Weighing the cost of health cover in one’s senior years

[SINGAPORE] Most Singaporeans worry about high medical expenses in their senior years, as many surveys have found. Insurance is a major tool to lighten out-of-pocket healthcare expenses. But what if we can’t afford the premiums as we get older, when the cover is most needed?

The Central Provident Fund Board’s latest tool – the Health Insurance Planner – sets out in stark detail how much your premiums will eventually cost and the possible funding shortfall.

The planner projects your long-term MediSave balance and the premiums from MediShield Life, Integrated Shield Plan (IP) and rider, and CareShield Life and supplements if you have those. The planner enables comparisons of your IP coverage and premiums with others in the market.