Young and Healthy
Protect your current health and prepare finances for the future
1. Understand Why You Need Insurance
Get insurance at low cost while you can
1. Understand Why You Need Insurance
Get insurance at low cost while you can
Even if you feel healthy and invincible, life can take unexpected turns. Here are three reasons to consider getting insurance before you think you need it:
- Insurability:
Health can change over time, especially as one ages through the years. Getting insured early ensures full coverage without added costs or exclusions due to health conditions.
- Lower Premiums:
Premiums are generally lower when you’re younger and healthier, locking in a more affordable rate for the long term. Note that this does not apply for all plans. - Future Proofing:
Early coverage provides a safety net, helping you stay prepared for life’s uncertainties and protecting your financial future.
Get your insurance sorted out before health screening. But don’t delay getting health check-ups either especially if you feel unwell. In other words, sort out your insurance early
2. Understand the 5 Core Insurance Needs
Buy as much insurance as you need and pay as little as you can
2. Understand the 5 Core Insurance Needs
Buy as much insurance as you need and pay as little as you can
The 5 Core Insurance Needs are, in priority for a working adult:
- Hospital & Surgical:
Cover major medical expenses and hospital bills. - Life Insurance (Death Coverage):
Offers financial support to loved ones in the event of death, helping to cover existing liabilities. - Critical Illness:
Provides a lump sum income replacement, allowing you to take time off work and focus on recovery from a major illness without worrying about financial strain. - Occupational Disability Income:
Covers up to 75% of your monthly income if you’re unable to work due to an occupational disability. - Long-Term Care:
Covers care-taking costs in cases of severe disability or aging needs.
3. Assess Your Insurance Needs
Find out how much you need
3. Assess Your Insurance Needs
Find out how much you need
Sign up/Log in to our MoneyOwl App to calculate your insurance shortfall based on:
- Current Family Status:
Including number of dependents and years of support required. - Financial Situation:
Factoring in your income, expenses, assets, and liabilities. - Existing Insurance Coverage:
Utilize SGFindex to compile your list of insurance plans.
https://www.sgfindex.gov.sg/
Optional Steps
4. Buy Simple Insurance
It’s not scary and need not be expensive
4. Buy Simple Insurance
It’s not scary and need not be expensive
We have curated a selection of insurance packages tailored to different life stages and ages, based on the different needs and affordability.
Check our Insurance page to find out the insurance package for your life stage.
Take action! Some products can be bought online, and for others, we can refer you to an adviser if you need one.
5. Find out about Health Screening subsidies
Apply for the right cards to do health screening for $5 or less
5. Find out about Health Screening subsidies
Apply for the right cards to do health screening for $5 or less
All Singapore citizens can apply for one of these – green CHAS card (including high income earners), blue CHAS card, orange CHAS card, Merdeka Generation, Pioneer Generation. These qualify you for health screening for cardiovascular disease, cervical cancer and colorectal cancer and others, for between $0 and $5.
Click below to read more about CHAS subsidies.
6. Do a Lasting Power of Attorney
Ensure your wishes are honoured in the event of mental incapacity
6. Do a Lasting Power of Attorney
Ensure your wishes are honoured in the event of mental incapacity
An LPA is a legal document, which allows a person who is at least 21 years of age, to voluntarily appoint one or more persons to make decisions and act on his/her behalf if he/she loses mental capacity one day.
The decisions range in 2 broad areas of personal welfare and/or property & affairs matters.
Click below to go to MSF website to read more about LPA and how you can make one yourself.
7. Getting Your Will Done
For a peace of mind in event of your untimely demise
7. Getting Your Will Done
For a peace of mind in event of your untimely demise
In event of your untimely demise, the distribution of your assets will be determined by Singapore’s intestacy laws. This means that your estate may not be distributed according to your wishes.
Writing a will ensures that your wishes are clearly stated and provides protection for your loved ones.
Craft your Will using MoneyOwl’s Digital Will-Writing service
8. Learn more about End-of-life arrangements and Estate Planning
It’s never too early to start understanding
8. Learn more about End-of-life arrangements and Estate Planning
It’s never too early to start understanding
It’s never too early to start planning and ensuring peace of mind for you and your loved ones.
Our eBook covers everything you need to know about end-of-life arrangements and estate planning, from protecting your assets to securing your family’s well-being.
Click below to download eBook.
Young with Health Concerns
Address health challenges while securing your financial well-being
1. Understand support for Chronic Conditions
Learn about the various schemes and subsidies you may be eligible for
1. Understand support for Chronic Conditions
Learn about the various schemes and subsidies you may be eligible for
In Singapore, all citizens are eligible to apply for the Community Health Assist Scheme (CHAS), which offers subsidized treatment for chronic conditions such as diabetes, high blood pressure, and high cholesterol. This includes the green CHAS card, designed to support higher-income Singaporeans with chronic health needs.
Learn more about managing chronic conditions through CHAS here.
Additionally, the Chronic Disease Management Programme allows patients to use their MediSave for up to $500 annually ($700 for complex cases) to offset outpatient chronic disease bills, reducing out-of-pocket expenses. A 15% co-payment applies to each claim.
Discover more about MediSave’s role in chronic disease management here.
2. Assess your Insurance Options
The insurance you can still get and what are the fallback options
2. Assess your Insurance Options
The insurance you can still get and what are the fallback options
For Hospitalisation & Surgical (H&S), MediShield Life has coverage for some pre-existing conditions.
Learn more about insurance applications for people with health conditions:
- Read about the 5 insurance application outcomes here.
- Read about getting insured with a pre-existing illness here.
In some cases, premium loading or exclusion will be imposed on your plans due to your pre-existing health conditions, but you can at least still get coverage for other conditions. In a nutshell, don’t give up on getting insurance coverage.
Click below to see what kind of insurance package suits your lifestage.
3. Do a Lasting Power of Attorney
Ensure your wishes are honoured in the event of a mental incapacity
3. Do a Lasting Power of Attorney
Ensure your wishes are honoured in the event of a mental incapacity
An LPA is a legal document, which allows a person who is at least 21 years of age, to voluntarily appoint one or more persons to make decisions and act on his/her behalf if he/she loses mental capacity one day.
The decisions range in 2 broad areas of personal welfare and/or property & affairs matters.
Click below to go to MSF website to read more about LPA and how you can make one yourself.
Optional Steps
4. Do an Advance Care Plan (ACP)
Who would you trust to make decisions for you if you couldn’t speak for yourself?
4. Do an Advance Care Plan (ACP)
Who would you trust to make decisions for you if you couldn’t speak for yourself?
Advance Care Planning (ACP) ensures that if you’re ever unable to make decisions or speak for yourself, your chosen decision-makers have clear guidance to act in your best interests according to your wishes.
It helps you to discuss and document matters related to your healthcare. It is a broad plan that may include extent of treatment, pain control options, and what to do should your heart suddenly stop.
Click below to learn more about ACP at the Agency for Integrated Care (AIC)
ACP is particularly important for people who have a chronic illness, an early cognitive impairment, frail, or are approaching the end of life.
5. Getting Your Will Done
For a peace of mind in event of your untimely demise
5. Getting Your Will Done
For a peace of mind in event of your untimely demise
In event of your untimely demise, the distribution of your assets will be determined by Singapore’s intestacy laws. This means that your estate may not be distributed according to your wishes.
Writing a will ensures that your wishes are clearly stated and provides protection for your loved ones.
Craft your Will using MoneyOwl’s Digital Will-Writing service
6. Understand End of Life and Estate Planning
Understand the full suite of actions you need to take and consider, for both financial and care arrangements
6. Understand End of Life and Estate Planning
Understand the full suite of actions you need to take and consider, for both financial and care arrangements
- Why It’s Important:
Without a plan, your estate may be distributed according to Singapore’s intestacy laws, which may not align with your wishes, especially for non-traditional relationships or special needs dependents. - Legal Tools to Simplify Matters:
Having a Will and CPF nominations can prevent delays, reduce legal costs, and allow you to designate guardians for minor children. - Reducing Stress for Loved Ones:
Planning in advance lessens the administrative burden and uncertainty for your family during a difficult time.
Retired with Health Concerns
Manage healthcare needs & financial security in retirement
1. Understand support for Chronic Conditions
Learn about the various schemes and subsidies you may be eligible for
1. Understand support for Chronic Conditions
Learn about the various schemes and subsidies you may be eligible for
In Singapore, all citizens are eligible to apply for the Community Health Assist Scheme (CHAS), which offers subsidized treatment for chronic conditions such as diabetes, high blood pressure, and high cholesterol. This includes the green CHAS card, designed to support higher-income Singaporeans with chronic health needs.
Learn more about managing chronic conditions through CHAS here.
Additionally, the Chronic Disease Management Programme allows patients to use their MediSave for up to $500 annually ($700 for complex cases) to offset outpatient chronic disease bills, reducing out-of-pocket expenses. A 15% co-payment applies to each claim.
Discover more about MediSave’s role in chronic disease management here.
2. Review your “3 Must-Haves” in Retirement
What’s needed for a secure retirement
2. Review your “3 Must-Haves” in Retirement
What’s needed for a secure retirement
The 3 must-haves when you start retirement are:
- A home to live in – preferably one which is fully-paid off
- Medical insurance and savings for healthcare expenses
- Lifelong income for living expenses
3. Find out about Health Screening subsidies
Apply for the right cards to do health screening for $5 or less
3. Find out about Health Screening subsidies
Apply for the right cards to do health screening for $5 or less
All Singapore citizens can apply for one of these – green CHAS card (including high income earners), blue CHAS card, orange CHAS card, Merdeka Generation, Pioneer Generation. These qualify you for health screening for cardiovascular disease, cervical cancer and colorectal cancer and others, for between $0 and $5.
Click below to read more about CHAS subsidies
Optional Steps
4. Review Your Insurance Needs
Are they fit for purpose for your life stage and can you still afford the premium?
4. Review Your Insurance Needs
Are they fit for purpose for your life stage and can you still afford the premium?
- Consider if the premium remains affordable, especially as you age, since premiums can increase significantly over time.
- If it is becoming more expensive, explore options like adjusting your coverage level by downgrading to a lower tiered plan or changing its riders.
Recommended to seek advice from your financial adviser before you downgrade or surrender your plan.
5. Do an Advance Care Plan (ACP)
Who would you trust to make decisions for you if you couldn’t speak for yourself?
5. Do an Advance Care Plan (ACP)
Who would you trust to make decisions for you if you couldn’t speak for yourself?
Advance Care Planning (ACP) ensures that if you’re ever unable to make decisions or speak for yourself, your chosen decision-makers have clear guidance to act in your best interests according to your wishes.
It helps you to discuss and document matters related to your healthcare. It is a broad plan that may include extent of treatment, pain control options, and what to do should your heart suddenly stop.
Click below to learn more about ACP at the Agency for Integrated Care (AIC)
ACP is particularly important for people who have a chronic illness, an early cognitive impairment, frail, or are approaching the end of life.
6. Do a Lasting Power of Attorney
Ensure your wishes are honoured in the event of a mental incapacity
6. Do a Lasting Power of Attorney
Ensure your wishes are honoured in the event of a mental incapacity
An LPA is a legal document, which allows a person who is at least 21 years of age, to voluntarily appoint one or more persons to make decisions and act on his/her behalf if he/she loses mental capacity one day.
The decisions range in 2 broad areas of personal welfare and/or property & affairs matters.
Click below to go to MSF website to read more about LPA and how you can make one yourself.
7. Getting Your Will Done
For a peace of mind in event of your untimely demise
7. Getting Your Will Done
For a peace of mind in event of your untimely demise
In event of your untimely demise, the distribution of your assets will be determined by Singapore’s intestacy laws. This means that your estate may not be distributed according to your wishes.
Writing a will ensures that your wishes are clearly stated and provides protection for your loved ones.
Craft your Will using MoneyOwl’s Digital Will-Writing service
8. Understand End of Life and Estate Planning
Understand the full suite of actions you need to take and consider, for both financial and care arrangements
8. Understand End of Life and Estate Planning
Understand the full suite of actions you need to take and consider, for both financial and care arrangements
- Why It’s Important:
Without a plan, your estate may be distributed according to Singapore’s intestacy laws, which may not align with your wishes, especially for non-traditional relationships or special needs dependents. - Legal Tools to Simplify Matters:
Having a Will and CPF nominations can prevent delays, reduce legal costs, and allow you to designate guardians for minor children. - Reducing Stress for Loved Ones:
Planning in advance lessens the administrative burden and uncertainty for your family during a difficult time.
