MediShield Life and Protection

If you know that you are not protected in this area, do contact me as most people neglect protection needs when they are healthy and when they need it most they are not able to be insured. Even if they can be insure the loading in premium could be substantial.

Moreover most people have the misconception that once they have some insurance policies they do not need to review it. In fact most people bought their policy when they start work hence several years could have lapsed and  their previous insurance may not meet their needs anymore. Hence a periodical review is required to address this changes such as marriage, addition of new kids, new job..etc.

If you need a review or upgrade, contact me using the form.

Cheers

Eric

More get help with medical bills under MediShield Life 

From: http://www.straitstimes.com/singapore/more-get-help-with-medical-bills-under-medishield-life

PUBLISHED

NOV 1, 2016, 5:00 AM SGT

Salma Khalik

Senior Health Correspondent

One year after Singapore introduced the MediShield Life universal insurance scheme, more people are getting help with their medical bills - with payouts on the rise.
Nearly 400,000 claims were made between last November and September this year, and more than $600 million was paid out.
Of this, $102.5 million went to people who were previously uninsured, a Ministry of Health spokesman told The Straits Times. Over the same period in the previous year, $307.5 million was disbursed for 291,500 claims under the old MediShield.

MediShield Life was launched on Nov 1. It covers every Singaporean and permanent resident for subsidised care for life.
Previously, those too old or sick were not covered. It is not known how big this group was.

Within it, 25,000 people deemed to have a serious pre-existing disease have to pay 30 per cent more in premiums for the first 10 years.
Now, the previously uninsured are covered - and getting more in payouts. They made 65,000 claims and received slightly more per claim - $1,577, compared with other policyholders who got an average of $1,539. Both are higher than the average claim of $1,271 under the old MediShield, before the better coverage by MediShield Life kicked in.
One such patient was Madam Yuen Soh Ying, 92, who fractured her hip in April. She needed surgery followed by rehabilitation at a community hospital.

Her subsidised hospital bill still topped $10,000. Before Nov 1 last year, Madam Yuen would have had to pay all of it with Medisave or cash. But with MediShield Life, $6,600 of her bill was picked up by the scheme. Medisave took care of most of the rest, leaving only $100 to be paid in cash.
MP Joan Pereira, a member of the Government Parliamentary Committee for Health, said: "The impact and support afforded by MediShield Life's enhanced benefits would be more pronounced as the population ages."
There is a trade-off. Premiums rose, mounting to $1.75 billion in the 11 months from its launch, compared with $685.7 million in the same period the previous year. The premium per person is between $130 and $1,530, depending on age.
Of the total, almost half was subsidised by the Government.
Premiums collected, minus subsidies given, will be invested in Special Singapore Government Securities as these have long-term stability, said Ms Fang Ai Lian, who chairs the MediShield Life Council.

The council also decides on appeals, including requests from Singaporeans living abroad who do not plan to return here to live, to be excluded from the scheme.
It announced a month ago that they can be "suspended" from the scheme, but will have to pay the full unpaid premiums plus interest if they return permanently and require medical treatment.
About 200 people have applied for such exemption, Ms Fang said.

As for appeals, such as for more subsidy, she said that not only did the council have to consider the "unique circumstances" of each case, but the solution also has to be consistent and fair to all.

Bond investing? Is it really safe?

Dear friends,

I like to share this article from Bloomberg that highlights the fact that many investors are better off investing their time looking for a reputable professional to handle their funds,capital or retirement fund. It seems most investors could be hurting themselves more than they think.

First was the mini bonds episode, now we have Swiber defaults and more to come. It seems that most of such "exotic structured products" have been sold to the retail investors by the banks.

In their chase for low fees and so call guarantee returns, it may be best for investors to seek out a reliable and trustworthy professional to avoid such silly mistakes.

To sign up for such services, kindly contact me via email at ericohlh@gmail.com.

On top of  investment advisory services, I also provide Life, Health and retirement insurance with general insurance needs such as travel, car, property insurance, etc to provide a holistic approach in investment, protection and retirement needs.

Fyi

Singapore Millionaire, 77, Joins Bondholders Who Want Demands Heard

By David Yong

and

Andrea Tan (Taken from https://www.bloomberg.com/news/articles/2016-10-03/singapore-millionaire-77-joins-bondholders-uniting-in-workouts)

October 3, 2016 — 12:01 PM EDT October 4, 2016 — 6:10 AM EDT

SINGAPORE (Oct 4): Jerry Tan, a 77-year-old retired Singaporean businessman, was among dozens of bondholders in the city who joined forces last week to submit their demands as more companies seek to restructure debt payments.

“The only way to put ourselves in a position of some strength is to come together as a group,” said Tan, who said he owns more than $8 million of notes. “The whole bond market is really bad and you can expect a lot more defaults. The authorities should step up to protect investors and Singapore’s reputation as a major financial center.”

 For details: click here

Bonds safe? What happens when they default

Singapore millionaires stung by the misery of recent bond defaults now have company as the fallout threatens losses for mom-and-pop investors. All four new issues of Singapore dollar-denominated notes targeted at individuals this year have dropped below the par sales value, as failures in the broader market stoke speculation nonpayments will spread. UBS Group AG’s wealth management unit said in an Aug. 16 report that retail investors are being sold "weak" names, and Lombard Odier said they face default risks on securities with poorer credit profiles.

For more information click below link:
(Singapore Mom-and-Pop Investors Face Losses Amid Bond Risks )
By Denise Wee | Bloomberg – Wed, Aug 31, 2016 1:26 PM SGT
https://sg.finance.yahoo.com/news/singapore-mom-pop-investors-face-200000536.html 

Fyi

Bonds are financial instruments where investors are compensated for their time and opportunity cost when they invest in them.

Unknown to many investors, bonds do go into default. This means the company that issue the bonds does not fulfill its  obligation of paying the coupons. When this happens the status of the bond could be downgraded to junk status and price of the bonds will drop. Hence, the investors will not be able to recoup its principal amount as there is a pay out priority given as below:

• First are the secured creditors and holders of senior debt,
• Next are the the ordinary bondholders
• Equity shareholders are last in line

As a result of the default, a bond will either be restructured or the company will file bankruptcy and results in liquidation of assets.

Hence, if a investor has a huge capital for investment, he or she will be wise to consult a professional who could advise him in the appropriate manner to invest in bonds, equities (stocks) or mutual funds as each asset class is important to achieve  a desirable  outcome.

If you need advise or help in this area for investment, protection needs or growth, please contact me by leaving your contact on the right.

"Wealth is not built overnight but over time."