nov 2005 when you are still practising as a financial planner.

My dad suffered a stroke 1 week ago, we discovered limitation of basic medisheld plan.

Below are some basic comparison between Basic Medisheld and Aviva Myshield:


1) Basic Medisheld

(a) Daily daily hospital claim limit is$250 per day.

(b) Maximum claim limit per policy year is $50,000.

(c) Lifetime claim limit is $200,000.

(d)Maximum coverage age is 85 years old.


2) Aviva Myshield

(a)Daily hospital claim limits based on per charged basis.

(b) Maximum claim limit per policy year is $300,000.

(c) Lifetime claim limit is $2,000,000 ($2 Million).

(d) Maximum coverage age is LIFETIME.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
candy_chia
Investing Mentor
Posts: 1731
Joined: Sun Jul 17, 2011 11:36 am

Re: Comparing Medical Plans

Post by candy_chia »

Hi bemoneysavvy,

Oops! My dad doesn't qualify to upgrade to as-charged plan as he will be 76 years old next birthday!

Anyways, thanks for your info, hopefully it will make others consider upgrading their basic medishield plan before it is too late!
bemoneysavvy wrote:And just to add a point to Cindy is that there are also itemized limits for surgery (maximum $1,100 claim), kidney dialysis (only $1k/mth) and many more items.

You can compare medical plans by clicking on this website:

http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=11164

A simple upgrade to an as-charged plan costs only $207-249 pa (age 41-50) for B1 and below ward. Well affordable payable by Medisave.
candy_chia wrote:I am really gladful that Dennis advised us to upgrade from our basic medisheld plan to Aviva Myshield Plan 1 in Nov 2005 when you are still practising as a financial planner.

My dad suffered a stroke 1 week ago, we discovered limitation of basic medisheld plan.

Below are some basic comparison between Basic Medisheld and Aviva Myshield:


1) Basic Medisheld

(a) Daily daily hospital claim limit is$250 per day.

(b) Maximum claim limit per policy year is $50,000.

(c) Lifetime claim limit is $200,000.

(d)Maximum coverage age is 85 years old.


2) Aviva Myshield

(a)Daily hospital claim limits based on per charged basis.

(b) Maximum claim limit per policy year is $300,000.

(c) Lifetime claim limit is $2,000,000 ($2 Million).

(d) Maximum coverage age is LIFETIME.
candy_chia
Investing Mentor
Posts: 1731
Joined: Sun Jul 17, 2011 11:36 am

Re: What is the most over-looked area in Personal Finance

Post by candy_chia »

Saw this posting on the Facebook by Dennis' brother, Steven Ng that Dennis donated regularly despite enjoying a simple lifestyle. In addition, he splurge generously on family members (bought a costly watch for him). It was revealed that Dennis had congenital heart defect since birth, but only detected at age 18.

Most commendable is his goal to improve the financial literacy level of Singaporeans. He continues to share relentlessly his financial knowledge, even though only 20% of his heart is functioning, according to his classmate.

Kudos to a great philanthropist and mentor!

Steven Ng :昨天是我最伤心的一天,一位我引以为豪的弟弟加万过世了,在早上他还送了建康袜子,下午一起吃午饭,晚上十点五十多分传来他晕倒,怎么就没了,他是一个坚强的弟弟,天生心脏有缺陷,十八岁发现,他支持了25年,他身怀大志,出书,开公司,教育,他都做到了,他从不把心脏的问题伤心放弃,经常做兹善,自已生话得很简单,送我一个昂贵的手表,弟弟我怀念你....

Vivienne Quek: Dennis 是我的同学,与我们谈起他的抱负, 也淡淡地提起心脏只有20%的功用,更肯定地说要提升国人的理财知识。他一生虽短然暂尔却璀璨多彩。

https://www.facebook.com/photo.php?fbid ... =1&theater
Dennis Ng wrote:From reviewing the financial portfolios of many people, I realised one commonly overlooked area is "proper medical insurance planning". Most people have some life insurance, some critical illness cover but very inadequate medical insurance cover.

Even when I highlighted the inadequacy to them, some of them chose to disregard it. One day they would regret it as some of my clients who did after being diagnosed with serious illness before they do anything to their medical insurance.

Thus, personally, I bought medical insurance for my children early so that they will not be subject to any risk of "existing medical conditions being excluded from cover" or made "to pay higher premiums" or "rejected from cover altogether".

Last year my 2 year old son was warded 3 days in hospital. The total bill was $1,000. I couldn't claim a single cent from Shield plan (since deductible range from $1,500 to $3,000). But I managed to claim about $700+ (more than 70% of medical bill) from a first dollar medical insurance...

So I was really glad that becos I have the knowledge and experience that I am able to do something right for my children.

I also managed to get AVIVA Plan 3 for my mum but couldn't do so for my father as in the 1980s, due to ignorance he had opted out of Medishield altogether. He had a stroke in 1991 and is now deemed un-insurable for medical insurance. In 1991, I was still studying in university and had no idea and knowledge at all about insurance. How I wished a competent Financial Planner had properly advised my parents before my father's stroke....then everything will be very different.

It is one major motivation why I chose to leave a comfortable banking career as a manager in year 2000. Becos I hope that I can prevent some of these financial mistakes that people might make and I can ensure that I can be there to guide them in making informed decisions.

As mentioned in my various postings, at the end of the day, a consumer can choose any Shield products from any of the insurers. I just want to urge consumers to go in with both eyes open and make an informed decision. It's a long term decision.

Anyway, whichever shield plan a person chooses, he/she is still better than just having a basic Medishield plan. So I urge everyone who is insurable to upgrade their Medishield Plan to Plan A or B (1 or 2) from any of the different insurers. The only plans in my person opinion are NOT value for money are from Prudential, AIA and NTUC Income P Plan. Any other plans are better.

Upgrade your basic medishield plan. You will never regret it. One day, you will thank me for this message . If you do not upgrade your medishield plan, one day you would definitely regret it as well. Please treat this message very seriously, I'm not here to scare anyone but speaking from my heart and from the many experiences I had reviewing people's personal finances.

Of course if you need someone to help you make sense of all these different types of insurance and medical insurance plans in the market, I'll be there for you.

Cheers!

Dennis Ng, dennis@leverageholdings.com
candy_chia
Investing Mentor
Posts: 1731
Joined: Sun Jul 17, 2011 11:36 am

Re: What is the most over-looked area in Personal Finance

Post by candy_chia »

Think twice if your shield plan is under AIA. "claim was reviewed twice because there were inaccuracies in the initial claim", as cited by AIA.

My aunt's claim to AIA was also rejected 3 years ago, because they claim that is an pre-existing condition, not sure anyone has similar experience in his claim with AIA.


$14k bill shock for retiree after operation

Thursday, Aug 02, 2012, my paper, By Ethan Lou


SINGAPORE - Retired businessman Steven Choo, 60, underwent angioplasty at the Singapore General Hospital (SGH) to unclog blood vessels in his legs last November.

Mr Choo, who is diabetic, underwent the procedure - with "balloons" and stents used to unblock the arteries - which prevented gangrene from spreading from his toes.

But the successful operation marked the start of another round of problems for him. On the day he was discharged from hospital, he received a shock: His medical bill came up to $14,501, but Medisave and MediShield would cover only $900 and $810, respectively, or $1,710 combined.


SGH also told him he would not get his $6,620 deposit back, and that he still owed it $5,381, Mr Choo told my paper in an interview. The remaining $790 was covered by a government grant.

The Central Provident Fund (CPF) Board told him that the Medisave claim submitted by the hospital did not indicate a surgical procedure.

This meant he could not claim the full amount he should have been entitled to: $3,050.


Insurance company AIA, which handles his MediShield account, told him likewise.

Mr Choo then hand-delivered a four-page report from his doctor to the CPF Board, explaining that angioplasty is a surgical procedure. But then he got another shock.

He said: "CPF Board wrote to tell me that they're not paying because (the angioplasty) was not done in a 'proper' place."

The CPF Board's letter, dated Feb 8, read: "Only surgical procedures performed in a properly equipped operating theatre... are Medisave claimable."

The head of SGH's diagnostic radiology department, Associate Professor Tay Kiang Hiong, told my paper that Mr Choo's angioplasty had been planned to take place in an operating theatre. But his operation was moved to an angiography suite - where angioplasty is also typically conducted.

AIA told my paper that the claim was reviewed twice because there were inaccuracies in the initial claim.


Late last month, SGH called Mr Choo to tell him that both Medisave and MediShield amounts due to him had been paid out fully.

He was also entitled to a $638 refund from his deposit.

Six months later, the problem has been resolved but it has left Mr Choo irate. He said: "If I did not fight for it, where would I get the money from?"

Mr Choo added that he hopes that others would not have to be put through the same ordeal.

An MOH spokesman told my paper that angioplasty typically takes place in operating theatres.

As Mr Choo's angioplasty took place in an angiography suite, it "was not deemed a surgical procedure".

This is why SGH did not submit a Medisave claim for the procedure, said the spokesman.

The spokesman added: "We have since clarified with SGH that an angioplasty procedure... can be submitted for Medisave claims, even if it took place in the angiography suite."

http://www.yourhealth.com.sg/content/14 ... n/page/0/1
candy_chia
Investing Mentor
Posts: 1731
Joined: Sun Jul 17, 2011 11:36 am

Re: What is the most over-looked area in Personal Finance

Post by candy_chia »

Picture of bill that showed meager payment of $810 by AIA Healthshield Gold can be viewed at http://www.mypaper.sg/

Was told by financial planner that NTUC and GE have larger slice of customer base for shield plan, maybe that's why AIA shield plan charges exorbitant premium.
candy_chia wrote:Think twice if your shield plan is under AIA. "claim was reviewed twice because there were inaccuracies in the initial claim", as cited by AIA.

$14k bill shock for retiree after operation

Thursday, Aug 02, 2012, my paper, By Ethan Lou


SINGAPORE - Retired businessman Steven Choo, 60, underwent angioplasty at the Singapore General Hospital (SGH) to unclog blood vessels in his legs last November.

On the day he was discharged from hospital, he received a shock: His medical bill came up to $14,501, but Medisave and MediShield would cover only $900 and $810, respectively, or $1,710 combined.


SGH also told him he would not get his $6,620 deposit back, and that he still owed it $5,381, Mr Choo told my paper in an interview. The remaining $790 was covered by a government grant.



This meant he could not claim the full amount he should have been entitled to: $3,050.


Insurance company AIA, which handles his MediShield account, told him likewise.


AIA told my paper that the claim was reviewed twice because there were inaccuracies in the initial claim.



Six months later, the problem has been resolved but it has left Mr Choo irate. He said: "If I did not fight for it, where would I get the money from?"

http://www.yourhealth.com.sg/content/14 ... n/page/0/1
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