DPS claim for Permannent Incapacity

My letter to ST Forum is published today. I hope the public will respond and understand the issue. I have been engaging CPF Board on this since I came to know this in 2001. The other condition is as long as one is employed and contributing CPF, one does not qualify for claim, this usually arises out of compassion of employer who continue to employ the disabled worker. These two conditions need to be reviewed. I have written about this on a few occasions in this blog, but I think many do not understand my points until too late.

Breast Cancer Claims settlement

A critical illness plan settled for breast cancer.

This is a claim payout for a critical illness plan, one who started with a smaller Living Policy when young and reviewed later in life to increase the Living Policy critical illness coverage.

She subsequently did a 15 years savings plan, Revosave with Special Waiver.

When diagnosed with breast cancer, both Living Policy paid for the claim and the premium for the saving plan was waived for the next 12 years because it is into the 3rd year of the plan. All future premiums waived and the savings continue.

Total payout $119,852.14 and when the savings plan matures, there is another $112,000 to collect.

A proper rider is important when planning for savings plan as well, that one will not be burdened with paying of premiums in event of a critical illness.

Such riders can be added to Term Plan, Mortgage Protection Plan, and other term plans.

Bacterial infection Bill for a child hospitalised in KKH A ward

Some time emergency or illness do happen to child that can catch the parents by surprise. This is a case of bacterial infection, with high fever over more than a week with backache and unknown bacteria infection while was oversea and return back to Singapore for medical attention hospitalised at KKH.
A 15 days hospitalisation incurred a bill of $14,448.83 in a A Ward.
Plan is a Plan Prefered with Assist Rider.
Daily cash benefit of $125 X 15 is paid as patient is in restructured hospital on top of settling the bill after 10% co-insurance.

A claim make a difference.

When I submit a claim for a client, I go with a heavy heart.

When I finally succeed in the claim, I go to my client with a heavy cheque. Paid the second claim today and glad to make a difference as the money will come in handy for future needs. The client told me she feels guilty receiving so much from NTUC INCOME, but in my heart, does the doctor apologise for their charging so much ? Medical treatment especially at private hospital is not cheap and surely appropriate plan will come in helpful in event of such need.

A typical critical illness claim payout

A wholelife with rider that can provide good coverage when a need arises.

This is a breast cancer claim payout.

Plan appropriately.

Time of bonding

A long time client called me yesterday out to buy me dinner, is more a friend after so many years. 18 years perhaps. Lately with a few friends and clients involved in claims, there is a need of a little emotional bonding.

She appear to me as a very nice lady who spot a crew cut to support her friend who undergoes chemo treatment, and when I met her at hawker centre I could not believe it was her and took my phone to call and it was really her. A supportive friend who will go the mile for a friend.

This morning paper in Mind and Body, a doctor wrote about her former nurse who succumb to SLE. Life is fragile, especially in mid-life, body start to break down or illness will set in. 

I am just thankful that what I do may just be able to provide a little peace of mind and help in term of expenses needed when such situation happens. Again, one should look into their needs and plan to meet the need and not want.

Are you prepared when medical emergency arises ?

Below this topic are a few recent bills of a breast cancer operation, muscle & tendon injury operation, chemotherapy and a cataract operation.

Appropriate private medical insurance like IncomeShield, and many other insurers' shield plans are a MUST have. As such plans are paid with medisave account, only one plan is allowed. All the plans have deductible and co-insurance, and these can be covered with rider plans as in the examples below. If Rider plan is added, it will mostly take care of the heavy bills.

The mistake is to give up such plan at old age, as the premium escalate. Many older folks, who have been healthy, simply thought they do not need the plan and since premium is high, they gave up the plans. I hope their children will understand the plan to takeover the payment of such plans. But fact is many also do not understand the usefulness of such plan and do not put much attention for this plan.

I have written a few topics on these if you scroll down to read them.

My recommendation will be appropriate critical illness plan and a basic essential Shield Plan.

Nobody wish to make insurance claim, but when a need arise, it is helpful and there is peace of mind that it can cushion off major bills.

Meeting essential needs

This month trying to assist in 4 cancer claim after concluding one. It has never been with so many happenings so far for my 25 years having to attend to 4 cancer claims within first half of the year. But essentially again, one should meet the needs and not the wants. Basic essential needs are protection and medical coverage. Savings and investments are not the basic essentials as a start. Many youngsters are not planning properly especially so when their peers are in this profession. Though I need to qualify my statement that not all young professionals are like that. This profession comes with passion and need to also survive the industry.

Just concluded a claim for a female policyholder suffering from advance stage lung cancer, unrelated to smoking. Age 49, a long time client with a Living Policy signed 18 years ago. Sum assured may not be huge but it come at a time when a need arises, and with comfort.

Her treatment is mostly paid for by the IncomeShield she had, but without the Rider, which many chose not to have and some will have it included in their plan. But as long as one has the main IncomeShield Plan, a safety net is provided in time of need like this.

Another client age 41, had an IncomeShield Plan Basic with the Plus Rider that covers her 100% for B1 ward treatment which has helped her in her treatment, but this policyholder is in advance stage throat cancer. She has decided to seek treatment in advance stage at private hospital which covers up to 50% with the Plan Basic that she has.

There are many similar stories, and the pain and feelings for them during such time is not good, especially that latter one has a set of aged parents with her.

Same advice I would give, plan for appropriate coverage, hospitalisation medication plan and a life plan covering critical illness as a base with other plans to cater to needs of family.

Savings plan can come later when basic needs are taken care of.

Plan for appropriate medical insurance plans

A week with heavy heart having to visit two clients suffering from cancer. Today visited the second one, quite young, age 41, is in quite bad shape, surely I hope she can be well, but kind of know it needs a miracle. But she seems strong and smile at me though she could not talk, as she has throat cancer and spreading to liver.

Very basic, everyone should plan for is a citical illness plan and the MOST IMPORTANT private medical insurance (hospital and surgical plan using medisave to pay for) plan like IncomeShield, PruShield, SupremehealthSHield, MySHield, HealthShield, etc.

You can be suspicious of insurance agents or even hate them, but these are two basic types of plans that will be helpful if a need arises.   End of the day, not everyone will use the plan, well and good, pay for peace of mind, but when it hits you and me, we can all be thankful we did it.

Switching private medical insurance

One of my client switched her IncomeShield to other insurer, Company A, telling me the policy cover her osteoarthritis of her hand, even though IncomeShield covers her as policy was taken before diagnosis. she switched and I suspect the agent did not declare her condition in the proposal form.

She informed me Company A covers her, which I know is not possible unless is non disclosure. Advised her to make sure it is declared black and white in the proposal form She kept telling me she is covered.

I asked to show me a copy of the proposal form submitted and true enough, all questions were answered "no" which means she has no condition at all, sure policy will be issued.

This is what we call NON-DISCLOSURE.

In future insurer stand to dispute the claim and can even cancel policy on ground of non disclosure.

She was told by agent questionnaire did not ask for arthritis. But all insurer will sure have a question that ask if you have received treatment for any condition. This question will mean if you have known condition, you need to declare. This is the reason why I always advise client not to any how switch the Shield Plan unless condition declared and accepted by insurer. 

Meeting needs

Received an email that sang my heart.

"Hi Thomas
Diagnosed with advanced lung cancer. Awaiting more tests to determine the kind of treatments. What's your advice in terms of insurance matters?
Thanks."

A young lady client diagnosed with advanced stage lung cancer unrelated to smoking.

Two thiings I have done right for her but failed to push for reviews. But she is rather positive. A heavy heart for me to journey with her forward as treatment is recommended. A constant reminder to meet the NEEDS of client.

I have done an IncomeShield for her and a critical illness plan for her which will be useful.

I just hope we can be practical in planning for our own financial needs.

I have said this before, why people are willing to pay for a car that goes to scrap yard in 10 years and never want to plan properly for financial burden for the future needs.

Back to basics to meet the needs and not the wants.

MediShield Premium increase

Recently, you may have received a letter from CPF Board about MediShield premium increase.
All Shield Plan's base is Medishield, so whenever there is an announcement about Medishield premium increase, it affects all Shield Plan across the board, whether it is IncomeSHield, MyShield, SupremeHealthshield, Prushield or HealthSHield.

CPF Board has given a one time top up according to the second page of the letter and premium will be deducted from 1st March, there is no action to take as premium will be deducted via the Shield Plan.

When insurers collect the Shield Plan premium, part of it is actually Medishield premium, so insurer will also be sending out information on this in March, so do not be alarmed.

I also like to advice.

1. Do not any how switch Shield Plan when one has existing condition, unless fully declared and accepted during the proposal stage, all material facts has to be in black and white on the new proposal form if you want to switch, and subject to underwriting, do not allow an agent to submit a form indicating no problem, if you have an exsiting condition that need medical attention.

2. Many agents will say that IncomeShield Plan does not pay 100% with a rider. This is partly true. NTUC INCOME has two types of riders, those holding old type of rider is call "PLUS RIDER", this rider combines to pay 100%. The current rider is call "Assist Rider" which requires 10% co-insurance, meaning if bill is $900 you pay $90 and rest is paid, but there is a cap to the 10% co-insurance.

Many have switched out because of such sales tactics of some agent saying IncomeShield does not pay 100%, so please check before you believe, if your rider is Plus Rider, it is full coverage.

There is always a cost to pay, plan that covers full is normally high in premium, and in longer term if the rider is not tailored to cover the plan but just another H&S plan, the cost can be high forward.

Premium wise and long term, the Shield Plan must have varied plans for upgrade or downgrade. When one is young ultimate plan is affordable, but when come to old age, one has to see if there is alternative plan to downgrade to. These are considerations for Shield Plans.

My principle remains, that whichever Shield Plan you have, as long as you have one plan, it is essential for life backup to old age. Go with an insurer you are comfortable with and do not compare until cow come home still not done.

MediShield and private medical insurance Shield plans are payable by medisave, and all plans have a DEDUCTIBLE and 10% co-insurance, which is standard for all private medical insurance Shield plans. Most insurer will introduce additional rider or coverage to cover the deductible and co-insurance at a premium, payable by cash.

Final reminder, please do not switch plans any how when one already has a medical condition, ethical agent will never switch you, once they know you have an existing condition, for example, hypertension, high chlorestrol, ETC, assuming before signing up current plan one is healthy and such existing condition set in , ONE SHOULD NOT SWITCH, as it is covered in existing plan, unless declared and the insurer noted the condition and willing to accept at standard.

Same old story, my mum is on kidney dialysis and IncomeShield has been such a great help to me to cover her thrice weekly dialysis bills. Total bill per month is about $2,700 and we claim for about $2300+. A very huge relief.

In life, Shield plan is an important essential plan.

Saddest thing is some time older folks terminate it because they have no enough medisave to pay for the plan, and when serious illness set in, it can be a financial burden. One can pay for their parent's Shield Plan with their Medisave.

My father in law had a brain haemorrhage 4 months, back, and it was another chapter of challenge but with peace of mind at least he has a Shield Plan,he is age 83. Do not intend to write about this as it will be another chapter.

Hope we do not need to claim upon Shield Plan and be healthy.
Wish you and family joy and health.

Accident claim LIAR

Some time in an accident, you meet many types of people except the honest people. Though I must say there are still honest people.

It is the dishonest liars that make claims so unfair.

My advice is always to make the report factual and leave it to the insurer to decide and defend.

One usually lost to liar who twist and turn report and can write story from black to white without whinking their eyes.

When a party tells lie, there is nothing much insurer can do but to go according to an agreed BOLA, barometer of liability.

I sympathise with many who lost to a liar, but best we can fight is for it to be 50-50 than full liability.

Insurer's hands are tied as there is no evidence to fight the case but base on one man's word against the other, and usually a liar wins.

Those with mounted camera would be good to submit the chip for evidence or to take pictures immediately showing positions of cars in relation to road condition, but this is as best to do and one is still at the mercy of a LIAR.

There is nothing much one can do when met a LIAR. I suspect also that those who are familiar with BOLA assisted the LIAR too.

Do not let such lost bothers you, just know that you have lost to a LIAR.

CPF interest credited on 31st Dec 2012.
If one is prudent and not very ambitious, contented with a roof over the head, the interest derived from CPF after retirement can be quite comfortable if CPF Board continue to provide interest at current rate or better.