Sunday, January 31, 2010

Higher Medisave to pay for long-term treatment

Contributions rate is likely to go up as it is now not enough to meet our needs due to our aging population. The current 6.5% to 9% contribution is not enough to build up reserves to pay for huge medical bills and long-term care.

We must always save for our future as we cannot predict what will happen in the future. The likelihood of us falling ill for a longer period in our lives will increase as medical technology increases.

But the question comes, is there sufficient savings for it? If not what will happen to you? To your family, love ones?

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