Growing your Wealth…for other people? Are you doing this unconsciously?

A bold statement indeed, aye? At one point or another in our lives, I think we are guilty of doing this without realizing it. All our money making efforts are focused in generating more income and acquiring more assets, but unknowingly, there is one blindspot we overlooked. This blindspot is a silent killer – literally and figuratively. Now, do you agree that everyone, no matter how healthy they think they are, will fall sick one day? Just a matter of time and age, whether minor illness or a major one. Fingers crossed it’s not any major one, but the irony is, even healthy people leading a healthy lifestyle could get afflicted by chronic illnesses like cancer while a heavy chain smoker can live past 70 years old without any major hiccups.

So to cut straight to the point – when is the LAST TIME you reviewed your medical policy? 

If you have bought yours for more than 5 years, and have not reviewed what you have, dust it off and observe the Lifetime Limit.  Watch the video below to understand its importance.

Medical inflation is as certain as death and taxes in life.

I reckon that even if we are financially free – if we don’t have enough medical coverage, we could land in poorhouse – when major medical bills hits us. There’s a crude joke I got from a friend – that “one is normally richer dead than alive”, and in this case, we’d have wished we are……you get my point.

Some might retort – “I have company coverage, why should I worry?”

…which I would advise you to check if your company covers your medical bills AFTER Retirement.

No?…then something to think about. Please build up an “Old Age Medical Fund” to foot your potential medical bills. or get used to loving General Hospital instead!

Yes? Then congratulations! Let me know which company 🙂

 Medical bills

The next question is – what are the features one should look for in a medical card?

  • Annual and lifetime limit
  • Coverage end age
  • Co payment terms and condition
  • Overseas coverage if required

No one insurance company has all the best features I highlighted above, but recently one insurance company does the extraordinary. It combined all the best features of most medical card products they are in the market and make it their new product. I can tell you it is one of the best as of the time of this article. I almost cannot believe it with some of its features, but it’s true. I’ve run several quotations and it’s real, no hidden caveats.
It’s not the cheapest but the cost is reasonable. Because product providers are not keen of me showcasing their logos, good and bad about their products in the public, this information can only be shared to you via a private site at AskCF.com. Members of AskCF.com will have access to the password to view the video below – which company it is, and what features that I deem it is good. Shown to you no holds barred so you can make independent & informed decision without any pushy agents.

What’s the use of growing our wealth if we fail protecting the wealth we’ve work sweat and tears to build?

Small overlook – big impact. Unless you fancy building your wealth for the sole purpose of paying medical bills in the future. 

If you’d like to know more about this, drop us your contact below

This Post Has 2 Comments

  1. CF,

    I like that quote “one is normally richer dead than alive”. I look at this from the life insurance coverage perspective which justifies this quote, as the proceeds of the policy is realized after one kicks the bucket. One never gets the financial benefit of one’s life insurance policy.

    I now try to reverse this as I feel that a life policy is not an absolute must after a certain stage in life. However a medical policy remains an absolute MUST. As you rightly state, the cost of medical aid keeps rising (there was a recent article in the newspaper where private GPs are seeking an increase in their charges) and unless one is adequately covered, one will have to bear the consequences.

    1. Yes exactly. In fact, I’d advise that, if he/she is debt free, then Life coverage is not as significant as Critical Illness and Medical coverage. Probably if it is an ILP policy with medical card as rider, then one can reduce the BASIC sum assured while paying the same premium to increase the “sustainability” of the medical card coverage as age increases. Which, as you put it, an absolute MUST

Leave a Reply

HowToFinanceMoney © 2011-Present. All rights reserved.