Why I’m careful with insurance

LIFE is full of dangers. Fortunately, there is a range of insurance policies that can cover you against various risks. However, the cumulative costs of implementing many policies can be prohibitively high and simply unaffordable.

Being in my 50s, the risk of a major medical problem and the associated treatment costs are on my radar. However, I choose to face such risks in retirement by sticking with the basic insurance plan for Singaporeans, MediShield Life. I do not have an Integrated Shield Plan (IP).

MediShield Life is a health insurance policy that offers lifelong coverage. It helps pay for things like hospital bills, outpatient treatment costs, and long-term care. The aim is to provide adequate coverage for patients staying in class B2 and C wards in public hospitals.