In 2023, someone from our Financial Independence community faced a challenging diagnosis: blood cancer. Fortunately, after going through various treatments, he’s now in remission. Being the thoughtful person he is, he decided to document his entire journey with medical claims to give the rest of us a clearer picture of the process. He put together a detailed slide deck for an internal educational session, and he kindly shared it with me so that I could spread the word even further.
During his treatment, which took place at a government hospital under the A/B1 class, he had the support of a private shield plan that included a rider. The overall cost of the treatment totaled a staggering $191,000. Thanks to his private insurance, however, his personal expense was only $7,100. While you can use your CPF Medisave to cover this out-of-pocket cost, do note that there are certain limits on how much it can cover.
This scenario is a powerful reminder of the importance of having comprehensive insurance coverage, especially for unexpected health issues. The insights from this experience not only highlight the financial implications of serious illnesses but also stress the value of meticulous planning and having the right insurance in place.
