What Happens If I Stop Paying My Health Insurance Premium – Whether you work for a multinational company, work for a start-up, or run your own business, most of us work for one important reason – to support our families.
While we try our best to climb the corporate ladder to provide a comfortable life to our family, we also need to do other things apart from our monthly salary to secure the financial future of our family.
What Happens If I Stop Paying My Health Insurance Premium
Growing up, we were repeatedly reminded of the importance of saving for a rainy day. The idea is that you have enough savings that you can rely on in case of immediate need, without having to borrow from anyone or take a loan from the bank.
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One of the first things you should do is save at least six months of your family’s average monthly expenses. If your family spends about $3,000 per month, you should have at least $18,000 in savings.
If you’re worried that six months of spending isn’t enough, consider expanding it to nine months or even a year of savings. This will leave you with a substantial amount of reserves if you’re out of work for a while or have to pay an unexpected bill.
Health care costs in Singapore can be expensive and a sudden illness can quickly deplete your savings. Make sure you and your family members are covered with adequate health insurance to cover unexpected health expenses.
First, you should consider getting a separate integrated shield plan like HealthShield Gold Max. It covers hospitalization and treatment expenses, giving you and your loved ones peace of mind that your family will not be burdened with huge hospitalization bills.
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Apart from your hospitalization bills, you may also have additional health-related expenses. This may involve other treatments outside the hospital, or you may need to take time off work to recover. In such cases, a critical illness protection plan becomes important as it gives you financial benefits.
While health insurance can cover your medical expenses, you should also consider covering the long-term needs of your family in the event you are not around.
In the absence of your financial support, you need to calculate the amount required for your family. Some things you should consider include how much credit you currently have, how many children you have, whether or not your spouse works, and your current monthly living expenses.
Many people do not consider the additional expenses of the surviving spouse to care for the family. For example, a domestic helper may need to help with household chores or the surviving spouse may need to take time off from work. This costs extra money and requires careful consideration beforehand.
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Last but not least, you must ensure that the assets you leave behind or the insurance policy you purchase reach the rightful beneficiaries.
This can sometimes be more complicated than we expect, especially if you are caring for children and parents. For example, in the absence of a will, all your assets are automatically distributed under Singapore’s Intestate Inheritance Act. This means that your surviving spouse and children will inherit all of your property and your parents will be left with nothing, even if you want to leave them a portion of your estate to take care of them in old age.
It is important to understand how your assets will be distributed in your absence and make sure you have a valid will if you do not want to fall foul of probate law.
These are the action plans you should consider and take into account today to secure your family’s financial future. This way, you will have peace of mind knowing that you have secured their future.
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HealthShield Gold Max Medisave approved integrated shield plan includes MediShield Life and private insurance for treatment in a private or public hospital.
Return premium on top of Critical Illness (CI) and Recurrence outside Critical Care and Mental Illness cover.
Absolute Critical Cover covers multi-stage critical illness, chronic, age-related and future co-morbidities and potential cash value.
There seems to be an error with the app link! Contact your financial services advisor/insurance representative for the correct link. Would you buy groceries without knowing the price before making dinner? The irony is that this is what the healthcare industry expects of any patient. It is very difficult to read and understand the inclusions and exclusions of any health insurance policy. However, skipping these points in the documentation can result in a big fat bill at the end of the treatment, only a portion of which is covered by insurance.
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What are permanent features? The Insurance Regulatory and Development Authority of India (IRDAI) has listed several permanent exclusions from all plans, including sexually transmitted diseases (STDs), dental treatments, birth control/reproductive procedures, hormone replacement therapy, intentional self-harm and War involves injuries. , Because of this, the treatment is never covered by insurance. What about waiting period? No treatment except accidental injury is covered during the first 30 days of policy purchase. Certain medical illnesses and conditions are excluded from your insurance for a waiting period of 2-4 years.
For example, if you buy an ICICI or Max Bupa health policy in 2019, you will have to renew your policy for 2 consecutive years, after which your renal dialysis will be covered. This is considered an exception if you have been in an accident and need emergency treatment. What You Might Not Know About Temporary Exclusion Lists Temporary exclusion lists are common in many different health insurance plans.
1. Pre-existing Medical Conditions – Diagnosis of cancer before purchasing this policy. If your current medical condition/treatment is diabetes, cholesterol or high blood pressure, you will have to pay from your pocket.
A medical finance coordinator is currently helping end-stage liver disease patients find different ways to finance: “Cirrhosis from non-alcoholic fatty liver disease can run in the family. So if your mother or grandmother had it, If you ever had it, it’s possible for you to develop it too. Many people have cholesterol or when you have fatty liver, you don’t know about it. Not disclosing this history could affect your claim. “Out of the 500 cases I have seen, only 3 have been able to achieve a total liver transplant. Treatment is expensive, and the best plan is treatment. Buy the policy with the highest premium,” he said.
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Lifestyle Diseases – It is important to note that you cannot claim insurance for any diseases caused by alcohol/smoking/drug addiction. Interestingly, some insurers investigate the reason for the claim to be confirmed.
“Sometimes complaints are dismissed by saying that the disease was caused by drinking alcohol or smoking. If you disagree, you can start a dispute. The reasons for such refusal should be determined, ” A.S. They say. Narayanan, CEO of health insurance startup MacExtra, told The Economic Times. Commenting on this, a claims manager at a Bangalore-based health insurance company said, “When such disputes come up, the team keeps an eye on the patient’s life, social media to support our cause. Suppose you are in a photo. If you have a drink in your hand, this will serve as evidence. When you buy a policy, you agree to the rules, and even drinking a glass of wine is a violation of that rule.”
Consumables and non-medical – IRDA has listed non-medical items that are exempted including shampoo, powder, slippers, bed covers, sterile gowns and even bandages. Click here for list of non-payable items.
Mental or psychosomatic disorders – Treatment does not require hospitalization. The current scope of health insurance in India does not really cover this. However, IRDA issued a circular in August 2018 asking insurers to equate mental illness with physical illness.
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The claims manager said, “This means there will be no discrimination. As far as claims are concerned, the situation is the same. Even mental illness can be caused by alcohol or drug addiction. So Many claims may be rejected on these grounds.” He asked not to be named due to the sensitivity of his work.
Treatment outside India – Years ago people used to go abroad to get treatment for rare diseases. Now, even after India has become a medical tourism hotspot, high-net-worth individuals continue to travel abroad for treatment because they can afford it and do not trust India’s health care system. As a result, all except three insurers (Cigna TTK, Max Bupa and
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