With rapid medical inflation and rising health concerns due to environmental and genetic factors in Singapore, it is time to reconsider if the basic MediShield Life, a health insurance policy offered to all Singaporeans and Permanent Residents, can offer enough medical protection in the long run. After all, the cost of healthcare in Singapore has increased by 54.8 per cent.
As we grow older, the need for medical care increases significantly. Most of us are aware of how much healthcare costs can add up, and the last thing we would wish to do is to dip into our life savings when medical emergencies were to happen. To prevent this, the Government ensures that all Singaporeans have sufficient savings for future.
THE ongoing Covid-19 pandemic could precipitate or trigger an extensive bankruptcy crisis in the near future. Unsurprisingly, the root cause of a possible mass insolvency is to be attributed to low savings in general – including in the EPF accounts – among some Malaysians, especially those aged between 30 to 45 years old.
This means that once the savings are exhausted, including in relation to the EPF accounts, the risk of bankruptcy arises or rises due to the inability to discharge pre-existing debt obligations and liabilities, let alone for self-sustenance