Health is a very important asset that we need to safeguard and obtain. When you are healthy, every aspect in your life should be going great including your personal, professional, and financial situation. This is why it is essential to strive and work hard to improve your health at all costs because it impacts you in so many levels. At the same time, however, it is inevitable for people to suffer from unexpected medical concerns. Some may undergo a sudden ailment, while others may go through an accident or injury that will require prompt medical attention. Thus, having some budget for your healthcare expenses should be a priority. After all, you would not want to end up being penniless and not being able to afford the hospital bills and medication that you need to receive.
Singapore is known for its exceptional and world-class healthcare services. Whether you go to a private or a public hospital in the country, you can expect to receive professional and fast assistance from the medical experts. So, it is not surprising that locals and foreign nationals have faith in the level of medical support they receive from hospitals and clinics in the country. But along with the excellent service that you can expect from Singapore’s hospitals, there is the concern with the cost of healthcare involved. For instance, there is at least 8 to 9 percent increase in healthcare expenses every year. This does not happen in Singapore alone, since it has become a global trend to hike up hospitalization and medical bills because of the inflation that affect all countries worldwide.
With the ever-increasing costs of going to the hospital and taking medication, how will you be able to manage these? The need to maintain adequate healthcare funds is essential when you are concerned about ensuring your proper health condition. Here are a few tips that may come in handy supposing you are aiming to setup your healthcare funds for you and your loved ones.
1. Have another savings account for your healthcare needs
It is ideal that you have separate bank accounts, depending on your purpose for each. You have your emergency funds for short-term or unexpected expenses, while at the same time, you should come up with another account for your medical costs. This makes things more organized instead of combining the purposes for one account.
As for other people, they find it practical to simply combine their healthcare savings with their emergency funds. It all depends on what you think works for you best as it makes for a stress-free budgeting experience. But if you feel that having separate accounts for your emergency expenses and medical costs make more sense, then you should feel free to do so. It can also help if you seek professional advice from a reliable financial advisor who will be able to provide you with the pros and cons or some other suggestions when it comes to opening a bank account for medical expenses.
2. Assess and study your options to come up with a wiser decision
If you are suffering from an ailment, and you need to undergo a certain medical procedure, there is a particular expense that is expected to come your way. But this does not mean that the price to pay is the same for all hospitals or clinics. There are some hospitals that may charge you with a higher price, while others offer a more considerate cost without compromising the quality of service provided.
So, just because you are in need of surgery or other types of treatment procedure, it is a smart idea to shop around and determine your options. Never make an expensive mistake of acting on an impulse and going for the cheapest or most expensive option available. Always remember that you get what you pay for, and just because it is the cheapest rate, it does not mean you can have the finest service. In the same way, a pricey choice will not always guarantee you of the best service you deserve since there are times you may only be paying for the prestigious name of the hospital or the brand of medicine.
3. Break a bad habit and earn rewards for your health
It is true that prevention is indeed better than remedy. As much as possible, work towards obtaining good health, which you can do by eating right, exercising, and following a wholesome lifestyle. The more conscious you are about your health, the easier it will be for you to prevent the need to take a trip to the hospital. Routine checkups are fine, but you can benefit from not having to shell out a massive amount of money for hospitalization and what-nots.
Sometimes, all you need is to really evaluate how you are treating your body to have a clearer idea about what might go wrong in terms of health. Are you eating enough or consuming the right types of food? Do you give in to vices including alcohol and cigarettes? How is your sleeping pattern, and are you getting ample hours of rest? Make it a point to reflect on these things, which are contributors to your overall well-being. If you can fix your habits and lifestyle, you may have a chance at not having to spend hundreds of dollars on medical bills.
4. Check on the rates offered by insurance companies
Buying insurance for yourself or a loved one makes sense as long as the rates you choose and the policy coverage meets your needs. But you have to keep in mind that insurance firms offer varied rates and policy coverage, and it makes sense to shop around to learn more about your options.
To start, you need to have a clearer concept of your present situation. Analyze the insurance coverage that you think matches your needs the most. There are insurance policies that are geared more towards long-term medical care. But the only situation where this may be practical is if you are looking to retain your insurance policy even during your retirement. It may help to conduct a cost-benefit analysis once you check a health insurance comparison site in Singapore. This can provide you with relevant details on the premium value monthly and the maximum payout to expect per year.
5. Know more about Singapore’s MediShield Life
The MediShield Life is a type of health insurance plan administered by the Central Provident Fund. This aims to assist clients when it comes to paying off their massive hospital bills, along with some outpatient medical treatments including chemotherapy and dialysis. The coverage is usually geared towards the class B2 or C wards in the country’s public hospitals. If ever you prefer a class A ward or even a private hospital, you may do so. However, keep in mind that the payout only involves a minimal percentage of the bill. This is why it may be necessary to get some cash out from your wallet or pay the bills from the MediSave account you have.
6. Find out the services offered by licensed moneylender in Singapore
You know anything can happen at any point of time in life, it is necessary to prepare yourself with alternative backup plans especially during emergency. You can always check out the services and rates offered by licensed money lender in Singapore. They provide services such as instant loan and payday loan when you need advance cash to pay off the heavy medical bills.
You see, healthcare takes up quite a chunk of your savings considering how high the rates are when it comes to hospital bills and medication. If you are not prepared, you may even have some worries about paying off your hospital expenses, which can further add to your stress level. So, it is important that you think about preparing for the costs you assume will have to come up someday in the future supposing you suffer from a medical condition. Buying health insurance, opening a separate bank account for your healthcare costs, and staying healthy can all contribute to minimal expenses for your medical expenses. By doing all of these, you will not find yourself back to a corner and not knowing how to deal with a sudden healthcare bill once it arises.