Healthcare and Medical Protection – which one is for you?

3 December 2016
Comments 0
Category Singles
3 December 2016, Comments 0

As a single you only need to be concerned with yourself.  OK perhaps you have aging parents to take care of but lets imagine that it’s just you for now. If you are in good health then that’s great. This is what we want all the time but your health may not always be good and in the future you may start to have health problems.

There is no denying that medical care can be expensive. It is often said that we are one major illness away from bankruptcy so it is advisable to have some protection against the unpredictable future events in your life such as illness. This will provide the coverage against the financial costs that you may be faced with if you suddenly found out you had a problem. As with any insurance, it is much better to buy it when the risk is small so the premium is low. When you are in good health the insurer will be willing to provide the coverage because you will be a good risk to take on. Once you are sick though, you already have the condition you wanted to protect against and it becomes a certainty so the insurance company will no longer wish to insure you. In other words, once you have the illness, it is too late. No one will insure you. You are on your own.

Even if you recover from the illness, and I hope you do, the fact that you had a major illness makes you a bad risk from the insurance company perspective. If you were to apply for insurance you will either get rejected outright, or if they accept you for insurance it will not cover illnesses that are related to the one you have. Or even pre-existing conditions.

You can see from this that the message is to buy insurance early, but now the questions is what types of insurance and how much coverage do you need?

Types of medical protection insurance

If you search for insurance you will find many companies offering similar products with similar features. I will not be recommending one insurance company product over another since this is an independent article, but shall explain some of the features you are likely to see in a product.

Hands holding a broken hearth, care and compassion concept. Digital illustration.

  • Unlimited claims over the period of coverage. Obviously you do not want to have to keep seeing the doctor because good health is the most important thing to have but if you were to need it, the protection is there
  • Guaranteed renewal – When the term of the insurance expires, do you think that the insurance company wants to continue if you made a claim? In some cases you can’t keep claiming or the claims are capped at a certain amount which is the insurers way of managing their own risks. But from a consumer perspective you want to be able to renew so this would be a good feature to look for
  • Medical bills are paid by the insurer – When you are sick, you want peace of mind that the bills are going to be settled by the insurer. You do not need the stress of having to pay the bill first and then submitting the claim to the insurance company. This stress is not going to help your recovery. So in many cases the insurance company will give you a card to prove that you are insured and all you have to do is to provide that card to the hospital or clinic that is part of the insurance scheme and the bill will be settled directly without further need for authorisation
  • Unpredictable Circumstances – sometimes the illness will come up and could be due to a condition that you just did not know you had or it is congenital. Now it would be a problem if you knew you had this and didn’t disclose it because that will definitely affect the coverage, but assume that you took out the insurance when you were young and there is no sign of this condition until later on in life even though it was already there. The insurance company would have sent you for a medical screening test before they insure you and they also did not see this. In such cases you should be covered by your policy
  • Coverage for critical illnesses – Hopefully you never have to claim for a critical illness but in the unfortunate event that you do, you need the peace of mind that the hospital treatment or the hospital stay is covered for the extended period that you need to recover from it.

Summary

It is worth reviewing the plans that you currently have to see what you are covered for. It is also important to know how much you are covered for. Do contact your professional financial advisor to review this so that he may guide you in the products that are available in the market.

Leave a Reply

Your email address will not be published. Required fields are marked *