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5 Tips in Getting Health Insurance

Health insurance is tricky but it is a necessity. You need to understand what exactly you’re paying for and why you are paying for it. That being said you should be open to the different kinds of coverage and what they offer because you want to be prepared for the unexpected.

Health Care - 5 Tips in Getting Health Insurance

The beauty about getting health insurance especially in Singapore is that it has a very wide range of health insurance choices based on what you need and how much you can afford. It was once medishield offering the locals the coverage they need so that when the time comes hospital bills won’t put too much of a strain on their finances. Now, there are private companies that are able to provide these benefits as well.

Forget About All the Misconceptions

There are a few misconceptions that people have that make them hesitant in acquiring a more comprehensive insurance plan. There are those who are satisfied with their Medishield plan when they don’t realize that as good as the Medishield plan is there are limitations to their coverage. Integrated shield plans cover your pre-hospitalization and post-hospitalization costs as Medishield does not. And with a Medishield coverage even if your bill may be lower you will still need to pay for a significant amount depending on your condition and treatments.

Do Not Settle for Employer Coverage

There are those who see the importance of having a more comprehensive health insurance plan and look to their employers to provide this. The problem here is that even if you are covered, you may start holding on to a job for the sake of this coverage. This type of coverage does not help you in the long term because in the event you do lose your job you will lose this coverage too and you’ll be back at square one.

Choose A Plan That Covers what will likely Happen

Most people when purchasing a health insurance plan will look at the perks, on the premium wards and other non-essentials. What you need to keep in mind when selecting a plan is finding the plan that you can afford and will cover you appropriately. Those premium plans will cover you quite well but you will still need to cover some of the bill and at that time think of your budget. Also, there are plans that offer everything you need at a reasonable price, prioritize what you need versus what you want.

Look Out for Hidden Exclusions

There are exclusions that if not understood well may lead you to pay more than you expected. The exclusion that many face is of pre-existing conditions. Your condition when applying for health insurance takes note of your current state and condition and adjusts costs to that. If you do not understand what these are well enough you may end up with a bigger payable. You can pay the additional charge for these conditions but it’s best to assess whether taking care of the cost yourself is a more budget friendly solution.

Understand Your Needs

The needs of a child may be different with the needs of an adult. You have to keep this in mind when selecting what type of coverage, you will apply for yourself or your kids. People engage in different activities, are exposed to different environments and because of that they are open to different risks. These are a few factors that carry heavy weight in what you want to be covered in your health plan.

Health insurance should be in the top of anyone’s list of things to get once you have the means for it. People in Singapore sometimes look for rooms for rent or for sale when they finally have a stable income, when they should be looking to invest in health insurance.


About the author:

Katrina is your average gal living inside the metro who has passion for writing, travel and photography. She admires nature at its finest and always wanted to become one of them. Dreaming to have the Cinderella life one day, humming with the birds, dancing with the clouds.

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