FLPH Updates
Before You Start Investing, Get Yourself a Health Insurance First

Before You Start Investing, Get Yourself a Health Insurance First

When you save and invest, the return may take some time. In order to get the best result, we often leave our money invested for long years. This is the best practice that can give us the maximum return of our money.

Along the way, you may have some unnecessary events that may affect your investment such as your health issues.

health-insurance2

Before you start investing and putting your money to work on long term, you must first secure your health. Get yourself a health insurance.Investing your money for let’s say 10 years, it is expected that you only have spare enough to cover your monthly expenses. As for the general rule, you should have at least 6 months to a year of monthly expenses cash in your bank account to cover unexpected events. The rest, invest it.

With this plan, the problem may arise if within that 10 years you get ill and hospitalize. If you do not have health insurance to cover such expenses, you will be force to withdraw your investment earlier to cover your bill. To avoid this from happening, it is recommended to allot some of your money to pay for health insurance during the investment years. After your investment period, you now have your money and may not need the health insurance. But until such time, you need to get one.

As OFW, you should try to pay your Philhealth contributions annually for only Php 1200. In singapore, you can only pay thru iRemit. They will only ask for your Philhealth number.

SSS and PAGIBIG contributions also may help you if you are in the Philippines.

In Singapore, we are insured by our respective company as required by the government. However, this may not be enough and I advise you to seek for other insurance options.

For me, I subscribe in MSIG Insurance where I pay the monthly premium of $45 for me and my wife. On top of my company insurance, MSIG will refund to me the bill I will incur in case of hospitalization. My wife is working in a hospital and that entitles her for a 90% discount on bills while as a husband, it entitles for a 70% discount. With my current MSIG insurance, I am entitled to claim the 100% of the bill as long as it won’t exceed my policy limit. With this, I know I will make more money when I am sick. Isn’t that great?

personal-health-insurance

There are various health insurance companies you can approach to get yourself insured. Just make sure you get the best benefit out of your money.

It’s very costly to get sick abroad. Don’t let this become a burden to you. Get yourself insured now!

P.S. A year ago, I do not know anything about investment. Then I joined Truly Rich Club by Bo Sanchez. It was the best decision I ever made in my life. Brother Bo is a spiritual preacher and at the same time, financial literacy advocate whose purpose is to help people become rich in order to serve the LORD with the money that they have. He guided me along the way, explaining how I can manage my money and make it work hard for me. Now I’m investing in stocks and mutual funds and have a clear path for my future. Soon I’ll open UITF account as well. All are made possible by his guidance and teachings on every steps to become an investor. Being OFW isn’t forever, this is my EXIT PLAN. It’s amazing how his teachings change my life. I’m inviting you to join the club too, JOIN TRULY RICH CLUB. If you have any question, feel free to leave your comment below. CLICK HERE TO JOIN

About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at)yahoo.com or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.

4 comments

  1. ano ang risk pag dito sa uae kumuha ng UITF or mutual fund sa bangko ng uae?safe din ba ?basta cost averaging ?

  2. dear sir, please allow me as your fan to hear your blogs regarding money and investment.thank you

  3. This is actually one of my concerns when we go home for good in Philippines. Do you have Amy recommendations?

Leave a Reply

Your email address will not be published. Required fields are marked *

*