Medical Insurance
DO YOU NEED MEDICAL INSURANCE?
Medical Insurance or also known as Hospital Insurance, pays for your hospitalisation fees up to a specified limit.
WHO SHOULD BUY MEDICAL INSURANCE?
Medical insurance is the most basic level of insurance that everyone should get. Even infants should be covered by Medical Insurance.
If your employer already provides some medical coverage, consider buying a policy with a higher deductible so that the premium rate is lower. Remember that you may need medical attention if you are in-between jobs or if your new employer does not provide medical coverage. Coverage provided by employers will also have a limit. This means that you will need to cover very large medical expenses that will be in excess of your employer's coverage.
If you are hospitalised for a period of time, your employer may terminate your employment, leaving you with no medical coverage. Furthermore, should you change jobs, your coverage from your employer may not cover pre-existing conditions.
HOW MUCH AND WHAT TYPE OF MEDICAL INSURANCE SHOULD YOU BUY?
There are a few considerations when buying Medical Insurance:
WHAT DOES A MEDICAL INSURANCE PLAN LOOKS LIKE?
Medical insurance will provide coverage for inpatient medical expenses.
Do note that Medical Insurance may not fully pay for actual medical expenses incurred. Some policies may also have deductible and co-insurance features. Most policies will usually include limits for each illness, disability, by policy year or lifetime.
Other key types of coverage that may be included in a Medical Insurance product include:
Premium rates for Medical Insurance will increase with age. While the premium amount is not guaranteed, insurers typically offer guaranteed acceptance of the policy for renewal.
The above are subject to the definitions as set out by the insurance companies.
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