Be Financially Protected when a Critical Illness Strike
When you are diagnosed with a critical illness, this insurance plan can provide a lump sum to help you afford the treatment costs and other costs related to your recovery.
If you are thinking that you are still young and you might skip getting a critical illness insurance plan, you need to check the data. A study has shown that there is a growing claim of critical illness on young adults from 31-40 years old and these implies that they are at risk of getting this type of critical illnesses.
Based on the National Registry of Diseases Office about 1 out of 4-5 Singaporeans may develop cancer in their lifetime. Also, data shows that breast cancer is among the top 3 cancers that may develop among women while 1 out 7 men have prostate cancer. These types of illnesses are rising sharply.
If that is a sad thing to hear, the good thing is that survival rates are higher with early detection and better treatments. Therefore to help financially afloat or have financial confidence, critical illness insurance is a must-have.
Covers the Shortfall of MediSave, MediShield Life, and Regular Health Insurance Plan
If you’re thinking that MediSave and MediShield Life Coverage from the government insurance plan can help you with a critical illness, the sad is that it has limitations. This is the same thing that goes with a regular health insurance plan.
If you are thinking that it is enough just to take a regular health insurance plan, the sad thing is that the regular health plans have limitations. It does not cover all your hospitalization expenses, especially when a serious illness strikes.
Your hospitalisation fees may vary and when you choose greater than a B2 or C ward, MediSave can’t cover it, you’ll have to pay for it. Also, MediShield Life can help you to stay longer in the hospital, however, it will just cover a part of the bill, in order to balance, a withdrawal from your savings or Medisave account is needed.
The same goes for a regular health insurance plan, it can’t cover all the costs related to your critical illness treatment and recovery costs. To prepare for your treatment and take the full recovery, a critical illness insurance plan is a must-have.