As healthcare costs continue to climb, managing both our health and our wealth has never been more important. In Singapore, the rising premiums of Shield Plans and other healthcare coverage have sparked conversations among individuals and families trying to balance their budgets while preparing for the unexpected.
While we can’t control the cost of medical inflation, we can control how we prepare for it. Here are some strategies to safeguard our wealth while staying ahead of increasing premiums and medical expenses.
Insurance is our first line of defense against medical cost surprises. But are we overpaying for coverage we might not need—or worse, underinsured?
•Review policies regularly: Life stages change, and so should our coverage. A young professional may prioritize hospitalization plans, while a family may need policies covering dependents.
•Compare and choose wisely: Premium increases don’t mean we should immediately jump ship. Look beyond the price—assess the plan’s benefits, annual claim limits, and exclusions to find the right balance between affordability and protection.
Even with insurance, out-of-pocket expenses can add up. Creating a healthcare-specific savings account can reduce financial stress when these expenses arise.
•Use an integrated savings strategy: Allocate a portion of our monthly budget to a medical emergency fund. Treat it like a recurring “bill” we pay to our future selves.
•Leverage CPF MediSave: In Singapore, MediSave allows us to pay for approved medical expenses and premiums, easing cash flow without dipping into our wallets directly.
Healthcare planning should be a pillar of our overall financial strategy, not an afterthought.
•Combine insurance and investment planning: Products like integrated insurance plans with savings or investment components can help us grow wealth while protecting against rising medical costs.
•Plan for long-term care: With life expectancy increasing, long-term care costs can be significant. Explore options such as Eldershield, CareShield Life, or private care insurance to cover this often-overlooked need.
Preventive care is the most cost-effective healthcare. By prioritizing our health today, we can minimize expensive treatments in the future.
•Schedule regular health screenings: Detecting conditions early is less costly than managing advanced stages.
•Adopt a healthy lifestyle: Regular exercise, a balanced diet, and adequate sleep are simple yet effective ways to reduce healthcare expenses over time.
Healthcare costs can be unpredictable, but a solid financial plan brings clarity. An independent financial advisor can help us:
•Analyze our current coverage and identify gaps.
•Optimize our insurance portfolio to match our budget and lifestyle.
•Create a sustainable plan for managing both premiums and unexpected costs.
Working with an independent financial advisor ensures we receive unbiased advice tailored to our unique circumstances and goals.
Healthcare will always be a significant expense, but with the right strategies, we can stay in control. By reviewing our insurance coverage, setting aside funds, and integrating health planning into our financial goals, we’ll be better prepared for whatever the future holds.
Our health is our wealth—and protecting both requires smart decisions today.
Cheers,
𝗟𝗲𝘁’𝘀 𝗖𝗼𝗻𝗻𝗲𝗰𝘁:
I am Zechariah See
➡️ http://linkedin.com/in/zechariahsee
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𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘢𝘣𝘰𝘷𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘢𝘯𝘥 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘷𝘪𝘦𝘸𝘴 𝘰𝘯𝘭𝘺, 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘥 𝘶𝘱𝘰𝘯 𝘢𝘴 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘺𝘦𝘵. 𝘙𝘦𝘢𝘥𝘦𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘴𝘦𝘦𝘬 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘵𝘢𝘪𝘭𝘰𝘳𝘦𝘥 𝘵𝘰 𝘰𝘶𝘳 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘯𝘦𝘦𝘥𝘴. 𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘯𝘰𝘵 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘰𝘯𝘦𝘵𝘢𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘰𝘧 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Personal Story:
I almost lost an arm and that was when I realised I had zero insurance.
Many years ago, I was living my life on the edge and very involved in many adventurous outdoor sports. All these came to a shocking realisation when almost lost my arm (or even my life), while kayak surfing with the high waves and deep waters overseas.
This lucky escape began my journey into the financial advisory business.
I wanted every person and family to know about the hard truth of being underinsured early and help everyone become better prepared. We run the risks of losing so much with every day we are not taking action to protect ourselves and our families financially.
Nobody has to deal with the same shock that I had experienced. You deserve better.
Why Me?
✅ I have a unique forte in helping families with their financial diagnosis and planning, since day one. I have been helping families, including young couples, big families, DINK couples, as well as their individual’s complex needs.
✅ I am a dedicated learner in the financial industry. I invested in my Masters in Wealth Management at SMU for this reason. I am still constantly upgrading myself year-on-year to become the best financial consultant for my diverse client profiles.
✅ My forte is in financial diagnosis.
My experiences in accounting and finance helps in giving proper diagnosis of your unique portfolio so that the correct approach/solutions could be personalised for you.
✅ I have a one-stop solutions platform.
Being an independent financial broker, I can represent you to find the solutions you need, all in your best interests. No need for hard selling. I am here for you and your family.
I am a strong believer that you can achieve more, beginning with what you have.
Feel free to reach out to me for a free consultation session with you and/or your family.
See you soon!
Email: zechariahsee@fapl.sg
