Here in Singapore, we are lucky not to have to worry too much about violent crime or natural disasters.
But one of the things we do worry about is the high cost of medical care. Healthcare costs continue to rise thanks to a high medical inflation rate, and the rates of certain diseases such as breast and prostate cancer have risen sharply.
Does that not sound scary enough? Here are four alarming facts to know.
1 in 3 Singaporeans will die of Cancer
Cancer is now Singapore’s top killer, with 36 Singaporeans being diagnosed with cancer every day. In their lifetime, an estimated 1 in 3 Singaporeans will die of cancer.
Breast cancer is the most common cancer women in Singapore get diagnosed with, and the number of cases has spiked sharply over the past two decades.
For men, the most common type of cancer is colorectal cancer, which has likewise seen a spike in cases over the last two decades.
More younger patients are getting diagnosed with Skin Cancer
Just because you’re young and healthy, you’re not free from the risk of getting struck with certain critical illnesses.
For instance, there has been a worrying spike in the number of young Singaporeans getting diagnosed with skin cancer, according to a 2018 news report.
Between 2013 and 2017, the National Cancer Centre Singapore saw a spike of 60% in the number of new skin cancer patients under the age of 50.
Almost a third of patients are diagnosed with more than one Critical Illness
If you think getting diagnosed with one critical illness is bad enough, you might not be pleased to hear that 32% of people get diagnosed with more than one critical illness, according to a 2016 survey.
So even if you have enough financial security to tide you through one bout of critical illness, there is a significant chance you’ll be diagnosed with another.
You cannot fully rely on MediSave and MediShield Life
Singaporeans and PRs are required to contribute a proportion of their salaries to their MediSave account, which is meant to pay for healthcare costs. This can lull some into a false sense of security.
But the truth is that MediSave and MediShield Life, our very basic form of government health insurance, are far from enough to fully address our healthcare needs. That is because the situations in which they can be used are limited, and strict caps are placed on withdrawal amounts.
For instance, anyone who stays at a private hospital or in a Class B1 or Class A ward at a public hospital will find themselves having to pay for the bulk of their hospital stay on their own even after maxing out their MediShield Life and MediSave use.
For financial security, it is thus wise to ensure you have adequate insurance, which you can then rely on to pay for your medical bills and to support you and your family as you seek treatment.
The bulk of your medical bills can be paid for by an Integrated Shield Plan.
This protection can be supplemented with a critical illness plan such as HL Assurance’s Critical Illness Protect360, which offers a lump sum payout when you are diagnosed with a critical illness. This money can then be used to support you and your family as you seek treatment or pay for any healthcare costs that are not covered by other insurance policies.
Protect yourself with HL Assurance’s Critical Illness Protect360 and receive $2 million worth of critical illness protection, as well as other benefits such as free annual health screenings and free consultations for a medical second opinion. Find out more here.