How best to cover your Medical needs?

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Dennis Ng
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How best to cover your Medical needs?

Post by Dennis Ng »

a member asked us: "How should one best cover one?s medical needs?

A good way is to combine the following 3 to get maximum coverage while minimizing premiums:

Critical illness cover
Medical Insurance plan using CPF Medisave (can get up to $480,000 lifetime cover) Which has deductible and co-insurance to minimize premiums.
A low ?First dollar? Medical Insurance cover (to help cover the ?deductible? and ?co-insurance? in 2.)
How exactly to ?mix and match? these plans would be best advised by a competent advisor.

What is a Deductible?

Deductible is the minimum amount payable by you upfront (once in each policy year) that will be deducted from the total benefits claimable. Eg. if your medical bill is $10,000 and deductible is $2,500, means you have to pay the first $2,500, only the remaining amount would be claimable.

What is Co-Insurance?

The remaining amount is not payable in full by the Insurer as there is a ?co-insurance? feature. Eg. co-insurance of 15% in above example means of the remaining $7,500, 15% of $7,500 or $1,125 is payable by you. Total bill payable by you is $2,500 plus $1,125 or $3,625 or 36%.


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