- 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
Why is it important?
Medical treatment can be very expensive and if you want to seek treatment in a private hospital (the main benefit is shorter waiting times), you’ll need to pay a lot of money.
While the public healthcare system is paid for by the Government and is provided at a low cost, there are also certain types of treatments or surgeries that are not fully subsidised by the public healthcare system.
So if you don’t have any medical insurance, it’s easy to find yourself with a crippling amount of medical debt, and seemingly no way out of the mess.
Note: Some of us may be getting insurance coverage through a group plan at work. You should get the details of your work insurance policy. Look out for terms specifying:
- What will happen to the insurance policy if you leave your job
- The annual limits under the insurance policy
- Opportunities to use your personal insurance scheme together with your employer’s group insurance policy