If health insurance is on your list of things to look into, failing
to place it at the top of that list could cost you your retirement
savings. A sports injury while playing tennis could run up
thousands of dollars a year in physical therapy payments. Even with
insurance, your deductible – what you are required to pay
before insurance coverage kicks
in – could run into hundreds of dollars a month. Even with
basic insurance, if you ever undergo cancer treatment, you could
face a monthly deductible of $3000 for chemotherapy if you do not
purchase extra coverage.
If you do maintain good health for many years to come, the premiums
for health insurance quickly rise with age. If you are approaching
50 and seeking coverage, you could be charged three to five times
higher premiums than if you had purchased insurance in your
thirties. While it may sound like scaremongering, the reality
is health insurance is among the most important purchase you will
make in your lifetime.
With the help of the Internet, you can easily compare plans and
Singapore health insurance coverage options, speak to online
representatives and sign up for health coverage. The following
brief guide alerts you to what to look for while shopping
around.
What Is Health Insurance?
Heath insurance provides coverage for expenses arising from
sickness or injury. Insurance may cover losses and expenses related
to medical care, accidents, disability, and accidental death and
dismemberment. The insurer estimates the risk of these events
arising in a population and the associated costs. A monthly
insurance premium is then charged to individuals or their sponsors
(a company, for example) who seek to be insured in the case of
these eventualities. Types of health insurance include major
medical, supplemental medical, disability income, long term care,
hospital, and critical illness. Supplemental insurance is intended
to cover expenses not taken care of by the main insurance policy,
and may include emergency services, surgical implants, private
nursing or dental coverage.
What To Look Out For When Buying Health
Insurance?
Insurance policies generally have exclusions for expenses they do
not cover. When buying health insurance coverage, never ever assume
anything. If you are pregnant, your health insurance likely covers
basic charges. Some insurers, however, may not cover pregnancy
complications or a caesarean section. These and many other services
are offered through extra insurance coverage.
A common costly mistake is to buy basic coverage – whew! What a
relief to be finally covered – and put off extra coverage for a
rainy day. Premiums for extra coverage also rise quickly with age
{see the Prudential premiums chart for extras below}.
Also consider insurance coverage for when you are ill and cannot
continue to pay important bills, including your insurance premiums.
When a family member has an illness such as Alzheimer’s disease in
old age, it is nice to know that monthly payments will be covered
even if they are forgetful.
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