- What is medical insurance?
- Why is it important?
- When should I get medical insurance?
- What are the types of medical insurance available?
- What should I look out for when picking a medical insurance policy?
- What are the costs involved?
- How do I choose what medical insurance to buy?
- Additional things to look out for
- Additional resources
How do I choose what medical insurance to buy?
Choosing a medical insurance policy can be really tricky when we’re faced with so many options. Here’s a quick checklist to help you decide which medical insurance policy is best suited for you.
- Know what type of insurance you are looking for
- What is your current situation? If you have a family and dependants, then you might need a critical illness cover or disability income cover. If you are single, then you might consider taking just basic hospitalisation and surgical cover
- Only choose plans with premiums you can afford
- Make sure you can afford the premium payments because failing to make your payments on time will cause your insurance to lapse (or cancelled), leaving you with no coverage
- The younger you are, the less your premiums will be. You will then need to pay more as you grow older
- As far as you can afford, choose the plans with the highest annual and lifetime limits
- Have a look at your insurer’s list of panel hospitals
- It is easier to process your insurance claims if you go to a Panel hospital
- Make sure your insurer has a wide network of Panel hospitals, which include hospitals of your choice
- Choose a plan with a payment structure that you are comfortable with
- Make sure the plan you choose has a deductible and co-pay policy that you can live with
- Opt for a plan with lower out-of-pocket costs if you aren’t comfortable with higher deductibles and co-pays should you fall ill
- Remember though, this might mean that you will have higher monthly premium costs (there’s always a trade off!)
- To be safe, get a policy with guaranteed renewal
- Look at the room & board limits in your policy
- Medical insurance policies usually limit how much you can claim for room & board when you are hospitalized
- The higher the room & board limit, the higher your premium. So choose a policy that you can afford
- Look at the guaranteed renewal age for the coverage
- Policies usually cover you up to a certain age. For example, some could be up to up to 80 years,
- Make sure you choose one that offers long enough coverage so that you can stay protected even into old age