Last Updated on 10, December 2016
Did anyone read a Sunday Times article in which it was reported that a girl by the name of Chloe incurs $300,000 a year of hospitalisation bill (“Buy insurance for children when they're born”, Sunday Times 28 June 2015)? I almost fainted when I read that.
Apparently Chloe was diagnosed with Pompe disease, an inherited neuro-muscular disorder that is progressive, debilitating and often fatal at the age of just 7 months ago.
Fortunately she was insured with an Integrated Shield Plan known as AIA Healthshield Gold Max with Essential Plan A . The total payout from this IP for the past 5 years was a staggering $700,000.
Her father, Kenneth Mah, is now a stay-at-home dad looking after Chloe. Her mother, Patricia Mah, only earns between $80,000 to $90,000 a year. It was fortunate they had this insurance payout.
It is this reason why financial planning is so important.
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Shield plans have a 24 months waiting period for congenital problems. So your kid must be OK for 2 years before the problem occurs then you can claim. Otherwise within the first 2 years you can only claim for normal hospitalisation, with pre & post 90 days.
Many parents with young kids with long-term diseases and having private hospital insurance often treat the private hospitals & KK hospital A class wards as long-term children nursing home, putting their children in the private & A-class rooms for years even.