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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