Medical Care Planning
- Post by Super User
- In Great Eastern Life Assurance
- On 28 September 2012
- Hits: 2767
IN OUR MODERN SOCIETY, critical illnesses such as cancer, stroke, kidney failure, heart diseases are very common now. Unexpected increasing healthcare costs for hospital treatment can cut sharply into family savings.
"Sickness before death is almost a certainty. Wouldn’t you agree?"
We want to stay healthy always. But we can’t be certain that we will enjoy good health for life. What we can do is prepares for the uncertainty. In medical care planning, there are always 2 major products involved:
- Medical Card
- 36 critical illness or dread decease coverage.
Medical Card is needed when someone is admitted into hospital. Meanwhile the critical illness coverage is the plan that will pay you a lump sum of cash upon diagnosis of a critical illness, allowing you to settle your mortgages and loans while helping you and your loved ones to maintain your current standard of living.
But sadly the importance of critical illness protection is often overlooked or under insured.
As treatments for critical illnesses often involve lengthy periods and palliative costs, many survivors with no critical illness protection turn to alternatives sources to generate funds.
If you you’re working, you may already have broad coverage from your employer, especially in the public sector. The coverage for employees in the private sector varies, from substantial protection to none at all. Some plans cover your spouse and children; many do not. Some plans may only pay up to a certain limit each year. Your benefits may depend on your position in the company. Many smaller businesses don’t provide coverage. Most employers do not provide adequate cover, especially for serious illnesses.
Some members of the Employees Provident Fund (EPF), for instance, will use their retirement funds to finance their rising medical bills. Under the EPF health withdrawal scheme, members are actually allowed to pay for their medical bills, as well as the allowed family members’ medical costs through the funds available in their Account 2.
But what many fail to bear in mind is that dipping into retirement funds will only put current and future financial needs in jeopardy. The money from the EPF may be their last source of funding, when there are no other options, to keep them going during the terminal stages.
To avoid such financial woes, it is highly advised to make smart decisions when it comes to your medical cost. You could get yourself insured way before the diagnosis of any critical illness, or review existing insurance policies and see if there is sufficient coverage for critical illnesses as such.
After all, there’s nothing more important than security that allows you and your loved ones access to financial certainty at heavily critical moments in life.
GUARD YOUR FAMILY AGAINST UNEXPECTED MEDICAL COSTS
Medical Expenses can put a damper on your future plans and current quality of life. Make sure you are prepared with pre-emptive protection to relieve yourself of the financial challenges that come with being diagnosed with a life-threatening condition.
