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Medical fees will always be more expensive in future. Think.

Posted in Personal Finance, and Starting Property Investing

My wife gave birth to my son in Parkcity Medical Centre nearly two years ago. The delivery cost was 30 percent higher than when she gave birth to my daughter in Pantai hospital in Penang two years earlier. When we first started to visit Parkcity Medical Centre, it was newly opened and there were hardly any cars parked in its multi-storey carpark. Parking was free. Last weekend, I found out that parking is no longer free. Well, just this experience already tells us three things that will happen in the near future.

When demand increases and supply stays the same, prices would be adjusted upwards. Applicable for the food we eat (SORRY, it’s definitely not because of the movement of Ringgit these two weeks), the services that we use (everything from doctors to baby sitters to nurseries and more) and even the properties that we buy, especially in areas where it is deemed to be more convenient and perhaps safer for our children.

When there are more new kids, look out for all the different demands for everything which is kids related. This is the start of another demand boom because the Gen-Yers are starting to start their families and even more babies are on the way. Of course, the older kids from the Gen-Xers are starting university which is a major reason for ever more institutions. However, with the ever fewer babies, the demographics for the whole Malaysia is changing. We are becoming an ‘ageing’ nation, perhaps by 2030. 

The medical fees are getting ever more expensive. It’s really time to think harder and farther what will happen if we are not equipped with medical coverage; medical cards / insurance. Stop thinking about that potential that in the end, we did not fall sick and thus ‘lost’ all the money we paid. What if something really did happen? There’s no need to ask me what medical card to get. I am very sure you have friends who are agents, find them and ask. If you seriously want to use my agent, drop me an email. Yes, she’s an awesome agent.

When you visit any private hospitals in the near future, take a look at the number of patients. Count the number of kids and what kind of cars are parked in the car park. Demand for goods and services remains strong because we are living in a materialistic world. Even the car designs are getting nicer! With a huge younger population which is growing up, I think we should think and take opportunities to protect what we have and earn more to cover our future. Better start today. Cheers.

written on 30 Nov 2016

Next suggested article:   Save one-thirdtohave two-third when we retire

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3 Comments

  1. Fred
    Fred

    In Singapore, according to Sing-Stats, the annual inflation rate for consumer items is 3% and medical inflation is 15% annually.

    November 30, 2016
    |Reply
    • Thanks Fred for the info. Cool. Actually, if the SGD strengthens and most of these consumer items are imported, perhaps the inflation can even be lower or negative. As for medical inflation, yes that sounds just about right in the case my first baby and second baby. I am okay for the third but wife said, ‘close shop.’

      November 30, 2016
      |Reply
  2. […] Medical insurance / card is definitely a necessity. All over the world, the poor and the middle class are suffering from crazily high medical costs. This is not to say everyone will have medical complications when they retire. However, as soon as we have one, then it will empty a lot of what we have saved. A minor surgery today would easily cost many thousands and with inflation, in the future, it will cost many times the thousands we pay today. This is not a chance we should take. […]

    July 20, 2018
    |Reply

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