With a stroke of the pen by 1st September 2022, Singaporeans who have been used to the notion that their hospitalisation plans will cover for “everything” will awake to a different reality.
Pursuant to the recent announcements by the Ministry of Health (MOH) in bid to manage medical inflation, Insurance can only cover effective as well as cost effective drugs or treatments on a newly created “Cancer Drug List.”
These changes will take effect under Medishield Life from September 2022 and subsequently on April 2023 for the Integrated Shield Plans most of us in Singapore have.
While our policymakers are likely doing their best to avoid going the direction of healthcare in the US in a highest bidder takes all system, the fact that goalposts CAN, and DO shift isn’t comforting.
It was barely in April 2021 where mandatory Co-Payments on Hospitalisations became a reality; it’s anybody’s guess as to what future policy changes may bring.
While we are constantly reassured that such changes will benefit the majority, altruism aside, there remain examples of people that fall through the cracks.
In the space of Independent Financial Advisory at Pinnacle Wealth, we are not here to manage probabilities; we aim to manage consequences.
Feel free to reach out if you wish to have a second opinion, or just have a coffee over Zoom and I’ll be happy to reach back.
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.
Having personally experienced the lack, and therefore, the importance of financial and estate planning, Christina is wholly dedicated to tailor holistic fee based financial advice and solutions in the best interest of her clients. Her forte is to deep dive into young families’ portfolios and optimize every hard earn dollar to help her clients fulfill their financial wish lists. All her clients are purely by referral basis and that is a testament to her professionalism and personal dedication in this business.
She now also makes it her mission to Mentor, Empower and Equip a new generation of capable and multi talented financial advisers with proven step by step coaching methodology in offering unbiased financial advisory, from referral-based effective client acquisition to extracting and maintaining high trust in the lifetime value of clients so as to up the level of professionalism in this industry. Advance your career with her here and find out more!
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