Medical insurance

Medical insurance

Even though there are things we can do to help maintain good health - by eating right, exercising, etc. Health problems may still arise outside our control such as accidents or illness. Medical insurance can help reduce the financial burden you might incur as medical expenses can be expensive.


Common types of coverage

There are medical insurance policies for individuals and families. While the coverage varies from a policy to another, the following shows some common options:

  • Inpatient Plan covers the costs of staying in a hospital and operations including room, surgeries, nursing charges, laboratory tests, specialists' fees, etc.
  • Hospital Cash Plan offers a fixed cash benefit for every single day you stay in a hospital
  • Outpatient Plan covers the costs of consultation, medicines, laboratory treatment or diagnostic charges when you visit a general practitioner or a specialist

A monetary limit is usually placed on each item, and an overall limit per year or per hospitalisation may also be imposed.

Some people may wish to purchase a plan that covers everything - which is called 'total coverage'. The more a plan covers, typically the more it will cost. The premiums for a medical insurance plan will also be determined by factors such as your age, sex and health condition.


Common exclusions

Medical insurance mostly does not cover everything, so you need to read your policy carefully to make sure it covers what you need. Some common exclusions are:

  • Pre-existing conditions and congenital abnormalities
  • Pregnancy and fertility/infertility treatment
  • Cosmetic surgery or treatment
  • Routine medical examinations such as checkups
  • Dental treatment
  • Injuries arising from anti-social activities (eg drug addiction and alcoholism) or engaging in dangerous activities (eg certain sports)
  • Exceptional medical therapy such as treatment of mental disorders
  • War and insurrection
  • Illegal acts

Policy renewal

Most medical insurance are on a yearly renewable basis up to a certain age or even life-long.