How to Prevent for Health Shocks
I believe many Singaporeans would have had some idea on how expensive medical bills can amount to here. But that only applies to when you are sick at that moment in time. Are you prepared for the post shock expenses?
When we get insurance coverage, we tend to pay attention to how much we can claim should we be in an accident. We are interested in finding out what tier of hospital ward are we entitled to stay in, how much percentage of the bills can be claimed, what type of treatments can be covered etc.
But for some people, the costs does not stopped there. There might still be costs incurred after getting discharged, as they could be spending more on health care for a longer period of time. This therefore brings me to my point that it is important that you equipped yourself with the knowledge on what extent the policy you purchased allows you to make claims for post shock expenses.
For example, if you had gotten into a car accident which affected your mobility subsequently, does your insurance coverage also take care of the physiotherapy sessions that may follow afterwards? How about the follow-up visits to the hospital; because you are not technically hospitalised and a health insurance claim typically requires one to be hospitalised.
Other questions that you should ponder about includes, the possibility of claims should any other secondary conditions arose as a result of this accident. To add on, how many times are you able to make a claim?
Understand Your Family Medical Background
It is easy to assume that insurance coverage is a one size fits all solution and you could simply purchase what others are getting.
However, depending on your family’s medical history, you might need more coverage than the average Singaporean. Say, an obese smoker with a penchant for soft drinks who has a family background of cancer and is consistently in RT because he has been failing his IPPT; would have a higher likelihood of encountering a health shock as compared to a male who has no history of cancer in the family, and has been eating healthily and exercises regularly.
Yeah, life is unpredictable. Occasionally, we do hear stories about how seemingly healthy individuals got struck down by a totally unexpected illness. However, based on statistics, the first guy is indeed more likely to strike an illness and should therefore, have more coverage than the second guy, with the assumption that they both have the same financials.
Hence, it is important that you understand your family’s medical history and your lifestyle before you make an insurance purchase. Approach your financial advisor today to figure out a suitable policy that fits your health condition.