Switch to Linear ModeSwitch to Hybrid ModeSwitch to Threaded Mode
Printer Friendly View | Email this page | Register Now to start posting!
richmond_1688 Registered User


Join Date: Jun 2008
Posts: 13
Trade rep: 0 (0%)
Infractions: 0/0 (0)
Why is it important to get hospital insurance? richmond_1688 Sep 12th, 08, 10:54 AM #1

Hospital Insurance (The importance of it)

If you’ve ever been sick or injured, you know how important it is to have health insurance coverage. Health insurance pays for things big and small, from a lab test that might cost $75 to a hospital stay for major surgery that could cost thousands of dollars. It gives you peace of mind of knowing that no matter what kind of care or procedure you or a family member might require, you won’t have to worry about shouldering the cost on your own.

Hospital insurance is one type of insurance you're pretty much guaranteed to use. We all need medical attention from time to time, and some of us need it quite frequently. When care is needed, you want to focus on getting better not on how you're going to come up with the money to pay your medical bills. A good hospital insurance plan allows you to focus on what's most important, your physical well being.

Is there anyone who doesn't need hospital insurance? Not really. Even if you're young, healthy and haven't had to see a doctor in years, you never know when you might be involved in an accident or be diagnosed with a serious medical condition. While your health insurance coverage will pay for things that aren't too costly like routine doctor's visits or lab tests, the main reason to have coverage is to have protection against the potentially catastrophic expenses of serious illness or injury.

Therefore, it is very important to get a very comprehensive hospital plan. Go and get a hospital plan if you have not. It is very important.


sg.png
kheetat86 Registered User


Join Date: Jun 2008
Posts: 89
Trade rep: 0 (0%)
Infractions: 0/0 (0)
kheetat86 Sep 12th, 08, 09:07 PM #2
Medical insurance is probably the first thing i would encourage every one to have before any plans. But however, there are some people that I met says that he don't believe how medishield can help him and opted out of it.
sg.png
kyouta
kyouta's Avatar
Call Lightning Storm


Join Date: Apr 2006
Posts: 20,408
Trade rep: 29 (100%)
Infractions: 0/0 (0)
kyouta Sep 12th, 08, 10:55 PM #3
Quote:
Originally Posted by richmond_1688 View Post
Hospital Insurance (The importance of it)

If you’ve ever been sick or injured, you know how important it is to have health insurance coverage. Health insurance pays for things big and small, from a lab test that might cost $75 to a hospital stay for major surgery that could cost thousands of dollars. It gives you peace of mind of knowing that no matter what kind of care or procedure you or a family member might require, you won’t have to worry about shouldering the cost on your own.

Hospital insurance is one type of insurance you're pretty much guaranteed to use. We all need medical attention from time to time, and some of us need it quite frequently. When care is needed, you want to focus on getting better not on how you're going to come up with the money to pay your medical bills. A good hospital insurance plan allows you to focus on what's most important, your physical well being.

Is there anyone who doesn't need hospital insurance? Not really. Even if you're young, healthy and haven't had to see a doctor in years, you never know when you might be involved in an accident or be diagnosed with a serious medical condition. While your health insurance coverage will pay for things that aren't too costly like routine doctor's visits or lab tests, the main reason to have coverage is to have protection against the potentially catastrophic expenses of serious illness or injury.

Therefore, it is very important to get a very comprehensive hospital plan. Go and get a hospital plan if you have not. It is very important.
applies in Singapore .... most western countries gahmen pay ur meds haha
sg.png
kheetat86 Registered User


Join Date: Jun 2008
Posts: 89
Trade rep: 0 (0%)
Infractions: 0/0 (0)
kheetat86 Sep 13th, 08, 01:06 AM #4
I feel that it is a good idea that we have to pay for our medical bills. if not, being the kaisu singaporean, they will go for the best treatment and pile up the medical expenses. if not, tax payer have to pay a higher tax and GST. lol
sg.png
quppiehy Registered User


Join Date: Sep 2008
Posts: 9
Trade rep: 0 (0%)
Infractions: 0/0 (0)
quppiehy Sep 21st, 08, 11:18 AM #5
To me, medical coverage is absolutely necessary. I don't really deal with insurance anymore, usually pass it onto my assistants to assist my clients with, but most of the time, clients who only wish to accumulate, i always bring them back to the most basic - insurance - first, before proceeding with their investments.

Having a family member who is suffering from cancer not only makes me realise how important it is, but rather the huge costs involved if we choose to delay taking up coverage. I've high networth clients who have amassed their wealth, and to most people, they seem to not need insurance coverage anymore as their wealth would be enough to pay off medical bills.

However, if someone else can pay the large bills for me just for that small amt of money, why not? No one would be happily saving up for their medical bills. Even when we save $1,000 a month, its only going to be $12,000 a year. Not enough for one month of my loved one's medical bill. In fact, still short of few thousand dollars, assuming that he does not need to go for scans or any other medical procedures, not to mention hospital stays. =) Don't be penny wise and pound foolish.

Its been almost a year since he was diagnosed, and already, it has drained whatever my family have accumulated over their decades of working life. Recently met a client whose husband was diagnosed with cancer 13 years ago. At the time when I met the couple, he was on morphine and was only out of hospital for a while. He had more than 10 tumors in his liver, not to mention those in other parts of his body, and he's only 41 years old. He revealed that he had spent a minimum of $800,000 over the past decade on his illness. Though he can well afford it, question is, isnt it a waste to let all your savings go into your medical bills?

So just use a little portion today and get yourself covered. Look at the bigger purpose of why you are doing all this, and stop procastinating. There are plans that are better than others. However, don't enter into a stage whereby you go into the dollars and cents, and risk delaying coverage for yourself.
sg.png
kheetat86 Registered User


Join Date: Jun 2008
Posts: 89
Trade rep: 0 (0%)
Infractions: 0/0 (0)
kheetat86 Sep 22nd, 08, 12:08 AM #6
Yeah, I always advise my client to be sufficient insured before doing investments.

You can be richer with investments, but you can be poorer without insurance too.

Although Insurance comes at a price, but look at the value of it. Which is better?
sg.png
imp0ssibled
imp0ssibled's Avatar
Registered User


Join Date: Jan 2007
Posts: 819
Trade rep: 6 (100%)
Infractions: 0/0 (0)
imp0ssibled Oct 25th, 08, 12:37 AM #7
any good examples of good Hospital insurances then? do u mean the cpf medisave insurance?
sg.png
kyouta
kyouta's Avatar
Call Lightning Storm


Join Date: Apr 2006
Posts: 20,408
Trade rep: 29 (100%)
Infractions: 0/0 (0)
kyouta Oct 25th, 08, 12:45 AM #8
Quote:
Originally Posted by imp0ssibled View Post
any good examples of good Hospital insurances then? do u mean the cpf medisave insurance?
i use Prushield from Prudential
sg.png
imp0ssibled
imp0ssibled's Avatar
Registered User


Join Date: Jan 2007
Posts: 819
Trade rep: 6 (100%)
Infractions: 0/0 (0)
imp0ssibled Oct 25th, 08, 10:53 AM #9
Quote:
Originally Posted by kyouta View Post
i use Prushield from Prudential
oic, so this type of medisave ones are the only types of hospital insurances around in sg?
sg.png
kheetat86 Registered User


Join Date: Jun 2008
Posts: 89
Trade rep: 0 (0%)
Infractions: 0/0 (0)
kheetat86 Oct 25th, 08, 02:32 PM #10
This is not the only type of insurance. In Singapore, there are 2 types of Hospital & Surgical Insurance. (Medisave approved & non medisave approved)

MediSave approved.

Basic Policy

1) AVIVA MyShield,
2) Prudential PruShield,
3) Great Eastern SupremeHealth,
4) AIA HealthShield and
5) NTUC IncomeShield.

These 5 H&S policy can be paid with medisave. However, these policies comes with deductibe and co-insurance.

Deductible is the amount of money you have to pay before you can make the claim.

Co-insurance is the percentage of payment you have to pay after the less of deductible.

Riders

Each of the 5 medisave H&S has its own riders that either cover the deductible and/or the co-insurance.

These riders must be attached to the basic policy and payable in cash

Non-medisave approved

Basic policy

AXA Premier Care

This has no deductible and co-insurance. Although it is claimable from the 1st dollar onwards, GST is not included. Therefore, you will only be required to pay 7% of the bill.

Since it is not medisave approved, it has to be paid by cash.
sg.png
imp0ssibled
imp0ssibled's Avatar
Registered User


Join Date: Jan 2007
Posts: 819
Trade rep: 6 (100%)
Infractions: 0/0 (0)
imp0ssibled Oct 25th, 08, 07:24 PM #11
oic, which is the best among the medisave ones? meaning gives the best coverage? thx
sg.png
kheetat86 Registered User


Join Date: Jun 2008
Posts: 89
Trade rep: 0 (0%)
Infractions: 0/0 (0)
kheetat86 Oct 25th, 08, 10:16 PM #12
Generally, all the medishield plans from the 5 companies are generic with only a slight difference.

Consult your adviser and see what he can offer you. Not only will he be able to provide you with a financial plan, it is easier on your part to approach the same person for all financial matters.
sg.png
zhiz22 Registered User


Join Date: Sep 2006
Posts: 107
Trade rep: 1 (100%)
Infractions: 0/0 (0)
Thanked 1 Times in 1 Post
zhiz22 Oct 27th, 08, 11:16 PM #13
Quote:
Originally Posted by imp0ssibled View Post
oic, which is the best among the medisave ones? meaning gives the best coverage? thx
personally all my clients are mostly on ntuc due to its superior features and affordable cost as well as its better business model.
sg.png
kyouta
kyouta's Avatar
Call Lightning Storm


Join Date: Apr 2006
Posts: 20,408
Trade rep: 29 (100%)
Infractions: 0/0 (0)
kyouta Oct 28th, 08, 10:21 PM #14
Quote:
Originally Posted by zhiz22 View Post
personally all my clients are mostly on ntuc due to its superior features and affordable cost as well as its better business model.
ntuc is the most stable ba since local company ... but complains also seems to be highest?
sg.png
zhiz22 Registered User


Join Date: Sep 2006
Posts: 107
Trade rep: 1 (100%)
Infractions: 0/0 (0)
Thanked 1 Times in 1 Post
zhiz22 Oct 28th, 08, 10:40 PM #15
Quote:
Originally Posted by kyouta View Post
ntuc is the most stable ba since local company ... but complains also seems to be highest?
its fastest in terms of claim if you refer to MOH website

complain wise, i think we have to take things into perspective

There are almost 1 million NTUC policy holder, vs 68000 for prudential for shield plans, the absolute number for complains would definately be highest for the company with more clients.

But as for the number of complain i am not sure where the stats are from
sg.png
Thread Tools Display Modes
Linear Mode Linear Mode