- I am healthy, I don’t need health insurance
Though it may be true that you are taking good care of yourself and is fit, but unforeseen events such as accidents and illnesses such as dengue and malaria can hit anyone. It is not easy to foot the complete hospital bill by yourself and a 48-hour hospitalization may force you to pull out all your savings.
- Medical Insurance From An Employer Is All You Need.
Your company’s group insurance is only good as long you are an employee there. Remember, premiums are higher when you’re older and worst is you may not be able to get insurance once you have an existing illness. So, start now!
- I will get paid only if I am hospitalised
It is not necessary that you must stay in the hospital overnight to be covered, certain companies or plans covers day care surgery as well.
- Cashless medical card is the answer
Many health insurance policy buyers feel that a cashless card is the answer to all their medical worries. The cashless benefits of your health insurance policy depend on whether the hospital you are admitted into is a panel hospital of your insurance provider or not. Thus, your cashless card will not work if the hospital is NOT a panel hospital. You will still have to pay first and claim back later.
- Maternity program won’t be covered
This may be true a few years back, but insurance companies are constantly upgrading their product features, currently there are certain plans that do cover for Maternity complications
- It’s Better To Invest, Than To Buy Insurance
I believe in a combined approach. Buying the insurance you need and still putting money aside for emergency fund. When your emergency fund grows into an amount that you no longer need the policy anymore, cancel it. But before that, there’s no better tools to protect you from unexpected financial losses, other than insurance.
This article is based on personal opinion.
Yi Ling Liew