We all know that if you are not covered and have a major accident or develop a major illness, it can be financially devastating. The good news is that a comprehensive medical insurance plan can help defray most of the hefty hospitalization expenses.
If comprehensive health insurance is so critical, how come so many people still fail to insure themselve adequately? This article helped to identify the myths & misconceptions that many people have.
Myth No.1: My company pays for my medical bills
Yes. But how much is the limit? And are they portable or transferrable?
Myth No.2: I have bought enough insurance
Are you certain you have bought the right tools? Different insurance plans are designed to cater to different protection needs.
Myth No.3: I already have Medisave & Medishield so I should be okay.
Yes, these are very good instruments that the govt has planned for us.
- The current Medisave is now capped at S$34,500. At the current medical inflation, it is likely that any major surgery would wipe out one's Medisave balance.
- Medishield is meant to cover expenses at Class B2/C wards. It will be insufficient if you are treated in private hospitals or Class A wards.
Myth No.4: I am still young and healthy
Insurability is the reason you need to buy insurance early when you are young and healthy. You must get it before you need it, because if you don't have it when you need it, you may not get it any more.
Myth No.5: I don't need to buy insurance for my children & stay-home spouse
Every single human being who is subjected to possible death, accident or critical illness should have a proper insurance plan in place. Unless you are invincible.... like superman... or Wolverine?
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