children's day!

Children's Day!!! (: happy children's day to all!

medical insurance will be the topic this morning. was just running through a medical insurance for a friend the other day. looking through the benefits, all seems well until the terms deductibles and co-insurance appeared!

i must say, medical insurance (e.g. HealthShield/ PruShield) are all very good and essential plans. why? 1st they can be paid by your medisave, 2nd it provides coverage for hospital bills!! and you know hospital bills nowadays just gets higher and higher.. no matter how much medisave you have, it might not be enough to pay for your hospital bills, instead, taking out a small percentage to get this medical insurance will really help in the long term.

back to my story.. hmm . oh ya deductibles and co-insurance.. for medisave paid medical insurance products, all comes with these 2 clauses, a deductible of about $1k to $3k and co-insurance of approximately 10%. What does this means? basically, for you will be liable to pay for the deductible amount or your complete hospital bill whichever is lower.

example. deductible is $1k. hospital bill is $800, thus you cannot claim insurance but instead would need to pay for the $800 completely.
but if your hospital bill is $2k, you would need to pay the deductible of $1k and the reminding $1k is claimable. THEN comes in the co-insurance part.

if the bills is higher than the deductible amount, you will also need to pay 10% of the amount reminding. taking back the same example above. after paying for deductible, you would still need to pay 10% of $1k = $100. Thus the actual insurance claim amount will be $900.

it is important that such clauses are made known to you. do not assume insurance is able to cover the full amount at any point of time. also some plans have a limit on the total claimable amount. do check. there are other insurance plans available with can be bought to cover the deductibles and co-insurance. that means you would basically need 2 plans, 1 bought using medisave to cover your main hospital bills and 2 bought using cash to cover for the deductible and co-insurance. if both plans are purchased, you can  be assure than you have your hospital bills covered COMPLETELY! (:

time to start the day! cheers! enjoy children's day to all the children out there!!