Uncategorized – Page 2 – CFP, representing Financial Alliance

GST Voucher 2023 – and how you can fight inflation if you are not eligible to receive the payout

1.5 million Singaporeans to receive $1.2 billion in GST Voucher!
If you are wondering if you are ELIGIBLE, you can easily check out the following link (log in via singpass): https://www.gstvoucher.gov.sg

If you are wondering WHEN you will receive the GST Voucher, it depends on whether you are NRIC-Paynow registered.

For PayNow: 1 August 2023
For Bank crediting: 11 August 2023
For GovCash: 21 August 2023
(Citizens on GovCash may withdraw their GSTV – Cash at OCBC ATMs island wide by entering their 1) Payment Reference Number (PRN) that will be sent to them from 21 August, their 2) NRIC, and after passing the 3) facial verification.)

$700 may not be much but it can still offset the increase in GST for $70,000 worth of purchase/spending. This will be helpful for the lower to middle-income and senior Singaporeans, who are eligible for the payout.

And for those who are not receiving any payouts (if we view it optimistically, it’s a happy problem), here are some investment ideas on how you can fight inflation by making better financial choices:

Invest in Stocks: Stocks have a track record of being a good hedge against inflation. During periods of high inflation, companies can increase prices for their products and services, leading to higher revenues and potentially higher stock prices. It’s important to choose resilient companies with a history of performing well in inflationary environments, or to choose companies who have strong pricing power (think luxury!)
Invest in Real Estate: Real estate is a tangible asset that can help safeguard against inflation. As inflation rises, the value of real estate tends to increase. As we have seen in recent months, rental income also goes up int imes of inflation. Of course, not everyone can invest in a second/third property given the high prices and stamp duties. In this case, REITS may be good options to consider.
Invest in commodities: Certain commodities, such as gold, silver, and oil, have historically served as good hedges against inflation. Precious metals are often considered stores of value during times of uncertainty and inflation. You can invest in these commodities via various investment vehicles, such as ETFs, contracts, or physically holding the commodities themselves. You can also consider investing in stock of related companies (point 1).

The above are just some examples of what you can do to hedge against rising inflation/ GST. Please speak to your financial advisor (or contact me) and conduct a proper review before making any financial decisions 😉

The basic things you need to know, if you are a Self-employed, hustler or freelancer in Singapore

If you are a self-employed individual in Singapore, there are several aspects of finances that you should pay close attention to. Managing your finances effectively is crucial for the success and sustainability of your self-employment/ hustling life~

Here are 6 important things to keep in mind:

Know your taxes!
Understand your tax responsibilities and ensure timely filing of your tax returns. Familiarize yourself with the applicable tax rates and deductions available for self-employed individuals.
Tax Reliefs: https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-reliefs-rebates-and-deductions/tax-reliefs
Guides available on IRAS: https://www.iras.gov.sg/taxes/individual-income-tax/self-employed-and-partnerships/tax-obligations-by-industry-trade-or-profession
Keep it organised!
Maintain accurate financial records to track your income and expenses. As you income /expenses go up, consider using accounting software or hiring a professional to assist you with bookkeeping tasks. It also gives you a better idea of how profitable you really are.
Money moves! So take note of your budget & cash flow.
Create a realistic budget to allocate your income and expenses effectively. Ensure you have sufficient funds for both personal and business needs. Cash is queen. Cashflow is king!
Future Planning -Plan for your retirement.
Unlike employees, self-employed individuals do not have mandatory Central Provident Fund (CPF) contributions. Therefore, it is crucial to plan and save for your retirement through alternative means, such as voluntary CPF contributions or other retirement savings vehicles to ensure streams of guaranteed income in retirement.
Note: Self employed individuals are also required to make mandatory Medisave contribution. You can find out more here: https://www.cpf.gov.sg/member/growing-your-savings/cpf-contributions/saving-as-a-self-employed-person
Protect yourself from life’s surprises with insurance.
As self-employed, you do not enjoy employee insurance benefits. Take care of yourself, check out health insurance, critical illness insurance, and business insurance. Ensure that you have adequate coverage to protect yourself and your business from unexpected events.
At the different stages, different vehicles may work to your favor. In the early years, a term plan may be idea to keep premiums low. But if budget allows, a life plan may be a better solution in the long run.
Stay in the know, continue learning.
Stay updated with the latest financial regulations, tax changes, and government schemes that may benefit self-employed individuals. Attend workshops or seek professional advice to level up your financial knowledge and skills.
OR, you can also reach out to me, a Certified Financial Planner @ Financial Alliance to find out more.

By paying attention to these key financial aspects, you can better manage your finances as a self-employed 😉

Cancer Drug List – What your IP Covers (Singlife Aviva)

TLDR version

Singlife MyShield Plan Coverage (with or without the existing copayment riders): 5X MediShield Life Limit

Across all 7 insurers, Singlife has the lowest cover as there are no extra benefit/coverage from having a rider (HealthPlus etc).

However, Singlife is also the only insurer (as of the date of this post) who has launched a cancer medical reimbursement plan that will cover the charges for outpatient cancer drug treatments (including drugs not on the cancer drug list) at a much higher limit. It also covers selected cancer treatments such as Inpatient and Outpatient Cell, Tissue and Gene Therapy and Proton Beam Therapy.

Coverage is as charged and the plan will cover, in excess of deductible, up to S$1.5million per policy year.

More FAQ on Singlife and the CDL Coverage

Conclusion: If you are Singlife Policyholder and if health allows, it is important to get this cancer cover plan as the coverage offered by just MyShield alone (5x MSL) will be insufficient.

Do drop me a WhatsApp if you would like to find out more.

info correct as of 31st march

Cancer Drug List – What your IP Covers (AIA)

the TLDR you need.

Integrated shield plan will no longer offer ‘As-Charged’ coverage for cancer from 1st April. This is in line with the MOH policy and MediShield Life (MSL) changes.

For AIA Healthshield Gold Max A policyholders, do note the below coverage for drugs ON the cancer drug list:

AIA Cancer Coverage with the Cancer Care Booster: 21x MediShield Life Limit
AIA Cancer Coverage without the Cancer Care Booster: 5x MediShield Life Limit

This AIA Cancer Care Booster Rider will be launched from 1st April. It is automatically added if you have the Vitalhealth/VitalCare Rider, on policy renewal.

If you do not have the rider, please note that we will have to apply for it separately. There is a window period for application without underwriting.

More FAQ on AIA and the CDL Coverage

Conclusion: Beyond just covering for copayment, the rider is now a necessity if you want to be covered at a more relevant level. Even then, it may be prudent to consider an extra, standalone cancer rider. Do drop me a WhatsApp if you would like to find out more.

info updated as of 29th march – AIA increased the benefits of cancer booster

Cancer Drug List – What your IP Covers (NTUC Income)

the TLDR you need:

Integrated shield plan will no longer offer ‘As-Charged’ coverage for cancer from 1st April. This is in line with the MOH policy and MediShield Life (MSL) changes

For Income Enhanced Incomeshield Plan, do note that coverage will be based on the below for drugs on the cancer drug list.

If you have the main plan and rider (Deluxe Care Rider / Plus Rider / Classic Care Rider / Assist Rider)

(Private Hospital) Preferred Plan + Rider: 15x MSL Limit
(Govt A Ward) Advantage Plan + Rider: 12x MSL limit
(Govt B1 Ward) Basic Plan + Rider: 9x MSL Limit

If you have the Main IP plan only

(Private Hospital) Preferred Plan: 5x MSL Limit
(Govt A Ward) Advantage Plan: 4x MSL limit
(Govt B1 Ward) Basic Plan: 3x MSL Limit

Conclusion: Beyond just covering for copayment, the rider is now a necessity if you want to be covered at a more relevant level.

And while Incomeshield is still one of the most consistent and premium/coverage competitive plans available in the market. it may be prudent to consider a standalone cancer rider that can cover you more comprehensively. Whatsapp me at to find out more/

Important FAQ for Incomeshield & CDL: https://www.income.com.sg/kcassets/0c89df93-3c49-4ea8-b730-26a9449c6d5d/1%20April%202023%20cancer%20drug%20changes%20FAQs.pdf

I will summarise on the other insurers in the subsequent posts.