Going for health screenings may help detect abnormalities or possible medical conditions, depending on the types of tests and health screening packages you sign up for. How can buying insurance help with costs? The plans and coverage protect against possible uncertainties, which are usually the hefty medical bills that incur, especially in Singapore.
Many clients have asked the same question: Should I go for health check-ups first, or get myself covered with insurance first?
By standing in the shoes of my clients, this is my honest advice:
My perspective may not echo that of many medical professionals and financial advisors, but that’s because I have to imagine the worst-case scenario for my clients. Like many of them, I am also a parent with children and aged parents to care for, managing a string of responsibilities as an individual.
So, if you are deciding whether to get that health or life insurance plan first or to go for health screening, here’s my take: Get covered with the necessary insurance you need first, such as hospitalisation and critical illness coverage.
Naturally, most people do not wish to have any health issues detected during the screening. Early detection is considered a preventive measure.
Most clients are unaware that their insurance coverage can be imposed with exclusions or premium loading when medical conditions are present. In turn, this affects the coverage that they initially wanted.
Imagine this situation: Through your health screening results, doctors identified an abnormal growth such as polyps or cysts, or one of the common diagnosis such as high cholesterol, high blood pressure or high blood sugar (glucose) level. These may seem minor, but it does affect the coverage you may plan to get covered for, depending on individual insurers’ risk appetite. Hence, the insurance company may pose an exclusion or a premium loading on the policy you wish to get.
Depending on the severity of the diagnosis, you may need to work out an estimated cost for surgery, treatments, medication, hospitalisation and possibly loss of work.
You may wish to speak to a financial advisor about the basic necessary insurance that you need to get covered first based on your current Lifestage, in case of a hospitalisation stay or a loss of income. There is no one size fits all plan; planning and budgeting are needed. I work with multiple insurers; hence comparison of insurance plans will be done for you, while I get the best budget and underwriting outcomes for your needs. If you would like to seek a second opinion, you can always reach out to me.
The truth of the matter is: Any known medical conditions will attract loading or exclusions subjected to underwriting assessments.
I think the answer is pretty clear now.
Likewise, if you are a pregnant mum or your wife is expecting, getting the right maternity insurance plan help protect against possible complications and costs. Every Lifestage has varying needs and concerns – get the right insurance plans for yourself and your loved ones.
What is the Difference Between Life and Health Insurance?
Both types of insurance plans may sound similar, however, they work differently.
Health insurance includes hospital and critical illnesses needs, taking care of medical treatments, drugs, and certain check-ups for you and others covered under your health insurance plan.
On the other hand, life insurance hands out a fixed lump sum (also known as sum assured) to replace the income stream of the insured to your family/nominated beneficiaries should you pass on.
Some parents use their children’s ang bao money to reap further benefits, and one of the ways is to get life and health insurance for their kids.
Special perks for health screening or an appointment with a specialist: Booking a health check-up, or looking for a specialist for a specific condition? Click here for the medical partners that I work with and enjoy some exclusive rates.
Are you confused by the different insurance plans in Singapore? Insurance policies are “as is”, but the right financial advisor understands what you need and can customise plans accordingly. Evidently, this requires a different level of speciality and skill knowledge – you will be surprised to know that insurance can be personalised and flexible too! Take comfort that I’m just a phone call or text away to share my knowledge and experience as a mother and financial advisor. Feel free to contact me for a complimentary consultation.
The statements or opinion expressed in this article are my own. The information is purely for information purposes and should not be relied upon as financial advice.
One Response