A wealthy friend of his, owned several properties in Singapore. And just a few years ago, she had cancer. This resulted in her having to go for multiple hospital treatments. Furthermore, she had to take pills and injections monthly which costs a few thousand dollars.
After two years, she had to liquidate her properties/assets in order to sustain her treatment. He mentioned that her biggest regret was not having that very insurance plan that could have protected her wealth in this unexpected situation of hers.
This story of his has caused me to reflect that a single illness can cause us to completely lose everything if we do not have anything to safeguard our wealth. We can have millions of dollars built up over the years through investments or working but it suddenly dawned on me that all these can be wiped out in a flash.
I realised the utmost importance of having this Insurance Plan that will protect our hard earned wealth. Having this realisation caused me to sit down and speak with Glen Ho to find out more about the Hospitalisation Insurance Plan. I believe that this article will be highly beneficial to our readers or anyone who hasn’t done anything to protect yourself.
Question: Why is this Insurance Plan the first ever insurance you should get?
Answer: Because as we go through the different stages in life, we may need to be hospitalised for various reasons. For example, whether it is for an accident, illness, old age, treatment and etc. If we have this plan, our hospitalisation expenses can be covered.
Also, this hospitalisation plan will protect your wealth and put your mind at ease should anything unexpected happens. Life is unpredictable and I have encountered a situation when someone had to pay $1.8 million for his hospital bill. He was in comma for 6months and was warded into ICU. Should he not have this hospitalisation plan, he would have to pay this massive hospital bill of $1.8 million. Even if you had a million dollars, it’ll be gone in a flash.
Question: What are the other benefits of this Hospitalisation Insurance Plan?
Answer: It can cover anything as long as you are hospitalised (accident, illness, treatment and etc.) It can cover cancer treatment like MRI, chemotherapy, radiotherapy, ambulance and many others. Generally, what you’ve spent when you get hospitalised.
Question: How much does it cover?
– It can cover up to 100% of the hospital bills
– Some hospitalisation plan will have an unlimited lifetime claim amount
Question: How much does this insurance plan cost?
– Starts from $15+ onwards per month and can be paid using our CPF Medisave account
– By paying from your Medisave you cover up to 90% of your hospitalsation bill
– To cover the remaining 10%, you’ll have to add something called a “RIDER” using cash.
– The “RIDER” cost starts from $15+ onwards per month depending on age
Question: Are there any limitations to the type of hospitals that this plan covers?
Answer: It depends on the type of plan that you take up.
Question: What will qualify for me to get reimbursed?
Answer: As long as you are hospitalised and your policy is active (still paying for the monthly dues).
Question: If I have this Hospitalisation Plan, does that mean I don’t have to pay anything upfront at the hospital?
Answer: Some plans have the option of allowing you to give letter of guarantee. By having this letter of guarantee, you will not need to pay any amount at the hospital (Letter of Guarantee needs to be applied before hand). For other plans, you’ll need to pay first before getting reimbursed.
Question: How fast can someone expect to be reimbursed?
Answer: It usually takes up to 8 weeks.
Question: Do I have to do any paper work in order to get reimbursed?
Answer: If you are warded, no paper work required as the hospitals currently communicates with the Insurance companies. However, if you are discharged from the hospital and should you go back for a medical review (usually up to 90 days after you’re being discharged), you’ll need to submit the paper work to your insurance agent or insurance company.
From this interview, you can clearly see the benefits of having such an insurance plan and what a single plan like this can help protect your financial future.
If you would like to find out more about this Hospitalisation and get in touch with Glen Ho, just fill up the form below.
About Glen Ho
He has helped out several individuals and families worry less in times of unexpected situations. His experience has allowed him to understand the needs of every individual. Therefore, he is able to re-evaluate and reconstruct anyone’s financial portfolio. He is able to either reduce the cost of insurance with the same coverage or maintain the same cost but increase in coverage.