UOB Ladies Savings Account: Free Health Insurance for Women | Songs to the Savior (2023)

To help women protect not only their wealth but also their health, UOB has partnered with Prudential Singapore to provide women with a savings account centered on their well-being.

In March 2020, UOB launched theUOB Ladies Savings Account, providing women with health insurance for 6 types of cancer, free health checkups and affordable doctor consultation fees.

in Singapore,labor force participation rateThe proportion of women has gradually increased from 56% in 2008 to 60% in 2018. In addition to contributing as part of the workforce, women must juggle other responsibilities, such as family commitments and caring for aging parents.

Much of this comes at the expense of our own well-being. arrive2017 survey conducted by UOB and Prudential SingaporeIndicates that 52% of married women put the needs of their loved ones before their own. This led to the idea of ​​creating a female-centric account. The purpose of the UOB Ladies Savings Account is to help women take care of themselves so they don't have todeplete your personal savingsIn unforeseen medical circumstances, such as cancer.

Here are all the details you need to know about the UOB Savings Account for Women.

Reason for opening a shopUOB Ladies Savings Account

They say health and wealth go hand in hand. If you're curious about UOB's latest exclusive women's product, here's what you need to know about opening (and keeping some savings in) a UOB Women's Savings Account.

1. Free medical insurance

The importance of having health insurance cannot be overemphasized. Among people diagnosed with cancer in Singapore, up to51,4%You are a woman If you do not have adequate insurance coverage, an unexpected medical condition could mean a big bill out of your pocket right away.

The UOB Women's Savings Account provides free health insurance coverage for 6 cancers including breast, uterine and ovarian cancers. Breast, Uterine, Ovarian and Cervical Cancers in Top 10most common cancerFor women in Singapore.

The more cash you have in your UOB Ladies Savings Account, the more protected you are. For example, keeping less than $10,000 can cover you $1,000, while keeping more than $100,000 in the account can cover you up to $200,000.

The table below shows the amount of coverage you can receive based on your average monthly account balance.

Fuente:United Overseas Bank

2. Annual free medical examination and annual 3 strains of influenza vaccination

Per yearhealth examinationIn Singapore, they are not cheap. They cost between $50 and $500, depending on which clinic you go to and the type of tests you need. Some companies offer annual health checks as part of their employee benefits.

Here's what's included in the annual health check provided:

• obesity/blood pressure
• cholesterol
• diabetes
• Get 3 Flu Vaccines
• Ovarian Cancer Marker (CA 125)

Health screenings can help you learn more about your current health conditions, such as your risk for diabetes, whether you have high cholesterol, and other health problems. The sooner you identify potential health issues, the sooner you can adjust your lifestyle with healthier choices.

He also received an annual three-strain flu shot. The rapid outbreak of the coronavirus has crippled economies around the world, underscoring the importance of good hygiene and health. While the flu shot won't make you immune to COVID-19, it can still protect you from other strains of flu.

3. Preferential consultation rate

With this account, you can enjoy preferential treatment rates at 500 clinics island-wide. You will enjoy a flat fee of $13 per standard GP consultation (excluding GST, surcharges, medications and procedures). This reduced doctor visit rate not only applies to you, but also to your dependents (up to 4 dependents). These dependents do not need to be related to you (the account owner).

You can also get dental services for $95 at 14 clinics islandwide.

4. No fees incurred

Unlike buying an insurance plan that requires you to pay a premium, you simply deposit money into your UOB Women's Savings account to enjoy these medical benefits. This means that the only cost incurred is the opportunity cost of spending that money elsewhere.bookkeepingOr use the money for other purposes, such as investing.

5. Digitally track your medical visits and transactions

For added convenience, you can view your medical visits and transaction records through the MyMHC app. The MyMHC app also allows you to access other features such as clinic locator, health articles and lifestyle marketplace.

6. Supplement your current critical illness insurance

For women who have already purchased a critical illness plan, the UOB Women Savings Account can be considered as a complement to any existing plan. You can add to your current critical illness coverage without paying additional premiums.

7. Benefits of continuous registration

receive a simple$10 cashVia PayNow when registering via SingSaver. This promotion is valid until April 30, 2021.terms and ConditionsApply.

Plus, you can earn rewards$76 cash creditThere's also a LEGO® minifigure when you open a new UOB Ladies Savings account. To qualify for this, you also need to have your monthly salary credited to the account. This promotion is valid until June 30, 2021.terms and ConditionsApply.

what you have to do to get insurance

1. Keep at least $1,000 in the account:If you don't have at least $1,000 in your account, you'll be charged less than $2 per month. However, the markdown fee is waived for the first 6 months. You will also pay a $30 fee if you close your account early.

2. You must be a woman:The UOB Ladies Savings Account is only available to females aged 16 to 50.

Cons of Dama UOB Savings Account

Like any other financial product on the market, this product has some attributes that may not be suitable for all women.

1. Not a high-yield savings account

The purpose of depositing money into this account is not to earn interest, but to obtain insurance. The UOB Ladies Savings Account is a basic savings account with an interest rate of 0.05% p.a. For reference, keeping $10,000 in this account will earn you $5 in interest every year.

If you're looking for something with more firepower, A.K.A. a high-yield savings accountDBS multiplier,OCBC 360,United Overseas Bank, Standard Chartered JumpStart can earn you up to 3% per annum. interested in. you can also considerSafe Savings Planocash handling account.

2. Only women over 16 years old

Sorry man no chance. UOB, which does not have a similar savings account, focuses on health and wellness benefits for men.

Females must be at least 16 years old to apply for the UOB Ladies Savings Account. There is a maximum age limit for cancer benefit eligibility. While you must be 50 or younger to qualify for cancer coverage, this cancer benefit only ends at age 64. This means that regardless of the age at which you apply to open an account (between 16 and 50), you will be covered until age 64 as long as you maintain your account balance.

3. For more protection, you need to keep more savings in the account

There is no free lunch in this world. Likewise, the more coverage you want to have, the more coverage you must keep in your savings account.

In particular, savings of less than $10,000 will only get you $1,000 of coverage. To enjoy greater protection, you need to maintain a higher balance in the account and inevitably incur a higher opportunity cost, because the money you have in the account can be better used in other accounts to earn interest or used for other purposes. gain profit. .This includes all types of investments, from low-risk products such as bonds and term deposits to high-risk investments such as stocks.

Should you open a UOB savings account for women?

and:

• You're looking for another savings account to store extra cash in, or if you want to keep some of your cash separate from your main savings account
• You have reached the maximum balance eligible for a high interest rate in your primary savings account
• You currently do not have any health insurance (although this should not be your only form of health insurance)

no Yes:

• you are male
• You're looking for a savings account that earns decent interest each month (i.e. a high-yield savings account)
• You think the opportunity cost of depositing your savings in the UOB Women's Savings Account is too high. For example, if you think it is better to earn interest through other accounts or products

Think about your family and put yourself first. Your personal happiness doesn't need (and shouldn't) take a back seat. Your health is just as important as the health of your family. By getting adequate health insurance for yourself, you can protect your financial situation and that of your family at the same time. Every day is Women's Day for a reason.

Read the following:
Best Credit Cards for Women in Singapore
Financial Planning for Women: 4 Things to Do Now to Improve Your Finances
What women need to know about insurance
The Best Savings Accounts in Singapore to Store Your MoneyBest UOB Credit Card in Singapore (2021)