Hey ,

I came across this post on Reddit, and I believe we can all learn from it and conscientiously remind people around us about the importance of good risk management, especially concerning insuring ourselves against financial turmoil caused by health challenges.

With the increasing medical costs, simply having 'Insurance' doesn't mean you are prepared until life throws a curveball at you.

Understanding how much coverage you have and how long it will last is key to knowing if we are adequately protected.

Below is an excerpt from the forum writer's account.

Let's delve into some of the concerns shared by this individual regarding the challenges they face while dealing with an illness and relying solely on one source of income:

• Dealing with the side-effects of treatment, such as digestive issues, has made it difficult for her to fulfill the requirements of her job, which involves frequent travel.

• Consequently, she may be at risk of losing her job due to her inability to perform effectively.

• Her condition has necessitated a change in lifestyle, requiring her to adopt a healthier diet with organic foods to support her ongoing treatment and recovery. This shift may result in increased expenses, as she can no longer indulge in affordable options like a $4 plate of chicken rice, having to opt instead for more expensive alternatives like a $10 bowl of salad, particularly in CBD areas.

• Additionally, her spouse's resistance to her leaving her job could stem from concerns about maintaining their current lifestyle or managing high monthly liabilities. This disagreement may strain their marriage and appear unsympathetic to her situation.

• She heavily relies on her company's medical coverage, putting her in a vulnerable position should she be laid off or compelled to leave her job, potentially leading to a loss of medical benefits.

• There's also the persistent worry about the possibility of relapse and the resulting extension of medical expenses.

All of these concerns underscore the importance of adequate personal medical and life insurance coverage for critical illnesses. This aligns with the advice provided by the Life Insurance Association.

Considering this lady's annual income of $14,000 per month, she would minimally need to insure herself for $672,000.

However, with only $450,000 in savings, she falls slightly short of this amount. Relying solely on savings, especially ones accumulated from a single income source, isn't advisable for self-insurance.

And here's the thing: even if she tightens her belt and stretches that $450K, what if she has a relapse?

That's a long stretch without any income! And sure, she could sell her place and downsize, but who knows how that'll turn out? It's a gamble, really.

Honestly, I can't stress enough how important it is to have insurance. Relying solely on savings isn't a smart move, especially when you've worked hard to save up that money from just one income source.

And on a related note, please be reminded about the changes to the Integrated Shield Plans.

Starting April 1st, only medications approved by the Ministry of Health and listed in the Cancer Drug List will be covered.

If you need a refresher about your own coverage, hit me up.

I'm here to help!

Oh, and keep an eye out for my emails. I'll be sharing updates on hospitalization plans from different insurers so you're in the loop.

Have a great weekend!