Anybody can get sick regardless of how healthy they may look or feel when they least expect it. Even if they don’t fall ill, they still need to go for routine overall wellness care to have peace of mind knowing there aren’t any underlying infections or diseases. Since healthcare costs vary from hospital to hospital, it would be best if you secured the best health insurance plan. Whether you already have it or are looking for one, the following facts will help you determine if you made the right decision.
What is a health insurance plan?
Health insurance plans are designed to protect you from risks depending on the medical condition you may have. They are coverage plans for terminal diseases, physical injuries, disabilities, or even death. Some health insurance solutions cater for all expenses from the time you enter and leave a hospital.
The primary goal of health insurance plans is to protect you and your family by catering to medical expenses associated with an illness, injury, or health risks. At the moment, escalated hospital bills make it daunting to high-quality healthcare services. Due to the uncertainties of life, it’s imperative to get a healthcare policy that’s not only affordable but also meets your requirements.
Popular market trends may make you get or miss out on a good health insurance plan. Before deciding which insurance to sign-up with, ask yourself these questions:
- Who is the cover designed for? Is it for couples, singles, or families?
- What’s your budget? Does your income allow you to pay the medical insurance and other bills as well?
- Does it cater for extras? For example, if you have an eye problem requiring you to get prescribed eyeglasses. Will it pay for the glasses or the doctor-patient consultation only?
- Will the waiting period favor you or work against your advantage?
The answers to these questions depend on how honest you are about your health history. Should you lie or mislead your insurer, chances are you might not get the treatment you deserve. Before deciding which healthcare policy suits your medical needs consider these two factors:
1. Your budget
Terms and conditions of medical insurance vary from insurer to insurer. When considering buying an insurance product or service, first assess your budget to determine if you can afford the monthly premiums. As the future premiums keep getting higher, find out if your source of income will keep up with the premiums.
2. The coverage
Going for a cheap insurance plan seems practical until you realize that it can’t cover extensive healthcare benefits. As you keep aging, your health is likely to deteriorate or an emergency may occur. Insurance plans with expensive premiums might guarantee high-quality medical care. Again, you don’t want to strain your finances at the expense of your health, so it’s practical to get a balance.
The benefits of good health insurance plans
You need a good health insurance plan to protect you from bills that come with hospitalization and other medical costs. An unexpected injury or illness can empty out all your savings or retirement funds. Therefore, a good health insurance plan is necessary because:
1. It helps you avoid healthcare inflation
Healthcare inflation involves increasing the prices of medications and services by more than 3% each year. Inflation occurs due to technological advancement in medicine and medical research. Upon doing calculations on the amount healthcare institutions pump on these advancements, it’s easy to conclude that patients might have to dig deeper into their pockets to cater for these costs.
Healthcare coverage protects you from parting with so much money to make up for these costs. Provided your insurer has a good policy, consider yourself as one of the few lucky people to get the best healthcare services without breaking the bank.
2. Protects you financially if a catastrophic health event occurs
Like education policy covers your child’s school fees and other education-related expenses, healthcare insurance protects you financially if an unpredictable event occurs. Anything can happen to you like loss of employment or developing a medical condition that prevents you from earning your source of income, and that’s where a good education policy comes in handy.
Health insurance plans are designed not only to cater to your overall wellness care but also to protect you from out-of-pocket expenses. Medications for cancer and other chronic conditions cost more than $5,000 per month. Even if you rely on donor funds, you can never be sure if they’ll take you through chemotherapy until you get well.
3. They cater for specialist fees
Your general physician may refer you to a specialist for advanced treatment. For example, if you’ve been battling chronic back pain that doesn’t improve with medications, your doctor can refer you to an orthopedic doctor or surgeon to diagnose and treat your condition. In most cases, the consultation fees charged by a specialist may be higher than you can afford.
Fortunately, your health insurer can review and update your policy with your specialist to ensure you get quality-assuring care even if you need to schedule monthly checkups.
4. They cover the cost of drugs prescribed by the physician
Getting diagnosed with a particular medical condition should be the least of your worries. Your general physician may prescribe drugs to treat your condition. Some of these drugs can be very expensive, which is why getting good health insurance coverage to pay for them is vital. Depending on your insurer’s terms and conditions, sometimes you may be required to obtain the drugs from the healthcare facility’s pharmacy or a chemist approved by them.
Singaporean health insurance plans come with many perks, but it all boils down to which premium you can afford and if it will secure your family’s health in the next couple of years. Before you sign-up with any, ensure you read the terms and conditions to avoid unexpected out-of-pocket expenses. If it says, the waiting period is six months, find out if you have a backup plan before then. Most Singaporeans have benefited from doing their due diligence on the policy requirements before signing the deals.
