Talking to your parents about money is rarely easy, especially when it comes to something personal and important as their healthcare expenses. Different mindsets, generational gaps and varying levels of financial knowledge can make the conversation feel overwhelming or even uncomfortable. Sometimes, it can even feel like you’re overstepping or telling them what to do. However, avoiding it can leave families unprepared when medical needs arise.

Not so long ago, while getting my personal financial protection plans in place, I came face-to-face with the reality of managing my ageing parents’ medical insurance needs. If you’d like to know how the journey unfolded, you can read my previous article here.

Daunting as it was, I knew I had to have the talk with them because I was worried about whether they could afford a medical emergency. In this article, I’ll share how I approached my conversation with my parents about their healthcare funding, the key prompts that helped me understand their current scope of coverage, and how those insights shaped my decisions on balancing their needs with my own insurance planning. If you’re in the same boat, you could try these conversation starters to guide your own family discussions with greater ease, confidence and care.

Prompt #1: “Which hospitalisation plan will you rely on for your healthcare needs?”

I started by asking how much they still remembered about their own health insurance policies. I made sure to do this without any judgment, as I know how easy it is to get caught up in other more pressing responsibilities as parents.

This was the perfect opportunity to gently review what they still recalled about their protection plans and identify any gaps in coverage and understanding. It was at this point that I realised their private Integrated Shield Plan (IP) had lapsed five years ago, meaning that they only had basic coverage under the national MediShield Life scheme.

Prompt #2: “Here’s how the different healthcare financing components work if you ever need hospital care or treatment.” 

As I walked my parents through how MediSave, MediShield Life, private insurance and riders work together, I also took the chance to update them on recent changes in healthcare subsidies and policy features such as deductibles and co-insurance – measures designed to keep care costs affordable. This discussion helped me gauge their level of understanding of these updates and gave me a chance to plug the knowledge gap since they last reviewed their policies years ago. More importantly, it helped them see why having sufficient funds for medical emergencies is so important.

I also made it clear that while more than 70% of Singapore residents have an IP, it is optional. Our national healthcare system already provides a basic safety net: MediSave helps us set aside funds for medical expenses, while MediShield Life provides lifelong, basic insurance coverage for large bills in subsidised wards at public hospitals. There are also means-tested support schemes to ensure additional support for those who need it.

For those who want more than the basics, say, the flexibility to choose your own specialist or stay in a private hospital or single-bed ward, IPs and riders like Singlife Shield and Singlife Health Plus can help offset those extra out-of-pocket costs. It’s ultimately about how much choice and comfort you value, and how that fits with your budget.

I reminded my parents that at the end of the day, it’s not about having the most expensive plan but the right plan. Right-sizing their coverage means choosing a level of protection that fits their healthcare preferences, lifestyle and budget at every stage of life.

Prompt #3: “What sort of comforts would you prefer during a hospital stay, for e.g. a private room or a shared room?”

This helped me see if they had a preference for a certain type of hospital or ward. I also took the opportunity to explain that more comfortable options meant higher hospital bills; therefore, premiums for IPs that give private hospital coverage would be higher. By showing an example of how the cost of a stay in an air-conditioned ward with fewer beds compares to a non-airconditioned ward with more beds, I kept things transparent, so that the premiums wouldn’t come as a surprise to them later.

I also reminded them that IP premiums, which increase with age, can be paid by MediSave (their own or mine/my siblings’) up to specified annual limits per insured member. That flexibility could go a long way in easing the financial burden of maintaining coverage.

Prompt #4: “If we decide to move forward with private insurance, would you like me to help you manage the arrangements to make things easier for you?”

Working in the insurance industry has given me a good grasp of how different health policies work and what might suit my parents’ needs and our budget. But these aren’t my plans – they’re my parents’ – so I wanted to make sure they were comfortable and fully on board before any decisions were made.

After posing the question, I also reassured them that I could handle all the paperwork and liaise with their financial adviser on their behalf, so the process would be smooth and stress-free for them.

Conclusion: Do I get them private medical insurance or not?

After having the conversation with my parents using these four prompts, I was in a better position to assess their preferences and my own financial capacity and decide whether to finance their private medical insurance. Understanding their current coverage, learning what kind of care they value and agreeing on how I might help manage the process allows me to make a realistic and responsible decision.

If I find that I can’t comfortably afford their insurance premiums right now, there are other ways to look after my parents’ healthcare needs while maintaining my own financial stability:

1. Have an emergency fund

Setting aside savings specifically for unexpected medical expenses ensures that if a health issue arises, there are immediate resources available. With ageing parents and growing personal responsibilities, this will be my first line of defence.

2. Save for a future medical insurance plan

Once my finances allow, I can start saving specifically to buy more affordable Integrated Shield Plans for them later, like Singlife Shield Plan 3 and Singlife Health Plus Public Lite. And if I eventually have more financial capacity, I can upgrade to a higher-tier plan that offers better coverage and benefits. That way, I’m building toward long-term coverage without overcommitting today.

3. Combine both approaches

Maintaining an emergency buffer while slowly working towards an insurance plan may strike a balance between immediate readiness and securing future protection.

At the end of the day, caring for ageing parents isn’t just about buying private medical insurance. It’s about taking action: start the conversation, understand their coverage, clarify their preferences and put safeguards in place. By aligning their needs with what you can realistically support, you can make thoughtful decisions now so that your family is prepared, confident and protected when life throws a curveball.

^Notes:

^{Singlife Shield and Singlife Health Plus}

^{As this product has no savings or investment feature, there is no cash value if the policy ends or if the policy is terminated prematurely. Buying a health insurance policy that is not suitable for you may impact your ability to finance your future healthcare needs.}