Health is Wealth

Wai Mun Fong and Benedict Koh

Chapter 19 in Managing Your Personal Finance:From Start of Career to Retirement and More, 2020, pp 129-136 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Dear David,The rising cost of health care seems to be a concern in every country these days. Next to disability, poor health is the second most common reason why people cannot continue their normal working lives. If your employer provides you with full medical coverage, you need not tap into your savings or buy expensive health insurance plans to meet the high cost of medical care. However, most work-related medical benefit schemes do not pay 100% of medical bills. Moreover, if your employment is terminated because of prolonged illness, there goes the medical coverage. If you are self-employed or work for companies that do not provide medical benefits, you have no choice but to look elsewhere for medical coverage. This is where private health insurance comes into the picture. But you should not rush into buying one, at least not until you have considered two government-sponsored schemes that were set up to help you meet medical costs…

Keywords: Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020
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