Prevents you and your family from suffering a financial loss as a result of an accident, illness or disability.
Provides an income while you are disabled or in hospital, or covers the cost of your medical or nursing care.
Do note that some health insurance policies are short term, i.e. they may cover you for only a limited period.
An excellent example to simulate
The money sense-Singapore polytechnic institute for between Singapore polytechnic and money sense, a national financial education programme for Singapore.
– Free and unbiased
– Financial education
– Core financial capabilities (money sense)
Health insurance prevents you and your family from suffering a financial loss as a result of an accident, illness or disability.
There are different types of health insurance policies to help you and your family cope with expenses during these times. Some policies provide cash to help make up for income loss while you are disabled or hospitalized. Other policies help cover the cost of medical treatment or nursing care.
Do note that some health insurance policies are short term, i.e. they may cover you for only a limited period. Do check that your product covers the duration that you need. If you buy a short-term policy, check whether there is guaranteed renewability if this is important to you.
Why you should get health insurance while you are still young and healthy.
because If you apply for insurance after you have developed some health conditions, the insurer may exclude those conditions from coverage.
Most policies also have a last entry age after which you will not be able to apply for coverage. They may also charge a higher premium if you have health conditions or decline your application totally.
Basic health insurance schemes
Understand various types of health insurance and the basic common terms used.
Assess if you need more health insurance coverage and what the considerations are.
– Understanding health insurance
– Type of health insurance and CPF schemes
– Assessing insurance needs and selecting insurance
Insurance is a waste of money?
40 years of his MediSave wiped out in 3 months source: $300.000 medical bill with no medical insurance coverage.
What is insurance?
paying a small amount (premium) to an insurer to protect you against large-scale financial loss due to an unfortunate event.
Categories of insurance