Get Yourself Covered by Critical Illness Insurance Now (50 y.o. and above)

 This is a community message to all the readers of this blog. I have 3 messages which may save your life, your quality of life and even the prolong the length of your life.

1. Get a colonscopy done if you are above the age of 50. 

In Singapore, the No. 1 cancer for men is colon cancer. The No. 2 cancer is Prostate. Colon cancer can and does occur in people (in particular) and people above 50 are more susceptible to it. A lot of men do not eat enough fibre, do not drink enough, and when they do, it is probably sugared drinks like the sodas, alcohol, wine or spirits.

The cancer cells normally take years to grow, and they most often appear as polyps which are harmless. These polyps if they are not removed can turn cancerous. Hence it is imperative to get a scope once every 5 years upon turning 50 and follow the routine from then on.

If the polyp (or 2 or more) is discovered, it is unlikely to be cancerous if detected early (like mine was). However, in my case, I need to go for a check before the end of 2025 - as mandated by the good surgeon. The technology nowadays is so advanced, than upon detection, the polyp can be removed either through burning (cauterise) or cutting (snare) using a small flexible device attached together with the scope but the risk can then be reduced to almost zero. 

Hence a good regimen of early detection can and does prolong my quality of life and possibly prolong my life.

2. Get covered by a Good Critical Illness insurance (if you already haven't done so) Now 

I was prescient to sign up over the years to Aviva Care, now called My SingLife by Aviva in 2006. The plan 1 (which includes Private Hospitals) covers all procedures as charged, but there is a minimum co-payment of 10% of the total bill. This is so essential for our later years, as one thing or another will crop up once we turn about 50, 55 or older. You are advised to check online on the types of critical illness coverage and choose one which suits your needs and budget.

Hence, as seen by the bills above, my total bill for the hospital procedure for colonscope and endoscope, plus medicine, plus surgeon fees was S$ 6,324.96. After deduction from the Insurance, and from my medisave, my out of pocket fess was  $534.14

I am grateful I have dutifully accumulated monies in my Medisave, as they will come in so handy as I age.   

Do choose an insurance package which covers your hospital stay too, as the prices of hospital charges are rising every few years. And you don't want to spend all your hard earned retirement money on excessive bills - that would sour your mood in your golden years. 

  

3. Take Up a Critical Illness (Term Insurance) Payout if you can afford it  

 I am considering taking up an Critical Illness Payout Insurance soon, as this will payout a lump sum upon detection of any of the  35 critical illnesses (most cancers,brain diseases) up to the age of (say) 70.

This is like betting that you are likely to get something critical during the early part of your golden years. But there is 0 cash value and you take back nothing upon reaching 70 years of age.

If you are diagnosed with something critical, the payouts are huge (S$200,000) with up to 5 payouts for similar (after 2 years) and other (after 1 year) illnesses up to a cap of $1,000,000. This is very useful because you will find the money handy and you need to wind up or retire from working full time.

Think about it.