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Yee, who works at a small advertising firm pays almost full freight for her medical
expenses. Her company does not offer much in terms of medical benefits to its staff.
As part of her planning, she allocates a portion of her income for some insurance
and medical schemes.
The schemes will help cushion her from the costs in case of a dire medical emergency.
She relies on her medical insurance schemes for catastrophic events. Sook Yee is
amongst the growing number of people who are conscious of the need to buy their own
healthcare insurance or related products on their own each year as a way to safeguard
their future.
In addition to traditional insurance policies and hospitalization schemes, private
healthcare programmes have taken-off positively in the local market. Under such healthcare
programmes, members are eligible for a wide range of benefits covered under the programme.
These programmes offer its members benefits such as hospitalization and surgical
benefits, annual medical check-up, various laboratory tests, emergency medical evacuation
and repatriation.
In the event of an emergency where members have no cash in their pockets and have
to be admitted to a hospital, their membership cards that they carry will ensure
that they pay nothing for hospital admission. All that is required would be the card
at the admission counter, and the rest will be taken care of. Upon discharge, the
bills will be handled accordingly. A member would not have to worry about making
payment immediately thereby reducing the financial burden of being hospitalized.
To capitalize on the increasing awareness of the public on health issues, more products
of such nature are expected to be launched in the near future. A good and sound supplementary
coverage coupled with your medical insurance could actually raise the protection
of your health. However, there are some pointers to note before committing yourself
to such programmes.
Many companies will be trying to sell their products or policies to you. If you are
shopping for any healthcare products or insurance policies, be careful as some of
these products could overlap, and end up paying for benefits that you may not actually
require.
Some products could merely offer new twists on traditional products while others
may be too narrow or restrictive in their terms. On the surface, the products may
seem to provide very broad coverage, but many typically contain a number of exclusions
such as pre-existing and specific illness.
Common exclusions include medical expenditure arising from occupational injuries,
cosmetic surgery, routine dental and eye care, treatment arising from miscarriage,
etc. Ensure that you are aware of all the conditions attached before joining. You
should check clearly with the respective agents or insurance companies before committing
yourself.
You may also seek a third opinion from independent financial advisors if you are
unsure. Most important, do not let yourself be talked into taking up expensive policies
which is in excess of the protection that you need or which is too narrow to provide
you adequate coverage.
By investing in solid healthcare or comprehensive insurance products, you make your
money work for you. Be aware however that although a plan is vital in ensuring you
have the protection when needed, insurance alone will not keep you healthy. You have
to play your part and maintain your own health by taking the necessary steps such
as regular exercise and a balanced diet.
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