Hospitalisation & Surgical
Continuing from previous post:
Firstly, many people believed that they don't need this because "My company covers". Yes but are you married to your company? Will your company take care of you for life? Will you stay with the company forever? No, right?
"Chey, it's ok what. I'll get it after I retire lor. No big deal". It's a huge deal! By the time you retire, how sure you are that you have not experienced high blood pressure, diabetes, gastritis, been hospitalised for whatever reason, etc. Besides the pain of disclosing all these in your proposal (trust me, it's really frustrating), your premium may skyrocket with loadings. At worse, you may be denied insurance.
Also, how about when you're in between jobs? There's no coverage, right?
In addition, generally private companies, even the MNCs, provide reimbursement up to a certain limit only and often than not it is based on the lowest ward at a government hospital. "It's ok. I'll go to government hospital". Consider situations where you want to be treated as soon as possible because you cannot take it any more or you have other pressing matters to attend to. Then government hospitals are not ideal because their waiting time is generally longer than private hospitals. This happened to a colleague who procrastinated in getting a H&S insurance. She wanted a particular doctor to treat her but that doctor is at a private hospital. So, if I'm not mistaken, she had to foot out the bill above what the limit of which our company reimbursed her.
"Aiyoh, what are the chances of me getting hospitalised?" Boy, you have no idea how many times I heard this and yet time after time, they've been proven wrong and when that happens, it's too late. For example, I've a friend, in his 20s, who only after he broke his back (or something like that lah) and needed operation decided he needed H&S. This comes from a person who works at an insurance office. He also then urged his wife to get one too. Luckily his wife has not been hospitalised before and that she's in good health.
Please take note of the following when getting a H&S insurance:
(i) The annual and lifetime limit. The larger it is, the better.
(ii) Last age of coverage. The longer it is, the better.
(iii) Coverage. The higher portion of the bill it pays, the better.
(iv) Cashless system is better than reimbursement system.
(v) Good to have coverage for pre and post hospitalisation claims. Also, ad hoc coverage like chemotheraphy, renal dialysis etc is good to have.
Please be careful to only get such insurance from life insurance companies and not general insurance companies. Typically H&S insurance from the former are guaranteed renewable (although premiums are typically not guaranteed) i.e. they cannot cancel the policy (unless you've mislead them by not disclosing honestly all the relevant facts in the form), whereas the policies from the latter is yearly renewable i.e. at the end of each policy year, they can decide not to renew the policy. Naturally, usually H&S insurance from general insurance company is cheaper but it is not worth the risk of cancellation to go for it.
Firstly, many people believed that they don't need this because "My company covers". Yes but are you married to your company? Will your company take care of you for life? Will you stay with the company forever? No, right?
"Chey, it's ok what. I'll get it after I retire lor. No big deal". It's a huge deal! By the time you retire, how sure you are that you have not experienced high blood pressure, diabetes, gastritis, been hospitalised for whatever reason, etc. Besides the pain of disclosing all these in your proposal (trust me, it's really frustrating), your premium may skyrocket with loadings. At worse, you may be denied insurance.
Also, how about when you're in between jobs? There's no coverage, right?
In addition, generally private companies, even the MNCs, provide reimbursement up to a certain limit only and often than not it is based on the lowest ward at a government hospital. "It's ok. I'll go to government hospital". Consider situations where you want to be treated as soon as possible because you cannot take it any more or you have other pressing matters to attend to. Then government hospitals are not ideal because their waiting time is generally longer than private hospitals. This happened to a colleague who procrastinated in getting a H&S insurance. She wanted a particular doctor to treat her but that doctor is at a private hospital. So, if I'm not mistaken, she had to foot out the bill above what the limit of which our company reimbursed her.
"Aiyoh, what are the chances of me getting hospitalised?" Boy, you have no idea how many times I heard this and yet time after time, they've been proven wrong and when that happens, it's too late. For example, I've a friend, in his 20s, who only after he broke his back (or something like that lah) and needed operation decided he needed H&S. This comes from a person who works at an insurance office. He also then urged his wife to get one too. Luckily his wife has not been hospitalised before and that she's in good health.
Please take note of the following when getting a H&S insurance:
(i) The annual and lifetime limit. The larger it is, the better.
(ii) Last age of coverage. The longer it is, the better.
(iii) Coverage. The higher portion of the bill it pays, the better.
(iv) Cashless system is better than reimbursement system.
(v) Good to have coverage for pre and post hospitalisation claims. Also, ad hoc coverage like chemotheraphy, renal dialysis etc is good to have.
Please be careful to only get such insurance from life insurance companies and not general insurance companies. Typically H&S insurance from the former are guaranteed renewable (although premiums are typically not guaranteed) i.e. they cannot cancel the policy (unless you've mislead them by not disclosing honestly all the relevant facts in the form), whereas the policies from the latter is yearly renewable i.e. at the end of each policy year, they can decide not to renew the policy. Naturally, usually H&S insurance from general insurance company is cheaper but it is not worth the risk of cancellation to go for it.
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