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Health Insurance

Understanding Your Private Health/Medical Insurance Scheme

For the last few days, there have been quite a few Clients who have been asking me about the idea of getting a Private Health Insurance Plan and if it’s feasible to do so.

I appreciate their interest in getting a health insurance plan and as I have shared in my previous post on the basic fundamentals of Financial Planning – getting a health insurance plan is a must-must to take care of huge medical bills, on top of a Critical Illness Protection Plan.

Why Is A Health/Medical Insurance Scheme So Important?

To put in simple terms to understand, if there’s a hospital bill of $100,000 today right in front of you, would you

  • Want to take care of this bill 100% on your own accord or
  • Split this bill among your family members (in equal shares and hurt each other feelings…) or
  • Have a Health Insurance Plan that require you to pay out only $12,700 (assuming $3,000 deductible and 10% co-insurance) and have the rest of $87,300 taken care of by the Plan?

If I am you, I would rather have a Health Insurance Plan to take care and even if I do have to split the $12,700 among my family members, it’s easier to do so now!

But Hey Hold On… Does This Medical Bill Of $100,000 Really Exist?

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You Are Unhealthy For Your Insurance… What Happen Now? Part 2 of 2

In the last post, I have written the type of loading and exclusion you may be getting if you have health issues like Weight Problem, High Blood Pressure and High Cholesterol Levels. I have also written some simple guide to help you to ace (sort of…) the medical checks so that you can get the insurance coverage you need.

How are you finding it? Good? Useful?

If you have not read it, this is the link again and hope that you will find it to your benefit >> You Are Unhealthy For Your Insurance… What Happen Now? Part 1 of 2

And in this concluding post, I will be giving you a few more scenarios and also a simple guide to help ace that medical check. Enjoy…

What Happen When You Are Unhealthy For Your Insurance (Part 2 of 2)

Read More »You Are Unhealthy For Your Insurance… What Happen Now? Part 2 of 2

You Are Unhealthy For Your Insurance… What Happen Now? Part 1 of 2

Congratulations on making that “big” decision to purchase your life and health insurance (after much budgeting and persuasion)!

But… You have became unhealthy for the application so what may happen…

After 4 years of being in this industry, I have came across a wide range of clients who have such health issues, and as their servicing agent, sometimes, its my duty and obligation to help negotiate for better terms so that they can go ahead and get the coverage needed!

Anyway the purpose of this post is not to comment on the negotiations that I have gone through (if you like to know for your own purposes, you can comment here and I will put up on the next post) but to let you have a rough feel that if you have became unhealthy, what will normally happen to your life insurance application when you really need to get one.

And if there is a need to go for a medical check, I will be offering a short guide on how to ace (not really 100% effective) the checks.

What Happen When You Are Unhealthy For Your Insurance (Part 1 of 2)

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Financial Planning Tip #4: Settle Your Basic Financial Planning

Financial Planning Tip #4 is to settle your basic Financial Planning needs before even talking about specialist financial services like taxation advice and investment management.

What Are Your Basic Financial Planning Needs?

If you do not know what they are and their priority, there is a simple model for you to remember, as you can refer to the picture below:

Financial Planning is like building a house
Financial Planning is like building a house

So how can you refer to the simple house model above?

Below any of your dream house can be built, you have to have the foundation set up first. So in this case, it will be in terms of your planning for your

  1. Life Protection for Critical Illness and Disability
  2. Health Insurance for huge Medical Bills

Why are they important?

Before you can have your luxurious interior design, furniture and such, you have to set up the foundation, the whole structure of the house, the fixtures and fittings first. These are of the highest importance to ensure the stability of the house. The initial cost for setting up these are high and you have to set aside huge amount of commitment before you get to enjoy the rest of the house later.

Therefore the same principle applies to Life Protection and Health Insurance. These two areas are of the highest importance. You can have the highest paid job or the most rewarding business but you have to be physically alive and healthy in order to enjoy all the benefits (moving up the scale to retirement, savings, dreams & ambitions and achievements).

Your Health Has An Impact On Your Financial Planning

Read More »Financial Planning Tip #4: Settle Your Basic Financial Planning