SINGAPORE - It is a certainty that health deteriorates with age. Alongside that, with the probability of a prolonged hospital stay, comes its cost. For these reasons, health insurance is a must in financial planning.
There are, however, several types of health cover in the market, which may be confusing. It is essential to examine your needs and know what you are buying, so you do not duplicate what you already have.
It is also important to read policy contracts, including the fine print, so that you are aware of the circumstances under which you may or may not be able to make a claim.
Depending on the type of cover, health insurance broadly provides a financial benefit to plug the drain on your financial resources that illnesses can cause. This benefit can be triggered by surgery or hospitalisation, a critical illness or incapacitation that comes with old age.
This piece focuses on individual, portable health plans, rather than the group cover typically provided by companies to their staff.