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Start Investing With Only $500 — Her World
Quite glad that an article I have been helping a writer with has finally been published. The November 2014 issue of Her World carries the article Start Investing With Only $500, and I am pleased that it even found a little spot on the cover page.
I also realised that it is quite challenging to write an article for a magazine, and also very different from writing on this blog where I have full editorial control. The article would have been quite different if I wrote it from scratch, but I suppose the end product is more fitting for a magazine. (You can view the article at the end of this post.)
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Insurance firms must be made to justify higher premiums: TODAY voices
A reader of TODAY wrote in to the publication regarding his thoughts about the increase in insurance premiums:
I see two current issues regarding insurance that impact cost of living. One is the wide range of premiums for health insurance offering similar hospitalisation coverage and the ability of insurers to hike premiums by a large quantum upon renewal.
He is quite astute to note that the cost of insurance policies does impact cost of living — significantly so, I might add. I get this feeling that most Singaporeans do not seem to notice this fact at all, seemingly buying policies without much thought or research, perhaps out of a misplaced trust in the person selling them these policies. When it comes to increasing food prices or transport fares, the same people are understandably upset at the rising costs of living, but they seem oblivious to the fact that a bad insurance portfolio can cost them so much more over their lifetimes.
Understanding CPF Insurance Schemes
I am speaking at a seminar next month regarding the various CPF insurance schemes available for CPF members.
Are you confused by the various CPF insurance schemes that you invariably enrolled in if you contribute to CPF? Do you know what options you have for these schemes? How does one utilise his/her CPF to obtain better coverage?
The talk would be useful in helping attendees understand various CPF insurance schemes such as DPS, Medishield, as well as Eldershield which is pertinent for people above 40, or individuals with parents above 40 who are financially dependent on them.
There is currently an early-bird discount until 1st May 2013.
Changes to Medishield from March 2013
Medishield is going to undergo several changes effective from March 2013. The most notable of these changes would probably be the increase in premium rates across the board for all age bands.
People between their twenties and fifties will see an increase of about 100% in the annual premium for Medishield. A person in his twenties used to pay $33 per year for Medishield coverage. This would double to $66. The premium rates for people in their thirties and fourties have been increased from $54 and $114 to $105 and $220 per year respectively.
There is also an increase in the deductible payable by the insured for Class B2 and C wards, i.e. the amount payable by the insured upon admission to these wards before Medishield coverage kicks in is increased. The previous deductible of $1,000 for C ward and $1,500 for B2 ward is increased by $500.