Retirement is something many Singaporeans have at the back of their minds even at the young age of 20s. It is when you are already out of job and you must be careful with your health as you might end up confined in the hospital.
Everybody wants a retirement at ease. Going to places and doing the staff they did not have the chance to do when they were younger, yet we all know that a lot of unfortunate individuals spend their retirement in hospitals and nursing care homes due to illness. Can you still afford to get sick at the silver age?
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Despite having MediShield Life which started on November 1, 2015, it still has its limitations. Singaporeans are now diligently putting their shares in their CPF in hopes that the MediShield Life will cover their health medications and hospitalization needs. However, while it covers every Singaporean Citizen and Permanent Residents, it does not cover total permanent disability, and it can only offer a limited amount per year. Once you max it out, you need to take out cash from your own pockets.
When you get older there will be a lot of chronic health problems that can easily creep at you. These health problems did not even start at old age, it is actually usually the reflection of your lifestyle while you are younger. When you turn 30s to 50s, you will start to feel weaker. Hands might feel numb or shaky, eyes will get blurry, sounds will begin to fade, joints will ache, and memories will slip.
If you are not into an active lifestyle now with healthy diet, you will be at high risk of chronic health problems such as diabetes, heart failure, renal failure, and cancer. You can also acquire sudden heart attacks, aneurysm, and stroke. Retirement will be more fun if you can freely do what you want.
Start eating healthy, enroll in gym classes, do yoga, research on other exercises you can squeeze into your hectic schedule.
And while you are still at the height of your career, start investing on insurance. Medishield can only give a maximum of $100,000 a year. Once you have used all up, then you will need to find other ways to pay for your medical expenses. If you need medications on a maintenance basis, you will have to shed more cash. Also if by chance that you get into an accident and got disabled for life, you will know that Medishield have its limitations. Insurance can be your safety net.
Regular Check Ups
Most Singaporeans won’t visit a doctor unless they are feeling unwell. However, there are health problems that will come right at you when you least expect it as it may not come with early signs and symptoms. Some cancer patients are surprised to know that they are already in stage 3, because they only felt discomforts and possibly some lump in the last few days. This chose how screening tests are greatly taken for granted.
If you are thinking that you are still paying for your car loan and you can’t afford a quick visit with a GP, then go to your company HR and ask about the health benefits offered by the company to their employees. If you are given $1,000 a year as a medical benefit of your employer, use it up for various screening and tests.
Community Health Assist Scheme
This is a health program for those with monthly household income of not more than $1,800 and for households with no income, the Annual Value (AV) of home must be $21,000 and below. Your AV will be assessed by IRAS. If you are already a Public Assistance (PA) card holder, there is no need to apply for CHAS as you will automatically receive its benefits.
If you visited a doctor with common illness such as colds and flu, you will receive up to $18.50 subsidy per visit (only for blue card holders). If you have chronic conditions under CDMP such as Diabetes, Hypertension, Lipid Disorders, Stroke, Asthma, Chronic Obstructive Pulmonary Disease (COPD), Major Depression, Schizophrenia, Dementia, Bipolar Disorder, Osteoarthritis, Benign Prostatic Hyperplasia, Anxiety, Parkinson’s Disease, Nephritis or Nephrosis, Epilepsy, Osteoporosis, Psoriasis and Rheumatoid Arthritis, you will get up to $80 subsidy per visit, capped at $320 per year. If your condition is found out to be complex, then you can get up to $120 subsidy per visit, capped at $480 per year. Just make sure that you have your Health Assist card with your NRIC every time you visit CHAS clinics.
To save up on healthcare, the bottom line is to be healthy. If you are healthy, then there will be limited reasons to get hospitalize or have maintenance medications.
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