What to ask before buying health insurance

What to ask before buying health insurance

Your FA representative or insurance agent is prepared to answer your questions. Even the tough ones. So arm yourself with a list of questions to clarify anything you want to know about the product.

Ask yourself first

• How much insurance coverage do you need, in addition to what you have under MediShield Life?

• Are you already covered for the same thing under another health insurance policy?

• If you are covered as part of your employment benefits, what happens if you leave your job?

• How much insurance should you buy if you have financial constraints? Does the upgrade justify the costs, including the out-of-pocket expenses?

• Can you afford the premiums over the long term? Health insurance premiums go up with age.

Tip: Assess whether your health insurance aligns with your needs, and make informed decisions about your coverage using the Health Insurance Planner.

8 questions to ask your FA representative

1. I already have MediShield Life and/or CareShield Life. What kind of health insurance policy do you recommend and why?

2. What will the policy cover? What kind of benefits does it have and how will these meet my needs?

3. What limitations, exclusions, deductibles and co-insurance, claim or benefit limits, waiting or deferred periods, will apply? What kind of conditions, treatments, or expenses are not covered? How much will I have to pay for these?

4. How much does the health insurance cost? How often will the premium be charged? Will it be a fixed amount or can the insurance company change the premiums yearly?

5. Will my policy be renewed automatically? What is the penalty if I don't pay my premiums on time?

6. When, or under what circumstances, will my health insurance policy end?

7. How will my future premiums or my policy be affected after I have made a claim? What do I do if I have exceeded the claim limits?

8. What happens if my financial needs or personal circumstances change, e.g. if I'm retrenched or if I choose to retire early? What options are there for me?

Tip: If you're uncomfortable with the recommendation or want to know what else is available, ask your insurance agent or FA representative. You should also shop around to see what other insurers are offering and then compare the different plans.