In our society today, medical costs and expenses has become one of the major concerns. The reason is obviously due to the medical inflation, as well as all kind of new illnesses and diseases among people working and living in the city.
Hospitalization can happen to any one of us, even the fittest and healthiest one might get hospitalized due to accident, if not illnesses. So, in a way, it's both unpredictable and unavoidable. Coupled with the fact that the rising medical cost is almost out of control, it's absolutely essential to have a good health insurance or medical insurance in place.
However, buying a health insurance can be a complicated task, as there are many options and plans available in the market. As a Financial Adviser, I would like to highlight a few important components of a good health insurance, so that when it comes to buying it, you will know what to look for.
In-patient
In the event of hospitalization and surgery, some of the expenses that might incur include room, board, medical related expenses, as well as surgery cost, intensive care unit (ICU), consultation, diagnostic, and follow-up treatment. All these expenses are not cheap today, especially if you want the best treatment.
Because of that, your health insurance should be able to cover at least all these.
Some comprehensive health insurance covers other things under in patient as well, which include ward entitlement, dental treatment, living organ donor transplant, pregnancy complications and many others. It's important to discuss with your insurance agent about your needs and budget in order to select the right one for you and your family.
Out-patient
For out-patient part, a good health insurance should cover all kinds of therapy for cancer treatment, including chemotherapy, radiotherapy, and immunotherapy, as well as renal dialysis. Statistically, people who are down with cancer continue to increase, almost regardless of whichever city you live in. In addition, more and more cancers has been developed and identified by medical doctor.
Therefore, without a good coverage for all these cancer treatment, it would be a catastrophe when cancers strike.
Other than that, many medical or health insurance also cover a wide range of different things, depending on how much the insurers charge for the premium. Those extra features might include annual health screening, GP visit, evacuation and repatriation, compassionate visit, and many others.
It's therefore important to know what you needs and what's your budget for health insurance, to determine which health insurance is suitable for you.
In short, a good health insurance is critical to your financial planning. Without it, your entire financial planning would be build on a shaky ground, and if major hospitalization strike, it could easily wipe out your entire saving.
Jack Ooi is a businessman who run a successful financial planning practice. He is also a dedicated student and practitioner of strategies of success, law of universe, and personal improvement.
