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How To Buy Peace Of Mind?

Most of us do not even think about health insurance until we are seriously injured or admitted to hospital. But why wait for that to happen? To start with, ask yourself the following questions:

  • What is the current condition of my health?
  • What will happen to me and my family if I become seriously ill?
  • Will I be able to support my family if I fall sick or become disabled?
  • Will I be able to afford medical treatment without any health insurance?

If you answer "yes" to the last two questions, count yourself among the few fortunate ones. If not, you should consider getting some form of health insurance coverage for both yourself and your dependents. Health insurance gives you and your family protection against financial loss arising from accident, illness or disability.

It can provide income during your hospitalisation or for the duration of your disability, or cover the cost of your medical treatment or nursing care. You cannot predict the amount of your medical bills, but with health insurance, much of these costs can be covered by a third party. It is important for you to take the time to figure out what you need and how much you need before you buy health insurance.

Remember that all health insurance plans have their strengths and weaknesses and there is no such thing as a "best" plan. A plan that is right for one family may not work for another. There is a full spectrum of health insurance that provides cover for a range of health-related situations.

Common questions about medical expense and hospital cash insurance policies.

How Much Insurance Cover For Medical And Hospital Expenses Do I Need?

When deciding the amount of medical and hospital insurance to purchase, you should consider the quality of healthcare service and the level of medical insurance cover that you would want should you fall ill or be injured in an accident Check that the plan benefit limits for treatment and hospital charges are adequate to cover the charges that you are likely to meet in the type of hospital and ward class of your choice.

Finding a balance between purchasing enough cover and your ability to continue paying the premiums over the long term can be challenging, therefore, it is important that you seek the advice of your financial adviser if you are unsure.

Should I Buy Medical Expenses And Hospital Cash Insurance For My Children, Too?

Children are prone to accidents and illnesses that may require extensive medical treatment or hospitalisation. You should extend the coverage provided by your medical expenses and hospital cash insurance policies to them. The same can be said for your aged parents if they are dependent on you for their financial needs.

Is There An Age Limit For Medical And Hospital Insurance Coverage?

Most insurance companies impose an age limit beyond which they will not accept applications for health insurance. The age limit can vary from product to product, even for the same insurance company. Ask when you apply for insurance. While a few health insurance products cover you for life after you have been accepted for insurance, most have an age limit when the insurance will cease. Again, you must check when you apply for insurance.

I've Heard Of People Who Have Been Excluded From Coverage And Hence Were Not Able To Claim When Illness Struck Them. How Do I Ensure That The Same Does Not Happen To Me?

There are several scenarios in which policyholders have been unable to claim for events they thought they were covered for. In the case of medical expenses and hospital cash plans, two of the common relate to exclusions in policies, and disclosure procedures.

Exclusions

All medical and hospital insurance products will carry some exclusions setting out the circumstances under which benefits will not be paid. The most common exclusion is the "pre-existing condition" exclusion. This exclusion means that any illness or disability that you have, or have had, when you sign up for the product will not likely be covered. Read the policy contract carefully to find out exactly what you are or are not covered for.

An insurance contract is based on trust. When you apply for medical or hospital insurance, you must provide all information asked of you. This could include your age, occupation, and any history of illnesses, medical conditions or disabilities. The insurance company will then assess the given information to decide whether or not to accept your application. If you leave out important information in completing your application, the policy may not cover you and, as a result, your claims may not be met.

Before You Buy That Insurance Policy

  • Shop carefully as policies differ in terms of coverage and cost. It is best that you check out various policies from different insurers to compare cost and coverage before you make your decision.
  • Make sure that the policy protects you against large medical costs.
  • Be sure to read and understand the provisions of the plan before signing on the dotted line as you would not want a policy that does not suit you and your family.
  • Some life insurance policies also come with health coverage. Check what you are already covered for before purchasing another policy as you would not want to duplicate the coverage.

The information in this article is of a general nature and may not apply to every situation or to your own personal circumstances. This article should not be regarded as a substitute for seeking professional advice on any specific issue. You should always seek the advice of your financial adviser or life insurance representative when in doubt.

 

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