June 21, 2009

Medical Insurance

Posted in investments, personal at 1:22 am by kimsan23

Some people have argued with me about the importance of buying medical insurance.  A number have declared that they are as healthy as bulls and don’t need this “additional expense” in their lives.

Medical insurance has helped me a lot in the past years.  Since I work in a high pressure type of environment with abnormal sleep hours, there were times when my asthma would bother me and I would have to go see a doctor.  I even got hospitalized before and I am thankful that I only paid P198…the bill was actually about 35k– but of course, the insurance covered it all.

Now that I am employed, my company takes care of my health insurance.  when I was a kid though, my parents bought insurance for us and it really went a long way.  Visits to the ER, dental appointments and even some procedures were done without us having to pay for much.

The advantage of  having health and accident insurance is really big and unfortunately will only be realized by a person when an emergency happens.  Of course, you need to pick a really good insurance provider. One that will really fit your needs.

I’m happy with my current provider, even my dad has been able to use the policy since he is one of my dependents.  I’m also able to help my brother, he’s the other dependent and is apparently only two years old!  Kids nowadays get sick of one thing or another and the coverage is really useful for him.

My insurance provider requirement checklist:

1. Covers long term conditions developed after buying the insurance.

2. Covers pre-existing illnesses.

3. Flexible payment terms.

4. Allows for adding dependents.

5. Covers a wide geographical area (great for frequent travelers)

6. The office is easy to contact specially when it’s an emergency case.  (One provider I had before even uses swipe card technology, so that hospitals don’t need to call to verify the card details).

7. Is accepted in many quality hospitals.

8. Covers out-patient  medication (This is rare, even my provider doesn’t do this.)

9. Covers testing procedures (An MRI is very expensive!  Covering it would save you 8k)

When you get a medical insurance provider, ask questions before you sign. Compare with other providers and find the one that will suite your lifestyle.  Make a list of possible concerns you might encounter and ask the provider about how they handle these situations.  Don’t scrimp on this investment, you’ll never know when you’ll need to use it.  You could save a lot of money on trips to the ER or regular check-ups.

Part of saving money is also preserving your health.  Health is wealth and if we stay healthy, we have the capacity to earn more.  An investment in health insurance can go a long way.


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