KCLau's Money Tips Forum

[Lemonicean]

Hi KC,

Recently have been looking in the insurance for parents.

Father 53 no insurance nor EPF
Mother 50 same

Myself 24 no insurance as well, definitely need and will buy soon
salary $3000

two younger brother 21 and 18 still in school

Understand investment link is not suitable for my parents and the montly insurance should control within max 15%

After getting few proposal, the min premium for my parents as follow

Father med.card 200k with 60k per year
life 20k
premium $200/month

Mother med.card 200k with 60k per year
life 20k
premium $180/month

Somemore a drastic increase in the medical card as age getting older. Have plan to buy 3 insurance including me... understand that it is a great burden for me as total premium around $600. I have to spare some $ for my part time study as well.

1) As we are malaysian, could we bare on our "cheaper" govt hospital so that i could save ALOT of $ for my parents retirement? (definitely priority i need insurance)

2) I could temp. hold the burden of 3 person insurance, but as their age getting older, insurance of each person could easily get twice or triple. So, are they still worth to get a insurance at this time? (If not buy insurance for them, i mayb dump equal $ to saving plan to prepare their retirement...)

3) Any alternative way i could do for my parents to have a better preparation for their medicare fee and future?

Thanks in advance KC for all your advise.

[KCLau]

1) As we are malaysian, could we bare on our "cheaper" govt hospital so that i could save ALOT of $ for my parents retirement? (definitely priority i need insurance)

2) I could temp. hold the burden of 3 person insurance, but as their age getting older, insurance of each person could easily get twice or triple. So, are they still worth to get a insurance at this time? (If not buy insurance for them, i mayb dump equal $ to saving plan to prepare their retirement...)

3) Any alternative way i could do for my parents to have a better preparation for their medicare fee and future?

1. Normally, people choose private hospital due to better service and faster attention. Of course if you can afford it, it is good to get your parents covered with medical insurance so that they will have better choice at time of sickness.

2. If you can afford it now, most probably you can afford it in the future when the premium increase. The reason is your income will grow as your capability increase with more working experience.

3. Medical insurance is the best arrangement. It is worse when our parents are not healthy anymore, and we can't even get them insured at that time.

[CornyCo]

I agree with KCLau. I have life insurance for my parents.