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July 2022

4 key considerations on why you need a comprehensive health insurance portfolio

Get ready cash to cope with family inconveniences and unplanned expenses should you be hospitalised.

Published 19/07/2022 | Last Updated 20 days ago

Why should you consider having a hospital cash plan

Create a financial safety net

 

Legendary Chinese general Sun Tzu is famously quoted as saying: “Plan for what is difficult while it is easy, do what is great while it is small.”

 

Eat right, exercise, get enough rest. We can do our best to be healthy and avoid hospitalisation but accidents do happen and in this pandemic, health is of the top most concern for everyone.

 

If we get hospitalised, everyday life gets disrupted — not just ours but also our loved ones’. The situation is exacerbated if you are your family’s sole breadwinner.

 

Many often worry about their family’s well-being and money when they should instead be focusing solely on their own health. However, the financial impact and emotional stress arising from a hospitalisation can be better managed with  holistic planning, especially by considering additional solution that includes a hospital cash payout.

 

If you get hospitalised, you’ll be out of action till you’re fully recovered. Meanwhile, life goes on for your loved ones and they have to manage without you.

 

 

Daily cash payout helps beyond hospitalisation

 

A Hospital Cash plan like Great Eastern’s Supreme MediCash can help alleviate your financial stress as it pays you cash for each day you are in the hospital.

 

For those whose lives may be disrupted by hospitalisation, the daily S$200 cash payout can go some way towards helping tide your family over until things return to normal. This daily hospital cash payout can be doubled, up to S$400 if its accident-related and tripled, up to S$600 if you are warded in an intensive care unit.

 

Transportation for loved ones while you’re out of action, hiring extra help around the house, or even buying supplies to let you recover in comfort at home. Give in to that indulgence and buy that slice of chocolate cake if it can lift your mood!  All these expenses may add up and the extra cash payout will be handy to alleviate the financial stress.

 

Supplementing more for your recovery

 

The Hospital Cash plan offers that little extra cash that you may not get from a hospitalisation plan.

 

While hospitalisation plans can provide a comprehensive and complete hospitalisation coverage, they may cover only the fees charged by the hospital during your stay by reimbursing your medical bills after you are discharged.

 

Of course a hospitalisation plan can take care of your medical expenses and you do not have to worry about amassing bills post-hospitalisation, but the daily cash payout can help minimise financial disruption to your family members and give you a boost to purchase whatever you need to help you get back on your feet.

 

Not all patients can get back on their feet immediately after discharge and Supreme MediCash goes the extra mile to have this covered. Discharged patients will receive recuperation benefits of up to S$150 per hospitalisation (if the patient has not had to undergo a surgical procedure), and recuperation benefits of up to S$4,000 per surgery if the patient has had to undergo a surgical procedure.

 

It’s always better to be prepared ahead

 

With Singapore’s life expectancy standing at 83.5 in 2019 according to the World Bank, one may inevitably need to be hospitalised during his lifetime1.  

 

Between now and then, don’t leave yourself vulnerable to a financial pickle when life throws you a curveball. Create that safety net for yourself and your loved ones - it doesn’t hurt to be well-prepared.

 

Sun Tzu also said: “The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.”

 

Speak to your Great Eastern Financial Representative to find out more about Supreme MediCash and to review your holistic health portfolio to help cushion the financial impact when one is hospitalised.

 

 

Source:

 

https://data.worldbank.org/indicator/SP.DYN.LE00.IN?locations=SG

 

Disclaimers:

 

This advertisement has not been reviewed by the Monetary Authority of Singapore.

 

The information presented is for general information only and does not have regard to the specific investment objectives, financial situation or particular needs of any particular person. This is only a product information provided by us.

 

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg). 

 

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