Are you doing unconsciously growing your WEALTH.....for other people ?
Yes, a very bold statement indeed that I have learnt from other people which I think we are guilty doing this without realizing our actions. All our money making efforts are focused in generating more income and acquiring more assets in our wealth creation, accumulation and conservation, but unknowingly, there is one blindspot we overlooked. This blindspot is a silent killer that we cannot avoid it, no matter how healthy is everyone, they think they are, will not fall sick or suffer accident one day ? It is just a matter of time and age, whether minor illness or a major operations.
We keep our finger crossed it's not a severe major one, but the irony is, even healthy people leading a healthy lifestyle could not avoid the chronic illnesses or critical diseases can kill a young one that an elder chain smoker can live past 80 years old without any major sicknesses. This is my true story to enlighten your brain and mind in thinking what am I trying to advice or sell you an insurance product on first day work in the month.
Yes, unfortunate Ghost in September month for my eldest daughter Ms Jen Nee met an unpredictable minor hiccup after she injured her hand while playing ice-skating in Sunway shopping mall with her brother and sister during last semester holiday. I was shocked to understand the specialist doctor informed that she needs a minor surgery to reconnect her torn muscle due to her unfortunate accident. Too bad - blame the Ghost spirit around ! I got double shocked and almost fainted when the Specialist Private Gleneagles Hospital came out with damn costly bills of RM12,600 for one day hospitalization, operations and medication. I wonder how much will the govt general hospital charged her, but she needs to wait for at least 2 months for her surgery that her pain hand can't wait for extra days.
During her operations time in the private Hospital, while waiting I managed to chit chat and check with several parents and patients in the private hospital about how they are managing personal finance and talked about financial planning. Sadly, I noted 80% people that I tried to talk that they ignored this taboo subject but only 2 interested ladies willing to discuss about wealth management and health protection planning. We overheard some arguments between the patients, parents and hospital staffs pertaining to their medical bills and also their medical card problems at the hospital administration center. As usual, a bit "Ka Po" (Busybody) for me to find out what are their grievances and cries, I managed to take some interesting notes or points to share with you here. -
1. A bizhman unhappy that his medical card was rejected the life insurance company and the hospital due to more than 5 years old was non updated to present medical requirements and he needs to pay the differences. He was also very upset when he can't seek help from his agent already left the insurance jobs.
2. A single mother can't afford to pay her 1 year old son discharged at high medical costs due to lack of extra cash available and no medical card to cover for him, she pleaded to seek for medical discount.
3. A young executive was diagnosed cancer at the beginning stage that he can't claim for early critical illness is screaming unfair and he scolded his life insurance agent for not insured him adequately and sufficiently.
4. An old man cried over his departure successful bizman son passed away suddenly due to a brain tumor caused by overworked pressure and stress. He can't claim his son fortune assets fast due to no WILL available but wait for letter of administration. Now he needs to borrow money from friends and relative for his funeral expenditures and seek the hospital help to defer bills payment.
It doesn't matter whether the 4 stories are True or False here, but most important what have we understand and learn from them. Yeah ! Medical inflation is as certain as DEATH and TAXES in life. I reckon that even if we are financially free or wealthy with our accumulated assets over long term. If we don't have enough medical coverage, we could land in poorhouse - when major bills hit us. There's a crude joke I got from a patient here said : "One is normally richer dead than alive." Some might retort - Why Should I Worry, I have company covers?....which I would advise you to check if your company covers your medical bills in full or after your post retirement age up to 100 years old. If Yes? then congratulations! Let me know which company is damn charity generous towards the employees.
If NO?...then something to think about. Kindly build up an "Old Age Medical Fund" for hospitalization and medical costs plus critical illnesses expenditure in future when we get older and wiser to foot your potential unpredictable events or get used to loving doctors, nurses and private hospital instead. When I discharged my daughter the next day, I don't even pay a single sen for her costly medical bill, it is well taken care by her medical & hospitalization card. I will continue to cover my children yearly with their health protection like paying for our cars' general insurance costs. I can sleep peaceful now. A sweet young specialist doctor later forwarded an email the list of estimated medical treatment costs to shock and share with you.
This sweet doctor and me have a nice joke over some coffee and cakes at StarBuck in the Hospital after my daughter was discharged, her sweet voices quoted: " Welcome, please do save and grow your wealth for other people like doctors and hospitals to enjoy later, so please take care of your health is wealth. It is not a joke but seriously do think twice before you invest wisely in your protection plan rather than your wealth plans. " TQ Doc.
The next question is – what are the features you should look for in a your existing medical and hospitalization card? Check out with your existing agents or seek your HELP fro a CFP Wealth Advisor anytime and anywhere.
This is a true case study on why Health Planning is vital .
A client, Mr. Lum KL replied and revealed his true story on why life insurance in is very vital. He said a friend of him who recently passed away of lymph node cancer was treated in Tung Shin private hospital and the total bills (inlcuding medication, doctor's fees, and nursing charges) came up to nearly RM400,000. Wow! And he paid for in cash due to his available funds from his business partnership. However, sadly the remaining partners after his departure, could not care less and now my friend's wife is left to fend for themselves with two teenage children to jointly manage the business.
What is total wrong in this client's health planning ?
What are the financial solutions required ?
Why the friend failed to protection plan adequately ?
What is the client understand about health and wealth
Yes, a very bold statement indeed that I have learnt from other people which I think we are guilty doing this without realizing our actions. All our money making efforts are focused in generating more income and acquiring more assets in our wealth creation, accumulation and conservation, but unknowingly, there is one blindspot we overlooked. This blindspot is a silent killer that we cannot avoid it, no matter how healthy is everyone, they think they are, will not fall sick or suffer accident one day ? It is just a matter of time and age, whether minor illness or a major operations.
We keep our finger crossed it's not a severe major one, but the irony is, even healthy people leading a healthy lifestyle could not avoid the chronic illnesses or critical diseases can kill a young one that an elder chain smoker can live past 80 years old without any major sicknesses. This is my true story to enlighten your brain and mind in thinking what am I trying to advice or sell you an insurance product on first day work in the month.
Yes, unfortunate Ghost in September month for my eldest daughter Ms Jen Nee met an unpredictable minor hiccup after she injured her hand while playing ice-skating in Sunway shopping mall with her brother and sister during last semester holiday. I was shocked to understand the specialist doctor informed that she needs a minor surgery to reconnect her torn muscle due to her unfortunate accident. Too bad - blame the Ghost spirit around ! I got double shocked and almost fainted when the Specialist Private Gleneagles Hospital came out with damn costly bills of RM12,600 for one day hospitalization, operations and medication. I wonder how much will the govt general hospital charged her, but she needs to wait for at least 2 months for her surgery that her pain hand can't wait for extra days.
During her operations time in the private Hospital, while waiting I managed to chit chat and check with several parents and patients in the private hospital about how they are managing personal finance and talked about financial planning. Sadly, I noted 80% people that I tried to talk that they ignored this taboo subject but only 2 interested ladies willing to discuss about wealth management and health protection planning. We overheard some arguments between the patients, parents and hospital staffs pertaining to their medical bills and also their medical card problems at the hospital administration center. As usual, a bit "Ka Po" (Busybody) for me to find out what are their grievances and cries, I managed to take some interesting notes or points to share with you here. -
1. A bizhman unhappy that his medical card was rejected the life insurance company and the hospital due to more than 5 years old was non updated to present medical requirements and he needs to pay the differences. He was also very upset when he can't seek help from his agent already left the insurance jobs.
2. A single mother can't afford to pay her 1 year old son discharged at high medical costs due to lack of extra cash available and no medical card to cover for him, she pleaded to seek for medical discount.
3. A young executive was diagnosed cancer at the beginning stage that he can't claim for early critical illness is screaming unfair and he scolded his life insurance agent for not insured him adequately and sufficiently.
4. An old man cried over his departure successful bizman son passed away suddenly due to a brain tumor caused by overworked pressure and stress. He can't claim his son fortune assets fast due to no WILL available but wait for letter of administration. Now he needs to borrow money from friends and relative for his funeral expenditures and seek the hospital help to defer bills payment.
It doesn't matter whether the 4 stories are True or False here, but most important what have we understand and learn from them. Yeah ! Medical inflation is as certain as DEATH and TAXES in life. I reckon that even if we are financially free or wealthy with our accumulated assets over long term. If we don't have enough medical coverage, we could land in poorhouse - when major bills hit us. There's a crude joke I got from a patient here said : "One is normally richer dead than alive." Some might retort - Why Should I Worry, I have company covers?....which I would advise you to check if your company covers your medical bills in full or after your post retirement age up to 100 years old. If Yes? then congratulations! Let me know which company is damn charity generous towards the employees.
If NO?...then something to think about. Kindly build up an "Old Age Medical Fund" for hospitalization and medical costs plus critical illnesses expenditure in future when we get older and wiser to foot your potential unpredictable events or get used to loving doctors, nurses and private hospital instead. When I discharged my daughter the next day, I don't even pay a single sen for her costly medical bill, it is well taken care by her medical & hospitalization card. I will continue to cover my children yearly with their health protection like paying for our cars' general insurance costs. I can sleep peaceful now. A sweet young specialist doctor later forwarded an email the list of estimated medical treatment costs to shock and share with you.
This sweet doctor and me have a nice joke over some coffee and cakes at StarBuck in the Hospital after my daughter was discharged, her sweet voices quoted: " Welcome, please do save and grow your wealth for other people like doctors and hospitals to enjoy later, so please take care of your health is wealth. It is not a joke but seriously do think twice before you invest wisely in your protection plan rather than your wealth plans. " TQ Doc.
The next question is – what are the features you should look for in a your existing medical and hospitalization card? Check out with your existing agents or seek your HELP fro a CFP Wealth Advisor anytime and anywhere.
- Annual and lifetime limit
- Coverage end age
- Co payment terms and condition
- Overseas coverage if required.
- A comprehensive solution that covers all of your financial needs
- Product structure that allows your investments to grow tax free
- Flexibility in contributions to allow for changes in lifestyle
- A complete choice of investment alternatives
- Liquidity and access to capital
- Insurance protection for you and your family
- Security from global diversification and hedge currencies risks
This is a true case study on why Health Planning is vital .
A client, Mr. Lum KL replied and revealed his true story on why life insurance in is very vital. He said a friend of him who recently passed away of lymph node cancer was treated in Tung Shin private hospital and the total bills (inlcuding medication, doctor's fees, and nursing charges) came up to nearly RM400,000. Wow! And he paid for in cash due to his available funds from his business partnership. However, sadly the remaining partners after his departure, could not care less and now my friend's wife is left to fend for themselves with two teenage children to jointly manage the business.
What is total wrong in this client's health planning ?
What are the financial solutions required ?
Why the friend failed to protection plan adequately ?
What is the client understand about health and wealth