Jonathan Chua

Advance Care Planning for Future Health Crises Advance Care Planning (ACP) and Advance Medical Directive (AMD) are two tools that you can use to indicate your preferences for medical care for future contingencies, when you are not able to make decisions for yourself. These directives guide healthcare professionals and your loved ones when making decisions on your behalf, and more importantly, it relieves loved ones of the burden of not knowing what you would have wanted. “By indicating your preferences in advance, you can ensure that you will get the medical care you desire during a future medical crisis,” says Ms Sumytra Menon, Senior Assistant Director, Centre for Biomedical Ethics (CBmE), Yong Loo Lin School of Medicine, National University of Singapore (NUS). The ACP process consists of a series of wide-ranging discussions with loved ones you have selected and doctors and facilitated by a trained ACP facilitator on your future health and personal care preferences. At the end of the...

ACP, AMD & LPA His hospital bill: $1.2 million This is not what someone paid for a home. Rather it is the medical bill businessman Danny Foo accumulated for the 14 months he was in a vegetative state. The 48-year-old partner of Quayside Group died last Tuesday. He had collapsed and fallen into a coma in July last year, two weeks after he first sought treatment for an infected leg at a private hospital. "Fortunately, Danny had the foresight to buy insurance early. We have only to pay 10 per cent of the bill, but $120,000 is still a pretty huge amount for the family to pay," Mr Foo's elder brother Steven, 49, told The New Paper. source

A supermarket cashier overpays a shopper mom $10 in change. On realising it, the mother promptly returns the excess, knowing the cashier would have to pay for her shortfall from her own purse. Her 7-year-old observes the casual exchange and learns — not just about the virtues of honesty but also that people are worth more than money. Family money values are not printed on a prominently hung poster at home. Instead, they are imprinted in the minds and hearts of our children in a way that can shape their financial and life decisions well into their adulthood. Are experiences more important than things? Is quantity prized over quality? Is it okay not to return money borrowed because it’s just a small sum? What are your family’s money values? While every child will grow up to have their own money values, much of their financial management prowess in the future will be shaped by lessons learned, intentionally or otherwise, in their formative years. source

One SGA App SG Alliance is pleased to introduce One SGA App, a new by invitation only membership platform, offering fantastic medical, financial services and Wellness benefits for you, your family and friends. Sign up here: https://jointo.access-my.app//home?tenantCode=SGA&referralCode=A002683 Please do not worry. This is not an online Scam. Download the authentic app & sign up using your email & password. No other personal details, bank account & credit cards are required. For further information, please feel free to give me a call at SG Alliance. Thank you. Who will Your Insurance Benefits Go to? Here’s what you need to know about Insurance Nomination.  Jonathan Chua of Ignite Wealth Group  explains why appointing nominees for your insurance policies is important and shares tips on how to get it right Insurance nomination applies to life, accident and health policies with death benefits which are governed by Singapore law and issued by licensed insurance comp...

Saving money seems to be a simple concept – spend less, and put excess funds away. However, when you’re actually trying to save, it can sometimes be frustratingly difficult, especially with so many distractions and temptations around. But it doesn’t have to be – there are ways to make saving money more fun! You might have heard of some money-saving strategies such as the $5 bill challenge, expenses tracking challenge or the 52-week challenge. These have worked for many, but this year, try something different – something creative. Here are some suggestions on how you can turn saving money into a fun challenge: Spare Change Challenge 30-Day No Impulse Challenge 100 Envelope Challenge Money Throwdown Challenge “Rainy Day” Challenge Staying Motivated source

SG Alliance financial consultants are active learners, listeners and planners. The financial consultants are equipped with the resources, training and tools to succeed so we can help you achieve financial wellness too. We commissioned a back-end tech-driven system and website to provide faster, more accurate and user-friendly service for our clients and financial consultants. Our clients can get to know our friendly team or access our wealth management content on demand. Our financial consultants can save time on manual administrative chores and focus on boosting skill sets strengthening client relationships. Our technological innovation enables our financial consultants to devote more time on self-improvement and to better understand what truly matters to our clients. Backed by the SG Alliance advantage, we are poised to make a positive impact on our clients’ wealth management journeys. source

Medisave Account funds are not just for paying medical bills, but can also be used for medical insurance and other policies to meet healthcare needs "You can die in Singapore, but you can’t afford to fall sick here" is a common refrain heard on the street. A recent survey by research company GfK found that 42 per cent of respondents expressed concern about the cost of healthcare in Singapore. September 2013's inflation data released by the Department of Statistics showed that healthcare costs went up by 4 per cent compared to the same period a year ago, higher than the 1.6 per cent increase in the overall consumer price index. But healthcare in Singapore can be affordable. The system has multiple tiers of protection to ensure that no Singaporean is denied access to basic healthcare because of affordability issues. The first tier of protection comes from heavy government subsidies which all Singaporeans can access. The second tier of protection is provided by Medisave, a c...

​An adequate health insurance policy for your child may be the best way to stay covered despite increasing medical costs Getting adequate and comprehensive health insurance for your child is your best bet to hedge against increasing medical costs, according to Ms Wendy Soong, an executive financial consultant with NTUC Income. She suggests considering the following points before shopping for a policy. Tips to choose a health insurance policy for your child - Assess your current financial and medical situation. Medisave funds can be used to pay the annual premiums of basic health insurance or the government-approved Integrated Shield Plans only. All other insurance plans must be paid in cash. How much you pay depends on your child’s age, the age of both parents, the sum assured, and the payment terms and period. How much insurance to buy depends on your desired lifestyle, expectations, affordability and objectives. Review your family’s medical history. If there is a strong history of ca...

Riders work well when they are designed to reduce or eliminate additional expenses A health care insurance rider can help take the sting out of large medical bills, allowing policyholders to pay next to nothing or nothing for their treatments. This is because hospitalisation plans typically don’t cover a full medical bill. The insured has to pay a portion of the bill, such as a deductible (the threshold at which the insurance company will start to reimburse the insured for treatments) and a co-payment (the percentage of the rest of the bill that the insured pays). For example, if the bill is $10,000, the deductible amount is $3,000, and the co-insurance percentage is 10 per cent, the insured will have to pay the first $3,000, plus 10 per cent of the remaining $7,000 before insurance kicks in. In other words, he pays $3,700 and the insurance company pays $6,300. Hospital bills for major ailments and critical illnesses can run into the hundreds of thousands, so even with insurance, patie...

Next to oxygen and water, money is probably the most basic essential to living in the modern world. Which is why financial planning services continue to be a high-growth, and therefore, high-earning industry. Financial consultants enjoy a wide range of work flexibility and diversity. From where, when, and how much to work, to who to work with. Of course, the returns are closely correlated to how much the consultant is invested in the work. Monetary gains aside, a career as a financial consultant can be immensely satisfying to the soul. We play a positive role in helping our clients navigate the financially demanding milestones of their lives. So if you are in the market for a career where you can be your own boss, earn in tandem with your aspirations and help others reach their life goals, financial consultancy is a worthy consideration. “Do you have what it takes?”, you may ask. source

People view money in different ways – for some it’s a means of survival, for others, a mere play thing. When it comes to saving and investing, most younger people are unaware of how to best use their money to make them prosperous over a longer period of time, instead of just richer. “Work hard today, so you can breathe easy tomorrow.” Sounds easy? Perhaps it is! One of the biggest mistakes most millennials make these days, is not having a financial plan. Being prosperous involves making the right choices with your riches, irrespective of how much you earn. Most experts and authors are of the view that people can get rich quick, but to remain prosperous over time, it takes good money management; here’s are five essential virtues for a good start: Learn the Math Keep tabs on your worth Visualise your roadmap Build (and manage) your resources Get a money mentor source

“SG Alliance has forged strategic partnerships with like-minded legal professionals such as Quadrant Law LLC, a specialist in corporate and commercial law. All you need to do is reach out and get in touch.” Financial consultants and legal experts make for a powerful combination for clients. Whether personal or business, almost every aspect of life events with financial impact is regulated. From growing and protecting wealth to distributing and claiming it. Yet, people often seek or provide expert advice in silos – with financial solutions drawn up without legal input, or vice versa. As part of its partnership commitment, Quadrant Law LLC is providing complimentary consultation for the first half hour to SG Alliance clients. source

As part of its partnership commitment, Quadrant Law is providing complimentary legal consultation for the first half hour. While the trend of strategic partnerships between financial and legal advisors has kicked off in some developed economies, practitioners in Singapore remain rather late in the game. Which is why Quadrant Law founder and director, Bernard Tan, is excited about the value-add his profession can bring to the financial planning table with its strategic partnership with SG Alliance Pte Ltd. “Part of a lawyer’s skillset is identifying risks in any proposed solution. Financial consultants can tap on that. Even better, the lawyer and consultant can together get a common understanding from the client, provide coordinated views and suggest solutions that actually work from a holistic perspective for the client,” says Tan. The client is not the only winner in this arrangement. Integrating professional legal expertise as part of their holistic service approach can be a differen...

‘Oniomania’, the uncontrollable urge to buy things, has become somewhat of an ‘acceptable addiction’ these days. With more people confined to closed quarters and working from home due to pandemic movement restrictions, online shopping has become a convenient way to access necessities, grab great bargains, and even quell boredom. According to BestInSingapore1 , online shopping websites like Shopee, Lazada and Qoo10 have gained huge momentum, in the wake of the COVID-19 pandemic. Analytics reveal that some of the largest purchases were made by Singaporeans falling under the demographic of 25-34 years old, with an average S$440 being spent per shopper on e-commerce platforms. According to Credit Counselling Singapore, more than 10,000 people have fallen prey to financial troubles arising from overspending. A recent Straits Times report3 reveal that personal debt for young people in Singapore has soared during the pandemic; the average personal loans and overdraft balances for under 30 ros...

They say, put your money where your mouth is, and some people these days are having mouthfuls of cryptocurrency for breakfast, lunch, and dinner. Why the rising appetite for crypto? Let me first explain about this new investment conundrum that has gone from two-bit curiosity to virtually impossible to ignore. What is cryptocurrency? Simply put, it is virtual money, the currency that operates on the decentralised blockchain platform. Its value is not determined in traditional ways such as by government control or by the price of a commodity like gold. Instead, the value of cryptocurrency is determined by open transactions in the digital sphere amongst the cryptocurrency community. It cannot be counterfeited or double-spent, and since it is not issued by any central bank, it is free of governmental interference. However, that very feature robs crypto of any sovereign guarantee, making it a high-risk asset. Trading and exchange-rate volatility compound this risk. On the positives, crypto’...

When our firstborn son was just shy of two years old, he was struck with a high fever in the middle of the night. Even as inexperienced young parents, my wife and I knew he needed immediate medical care. As we scrambled to prepare to bring him to A&E, I remember my wife asking me which hospital we should take our son to. She was mindful of the high cost of hospitalisation. As it turned out, he had to be warded for two days and the medical bill came up to a whopping S$5,000! Thankfully, everything was covered by the insurance company as we had bought hospitalisation insurance for the whole family. It certainly was one worry less for this pair of jittery young parents at the time. Financial planning for parenthood isn’t just about budgeting for the big and obvious things like pregnancy cost, medical care, education and enrichment classes. It is also about being ready for the little things that crop up along the way. It’s about being financially resilient as a family unit. There are o...

Love and Money are two of the most sought-after life goals, yet money troubles are consistently the root of relationship stress and breakdown. On the other hand, research2 also supports that married couples build more monetary wealth over their lifetime than those who are single. When two people decide to spend their lives together, it is important to get to know each other’s vision not just as life partners but also as a financial team. Regardless of the age you plan to marry, discussing your financial goals as a couple is a critical part of the conversation on your shared life goals. The discussion is even more crucial when you marry beyond your mid-30s, when you are effectively half way to your retirement age. If you have a financial consultant, get them into the picture about your couple goals. In the meantime, here are my thoughts on the top three things to do ahead of the most important day of your life: Show All Your Cards Plan As A Team Get The Edge As You Age source

The dawn of the robo-advisor began as recently as in the early 2000s1 in the form of automated portfolio allocation software. The first robo-advisor began working, taking real investments, in 2010 in the United States. So in all, robo-advisory is still in its infancy, mostly developed by startups leveraging emerging technologies or forward-looking financial institutions looking to remain relevant to their customers in an increasingly competitive, automation-frenzied world. In Singapore today, robo-advisory has a small and steady following with the presence of around a dozen brands offering the service. Not surprisingly, the market is predominantly younger, with investors who tend to be more experimental and looking for an affordable and easier way to grow their savings rather than just putting it in the bank. Robo-advisory also came at a time when bespoke portfolio management was a service reserved for the rich. However, this is no longer the case today. Professional financial advisory...

Diabetes is an expensive and silent disease costing Singapore over S$1 billion a year to manage1. Treatment costs for working-age people suffering from diabetes could increase to over S$10,000 a year2 in 2050, according to a National University of Singapore study. For patients and their families, the disease can also take a great emotional toll. Elevated blood glucose levels can damage nerve endings and blood vessels, leading to complications that can range from kidney failure to blindness, heart attack, and stroke. Diabetic patients often face a big challenge getting insurance protection because of the complexities of the disease. Some have repeated bad experiences with insurance products that do not adequately cover their needs while others have a hard time getting enough coverage because diabetics, up until recently, have been somewhat considered “uninsurable”. source

Buying insurance is not an option these days. It’s a responsibility. It’s an act that reflects your acknowledgement that life comes with risks as much as it does rewards. These risks must be managed by getting the right coverage you need to protect yourself, your loved ones and your future within your means. Here is my opinion of the top three types of insurance coverage for millennials who are new in the workforce. Top 3 Important Insurance Coverage for Millennials: Take up an integrated shield plan (IP) Get long-term disability income supplement Plan for income replacement that covers Total and Permanent Disability (TPD) and Critical Illness (CI) when you start work. Looking after one’s financial health is a lifelong exercise. SG Alliance has a platform of dynamic content and digital tools that provide you error-free, secure and seamless online insurance submissions. Let us do the hard work shortlisting the products right for you from our growing list of industry-leading insurance pa...