Singapore

How to help the family heal instead of worrying about money

Image Credits: UnsplashImage Credits: Unsplash
  • Hospital stays and surgeries can impose significant financial burdens, but understanding costs and planning ahead can help manage expenses.
  • Health insurance, particularly comprehensive plans like HSBC Life Shield, provides crucial financial protection and flexibility in healthcare choices.
  • Utilizing financial assistance programs, negotiating bills, and opting for generic medications are effective strategies to reduce healthcare costs.

When faced with a medical emergency, the last thing families should worry about is the financial burden of hospital stays and surgeries. Unfortunately, the high costs associated with medical care can often overshadow the healing process, adding unnecessary stress to an already challenging situation. By understanding the costs involved and exploring financial protection options, families can better focus on recovery and well-being.

The Financial Burden of Hospital Stays and Surgeries

Hospital stays and surgeries can be prohibitively expensive. In the United States, the average cost of an overnight hospital stay was approximately $2,883 in 2021, with costs varying based on insurance coverage and location. These expenses include room charges, medical procedures, medications, doctor fees, and additional services, all of which can quickly add up.

A study conducted in Sierra Leone highlighted the severe financial impact of surgical care on households. The research revealed that direct medical costs, indirect costs, and non-medical direct costs contribute significantly to the overall burden, often pushing families into poverty. This underscores the importance of financial risk protection to prevent catastrophic expenditure and impoverishment.

Importance of Health Insurance

Health insurance plays a crucial role in mitigating the financial strain of medical care. Integrated Shield Plans (IPs), like those offered by HSBC Life, provide enhanced coverage beyond basic healthcare insurance, allowing families to choose their preferred ward class and ensuring continuous coverage even during job transitions. These plans offer various tiers of protection, including pre- and post-hospitalization coverage, preferred rates at panel clinics, and extensive outpatient care.

For instance, HSBC Life Shield Plan A provides annual coverage of up to $2.5 million and private hospital treatment with panel specialists, ensuring comprehensive protection for policyholders. Additionally, HSBC Life issues a Letter of Guarantee to hospitals, allowing patients to focus on recovery without worrying about immediate bills.

Strategies to Manage Healthcare Costs

Plan Ahead: Understanding the potential costs of medical procedures and having a financial plan in place can help families manage expenses more effectively. This includes knowing the coverage details of your health insurance and exploring additional riders for extensive coverage.

Utilize Financial Assistance Programs: Many hospitals offer financial assistance programs to help patients manage their medical bills. These programs can provide significant relief, especially for those without comprehensive insurance coverage.

Negotiate Bills: Don’t hesitate to negotiate medical bills with healthcare providers. Hospitals may offer discounts or payment plans to ease the financial burden.

Explore Generic Medications: Opting for generic medications instead of brand-name drugs can significantly reduce medication costs during a hospital stay.

Seek Financial Counseling: Financial counselors can provide valuable advice on managing medical debt and exploring all available financial aid options.

The Role of Financial Protection in Healthcare

The need for financial protection in healthcare cannot be overstated. The Lancet Commission on Global Surgery has set a target of 100% financial protection by 2030 for people accessing surgical care, emphasizing the necessity of financial risk protection alongside the scaling up of surgical care. With the right insurance plans and financial strategies, families can focus on what truly matters—healing and recovery.

Navigating the financial complexities of hospital stays and surgeries requires careful planning and the right financial protection. By leveraging health insurance, exploring financial assistance programs, and employing cost-saving strategies, families can alleviate the financial stress associated with medical care and concentrate on the path to recovery.


Read More

Economy Singapore
Image Credits: Unsplash
EconomyJuly 18, 2025 at 7:30:00 PM

Trump Fed rate pressure exposes deep policy rift

Donald Trump has never shied away from criticizing the Federal Reserve. But in 2025, the stakes are different—and so is the context. In...

Marketing Singapore
Image Credits: Unsplash
MarketingJuly 18, 2025 at 7:30:00 PM

Why representation in marketing matters to your customers

We had just wrapped our biggest campaign of the year. The product was solid, the execution smooth, and the visuals—at least in our...

Loans Singapore
Image Credits: Unsplash
LoansJuly 18, 2025 at 7:00:00 PM

Can you include personal loans in bankruptcy?

Filing for bankruptcy is basically financial rock bottom, right? Not necessarily. If you’ve ever asked yourself, “Can personal loans be included in bankruptcy?”...

Health & Wellness Singapore
Image Credits: Unsplash
Health & WellnessJuly 18, 2025 at 7:00:00 PM

Why salmon and sardines deserve a spot on your plate

A tin of sardines. A fillet of salmon pulled from the freezer. A faint scent of brine in the air. These might not...

Credit Singapore
Image Credits: Unsplash
CreditJuly 18, 2025 at 7:00:00 PM

Should you get a credit card? Here's how to decide

Credit cards are often seen as a rite of passage into adulthood. But for many Singaporeans, the decision to get one is wrapped...

Business Singapore
Image Credits: Unsplash
BusinessJuly 18, 2025 at 6:00:00 PM

Why networking wins the job—not your résumé

In a world saturated with polished résumés, templated cover letters, and algorithm-filtered job boards, the most effective job seekers are no longer relying...

Mortgages Singapore
Image Credits: Unsplash
MortgagesJuly 18, 2025 at 4:30:00 PM

The secret behind all those all-cash offers in today’s housing market

The property market has always rewarded those who move quickly. But with mortgage rates high and inventory tight, buyers are increasingly expected to...

Culture Singapore
Image Credits: Unsplash
CultureJuly 18, 2025 at 4:30:00 PM

Why your company isn’t a family—and shouldn’t be

From the first team standup to the final investor pitch, many startups cling to a single line of cultural shorthand: “We’re like a...

Relationships Singapore
Image Credits: Unsplash
RelationshipsJuly 18, 2025 at 4:30:00 PM

Study finds introducing peanut to babies reduces allergy risk

There’s a moment many parents pause before handing over a spoon of peanut butter. Will it trigger something? Is this too soon? But...

Marketing Singapore
Image Credits: Unsplash
MarketingJuly 18, 2025 at 4:30:00 PM

How to boost customer referrals without gimmicks

Everyone wants referrals. The reality? Most startups build systems that quietly discourage them. They think delight leads to virality. They assume satisfaction drives...

Health & Wellness Singapore
Image Credits: Unsplash
Health & WellnessJuly 18, 2025 at 4:00:00 PM

Why toothpaste is almost always mint—and why that won’t change

No one gets excited about brushing their teeth. It’s not trending. It’s not romantic. It’s not even a habit you can flex on...

Financial Planning Singapore
Image Credits: Unsplash
Financial PlanningJuly 18, 2025 at 3:30:00 PM

One in three Singaporeans cuts spending on US products over Trump tariffs

Between July 1 and 8, 2025, over 1,500 Singaporeans and permanent residents were asked about their views on US goods and services. The...

Load More