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: Should I get health check-ups first, or should I get insurance coverage 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.
If you’re deciding whether to get a health or life insurance plan first or 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. People consider early detection 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 they affect the coverage you plan to get, 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 want to consult a financial advisor to determine the basic necessary insurance you need based on your current lifestage, in case of hospitalization or loss of income. There is no one-size-fits-all plan; you’ll need planning and budgeting. I work with multiple insurers and will compare insurance plans for you while securing 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 feeling 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 specialty and skill knowledge – you’ll be surprised to learn that insurance can be personalized and flexible too! Rest assured, 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 serves informational purposes only and should not be relied upon as financial advice.
