Sunday, March 30, 2008

Medical insurance and large bills

An insurance agent said that a good medical insurance policy will cover the large bill of $150,000.

This may not be the case. Some of the expensive treatments exceed the limits in the policy or are excluded from the policy.

Before you incur expensive treatment, it is necessary to consult your insurance company and check on the items that are covered. This is to avoid the shock of being landed with a bill that you cannot afford.

I have come across many cases of unhappy customers who find that only a small part of the bill is covered by insurance, in spite of what they were told by the insurance agent!

Most importantly, you should spend your money wisely. Do what is best for your loved one, but do not waste money on expensive treatment with a slim chance of recovery.


Anonymous said...

In 2004, My father (age 74)admitted to NUH for oral cancer surgery. During his stay, he caught a bug and stay for one month in a C class wards. The hospital bill was S$30k. After heavy government subsidesed and INCOMESHILD claim, he pay $3k or 10% of the bill which is affordable.

Although my father is a poor man, he is treated by a teaching faculty from first consultation until today.

Anonymous said...

I want to warn you of insurance agents when you are setting up a medical plan. Don't let them con you to buy wholelife CI or limited premium plan like vivolife.I call this plan a limited coverage plan and it leaves you worrying and a feeling of insecurity or no peace . But insurance agents love it becuase it pays them high commission.
If your concern is treatment cost and income replacement , an H$S plan like incomeshield and CI term that covers you for 3-5 years of your income should let you have enough.Remember the CI pays a lumpsum and should you have a number relapses it may not be enough.However,this is an exception. So don't rush to buy a lot because of this.Remember you still have H$S. This is fantastic.It is lifetime coverage. This will take care if one has another relapse.
These 2 plans should come cheap and affordable and give you real peace of mind..
Remember not to be lured into buying wholelife or that LPPL living plan.

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