In March 2020, UOB opened the UOB Lady’s Savings Account, which offers women health insurance coverage for 6 types of cancer, free check-ups and affordable medical advice rates.
Here in Singapore, the labor force participation of women has increased gradually from 56 percent in 2008 to 60 percent in 2018. Not only do women have to work as employees, but other tasks such as family responsibilities and care are taken on by aging parents, among others.
Much is at the expense of our own well-being. A 2017 survey by UOB and Prudential Singapore found that 52 percent of married women put the needs of loved ones before themselves. This led to the idea of creating an account that focused on women. The UOB Lady’s savings account is designed to help women fend for themselves so that they do not have to exhaust their personal savings in unforeseen medical situations such as cancer.
Here you will find all the details you need to know about UOB Lady’s savings.
Reasons to open a UOB Lady savings account
They say health and wealth go hand in hand. If you’re curious about the latest UOB women-only product, here’s what you should know about opening (and keeping some of your savings) in the UOB Lady’s Savings Account.
1. Free health insurance coverage
The importance of health insurance coverage cannot be emphasized enough. In Singapore, a whopping 51.4 percent of cancer sufferers are women. An unforeseen illness can mean paying large sums of money out of your own wallet if you don’t have the right insurance coverage.
The UOB Lady’s Savings Account offers free health insurance coverage for 6 types of cancer, including breast, uterine and ovarian cancer. Breast, uterine, ovarian and cervical cancers are among the top ten cancers in women in Singapore.
The more cash you have in your UOB Lady savings account, the better you are protected. For example, if you keep less than $ 10,000 for $ 1,000 and keep more than $ 100,000 in the account, you can get up to $ 200,000 in coverage.
Here is a table that shows the amount of coverage you can enjoy based on your average monthly balance in the account.
2. Free annual health check-ups and annual 3-strain flu shot
Annual health checkups in Singapore don’t come cheap. They can cost anywhere from $ 50 to $ 500 depending on the clinic you go to and the type of screening you need to get. Some companies offer annual health checkups as part of their services.
The following is included in the annual health check:
- Obesity / BP
- cholesterol
- diabetes
- 3-strain flu shot
- Ovarian Cancer Markers (CA 125)
Health exams can help you find out more about your current health, such as: B. Your risk of diabetes if you have high cholesterol and other health problems. The sooner you find out about potential health issues, the sooner you can adapt your lifestyle with healthier choices.
They also get an annual three-strain flu shot. The rapid outbreak of the coronavirus has crippled economies around the world and underscored the importance of good hygiene and health. While the flu shot won’t give you immunity to Covid-19, it can still protect you from other strains of flu.
3. Preferred medical consultation rate
This account allows you to get a preferential rate for medical consultations at 500 clinics across the island. Receive a flat fee of $ 13 for standard GP consultation (excluding GST, surcharges, medications, and procedures). This preferential rate for medical advice applies not only to you, but also to your relatives (up to 4 relatives). These family members do not have to be related to you (the account owner).
Dental services are also available for $ 95 net at 14 clinics across the island.
4. There are no costs
Unlike taking out an insurance plan that requires you to pay premiums, you can enjoy these medical perks by simply keeping money in your UOB Lady savings account. This means that there is only opportunity cost when that money is put in other savings accounts or used for other purposes such as investing.
5. Track your medical visits and transactions digitally
For convenience, you can view your medical visits and transaction records through the MyMHC app. The MyMHC app also gives you access to additional functions such as a clinic finder, health articles and a lifestyle marketplace.
6. Supplement your existing health insurance
For women who have already purchased a Critical Illness Plan, the UOB Lady’s savings account can be viewed as an addition to existing plans. You can increase your existing critical illness coverage without paying an additional premium.
7. Ongoing registration benefits
Additionally, when you open a new UOB Lady savings account, you can be rewarded with $ 76 in credit and a Lego® minifigure. To do this, you must also add your monthly salary to the account. This promotion is valid until June 30th, 2021. The General Terms and Conditions.
What You Need to Do to Earn Coverage
1. Keep at least $ 1,000 in your account: You must pay a fee of $ 2 per month if you don’t keep at least $ 1,000 in your account. However, this shortfall fee is waived for the first six months. If you close the account early, there will be a $ 30 fee.
2. You must be a woman: The UOB Lady’s savings account is only valid for women between the ages of 16 and 50.
Disadvantages of the UOB Lady’s savings account
As with all other financial products on the market, this product has attributes that may not be suitable for all women.
1. It is not a high yield savings account
The goal of keeping money in this account is not to earn interest, but to earn yourself insurance coverage. The UOB Lady’s savings account is a basic savings account with an interest rate of 0.05 percent per year. Keeping $ 10,000 in this account will earn you $ 5 in interest per year.
If you’re looking for something with more firepower, AKA High Yield Savings Accounts, the DBS Multiplier, OCBC 360, UOB One, and Standard Chartered JumpStart can get you up to 3 percent pa interest. You can also consider insurance savings plans or cash management accounts.
ALSO READ: Buying Insurance Via Digibank Apps: Are They As Good As Your Traditional Insurance Plans?
2. It is only for women over the age of 16
Sorry, men don’t stand a chance. UOB doesn’t have a similar savings account that focuses on providing health and wellness services for men.
Women must be at least 16 years of age to apply for the UOB Lady’s savings account. There is a maximum age for entitlement to cancer benefits. While you must be 50 years or younger to be eligible for cancer, that cancer benefit doesn’t end until you are 64.
This means that regardless of the age (between 16 and 50) at which you apply for the account, you will be insured up to the age of 64 as long as you maintain the account balance.
3. To get higher coverage, you need to keep more savings in the account
There is no such thing as a free lunch in this world. The more coverage you want to enjoy, the more you need to keep in your savings account.
With savings of less than $ 10,000, you get coverage as low as $ 1,000. In order to get higher coverage, you would need to maintain higher balance in the account and inevitably incur higher opportunity costs as the money you keep in the account could be better used in other accounts to earn interest or for other purposes could be used to generate your returns.
This includes different types of investments ranging from low risk products like bonds and time deposits to higher risk investments like stocks.
Should you open a UOB Lady’s savings account?
Yes if:
- You’re looking for another savings account to save cash in, or if you want to separate some of your cash from the primary savings account
- You have reached the maximum balance that will earn you high interest rates on your primary savings account
- You do not currently have health insurance (although this shouldn’t be your only form of health insurance)
No, if:
- You are male
- You’re looking for a savings account that will earn you significant interest every month (i.e., a high yield savings account).
- You think the opportunity cost of keeping your savings in the UOB Lady’s savings account is too high. For example, when you think the money is better off making interest rates on other accounts or products
Think about your family by putting yourself first. Your personal well-being does not have to (and should) not take a back seat. Your health is just as important as the health of your family members.
With adequate medical coverage, you can protect yourself and your family’s financial well-being at the same time. It’s Women’s Day every day for a reason.