Q: How much does it cost to have an "As-charged" Shield plan from age 30 to 85?
A: $32,311 + $46,563 + $24,034 = $102,908
(Enhanced Incomeshield Preferred Plan + Assist Rider)
Among which $32,311 comes from CPF Medisave & the rest from cash. The cash portion is high due to the CPF ruling that one can only use up to a maximum of $800 per year for such shield plan.
I have developed an Excel spreadsheet that calculates the cost in any given age range (age 1 to 99, 20 to 65, 30 to 85 etc).
These are namely the four insurers that I have put side by side in my spreadsheet: Income, Aviva, Prudential, Great Eastern.
A sample can be found here:-
click on image to enlarge
Though the figures stated look intimidating, the actual fact is that we have a "friend" called "CPF interest"; If one aged 30 now has $10,105 in his/her CPF Medisave account, it will be sufficient to cover the premiums til age 85 (provided CPF Medisave interest maintain @ 4.0%-4.5% and the premiums do not increase substantially over time) based on today's calculation.
And for the cash portion, he/she can start saving NOW for it, for example, saving up part of annual bonus or on a monthly regular basis, i.e my favorite "drip in money" way. To top it up, do it via SRS and save on income taxes as well.
If you like to find out how much is your own shield plan (projected cost), you can fill out this form with your details, and I can calculate and email to you within 48 hours of your submission.
p.s: This is free "national service" for residents of Singapore, including PRs.
References to my previous articles:
http://www.waynekoh.com/2008/04/do-you-have-s9k-in-your-medisave.html
http://www.waynekoh.com/2008/05/post-retirement-hospitalization-and.html
http://www.waynekoh.com/2007/11/as-charged-medical-plan-takes-load-off.html
Inspired by this article
(Enhanced Incomeshield Preferred Plan + Assist Rider)
Among which $32,311 comes from CPF Medisave & the rest from cash. The cash portion is high due to the CPF ruling that one can only use up to a maximum of $800 per year for such shield plan.
I have developed an Excel spreadsheet that calculates the cost in any given age range (age 1 to 99, 20 to 65, 30 to 85 etc).
These are namely the four insurers that I have put side by side in my spreadsheet: Income, Aviva, Prudential, Great Eastern.
A sample can be found here:-
click on image to enlargeThough the figures stated look intimidating, the actual fact is that we have a "friend" called "CPF interest"; If one aged 30 now has $10,105 in his/her CPF Medisave account, it will be sufficient to cover the premiums til age 85 (provided CPF Medisave interest maintain @ 4.0%-4.5% and the premiums do not increase substantially over time) based on today's calculation.
And for the cash portion, he/she can start saving NOW for it, for example, saving up part of annual bonus or on a monthly regular basis, i.e my favorite "drip in money" way. To top it up, do it via SRS and save on income taxes as well.
If you like to find out how much is your own shield plan (projected cost), you can fill out this form with your details, and I can calculate and email to you within 48 hours of your submission.
p.s: This is free "national service" for residents of Singapore, including PRs.
References to my previous articles:
http://www.waynekoh.com/2008/04/do-you-have-s9k-in-your-medisave.html
http://www.waynekoh.com/2008/05/post-retirement-hospitalization-and.html
http://www.waynekoh.com/2007/11/as-charged-medical-plan-takes-load-off.html
Inspired by this article
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