HealthCare Plans

Health medical costs are almost a certainty during retirement. The problem is that they are rather difficult to budget for and as such, it is important to consult a doctor to determine one's state of health. Private health insurance should be considered on top of the national healthcare schemes, Medisave and MediShield. This is because such schemes do not reimburse in full one's medical expenses and there are restrictions on the type of medical treatments that are reimbursable. From a budgeting perspective, it is important to gauge the potential medical costs that might prevail at that point in time and know exactly the balance in your Medisave account in order to manage costs associated with health care needs that might arise later.

Know Your HealthCare Plan Well

It is important to know your health insurance plan well. It definitely does not make sense to get double cover when you can only claim from one policy. Most policies stipulate that you can only use one insurance policy even if you have two policies unless otherwise stipulated.

Knowing your coverage can save you a lot of headaches. The cost of good medical treatment has gone up dramatically and thus healthcare insurance has become one of the most important types of insurance for the individual. Such good cover of course does not come cheap especially when you want a high or even unlimited cover.

Good policies should come with little or no restrictions on hospital accommodation, types of treatment and choice of doctor or hospital. Most private insurance policies are designed to pay for acute illnesses, where treatment has a reasonable chance of bringing patients back to health. Thus you should check the fine print and the details of the policy document very carefully. Prints to note include:

• What illnesses are covered by the policy?
• Are there restrictions on choice of wards in hospitals, doctors and other options?
• What are the deductibles, co-payment ratios, stop-loss provisions and maximum payment benefit?
• What are the conditions that are not covered?
• To what age limit does the policy stay in force?
• Is the policy guaranteed non-cancellable or renewable after the term expires?
• What are the internal limits on the amount of your claim on hospital room and surgical fees, etc?
• Check for pre-existing condition clauses. This means the policy may exclude coverage for any physical or mental conditions that you had at the time you bought the policy.

Medical fees are increasing too. It is important to protect our lives with affordable health insurance. Life insurers pay death benefits to beneficiaries upon the death of the insured. Death benefits cover funeral expenses and provide regular income to the surviving dependents of the deceased. Life insurers also pay to the insured living benefits such as medical benefits and disability benefits upon the insured falling sick or becoming disabled. Medical benefits help the insured defray medical bills and disability benefits provide income during periods of disability. Further, life insurers also sell annuities aimed at providing regular income to retirees throughout their lives.