Can you imagine what insurance premiums and long-term care costs will be at 16% inflation?
If nursing home costs $3,000/m today, at 16% inflation, in 20 years time, it will cost $58,000/m! This is definitely an exaggeration, but it’s just to illustrate how significant a 16% inflation actually is.
This is precisely why there is a big round of changes in our Medishield Integrated policies and riders championed by the government. By making Singaporeans pay more when using healthcare services, while reducing the premiums of policyowners, it is a very fair approach.
But in recent weeks, I’ve been having many conversations with clients about this topic and what they should do with their own private shield policies.
Should I switch insurer?
Should I downgrade my policy?
What are my options?
These are the most common questions that we discuss. And every case is different depending on needs, budget and life circumstances.
But these are important conversations to have especially at this juncture, If you have not discussed it, feel free to reach out.
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