Medical insurance: Over $300,000 to cover for life

It is critical for everyone to boost their CPF savings if they want private hospital care.

The pricing model of medical insurance means the highest premiums will start to kick in when policyholders are in their 80s.
The pricing model of medical insurance means the highest premiums will start to kick in when policyholders are in their 80s.ST PHOTO: KUA CHEE SIONG

It's one of the few perks about getting old - senior citizens pay less for many things like public transport and movie tickets.

But there is one glaring exception: medical insurance. It gets costlier with every year you age, and it is hardly a luxury item you can trim from your budget.

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