Do I need MEDICAL and LIVING INSURANCE ?
There is a saying,
“You rather have insurance when you don’t need it,
than when you need it and you do not have it.”
There is no surprise there are bound to be people who disbelieve. After all, formal education trains us to be logical and not emotional. It is until when unexpected events happen to people surrounding us then we start to question how prepared are we.
In view of many questions on whether medical or living insurance are necessary by the readers and for your preparation ahead of rainy days ; we have compiled 3 frequently asked questions to ease your concerns.
1. I have already got SOCSO, why do I need insurance?
SOCSO only covers mostly work-related incidents. If unfortunate events happen to you during your working hours, within your stipulated work activities or job description, and on the similar paths to and fro your work destination, then you stand a chance of getting your claims, BUT it is definitely way lesser than individual Insurance.
In addition, as a governmental nonprofit organization, SOCSO is undergoing all necessary thorough revamping because of severe financial stress due to high numbers of medical bought-out diabetics, the disabled compensation allowances and gratuities paid out to the payees. Will you like to wait for your employer to tell you how much you can claim and wait for answers when you need money the most ?
2. I’ve already got Group Insurance coverage, why do I need to get additional insurance ? A typical Group Insurance covers only Term Life Insurance, Personal Accidents, Limited Hospitalization and Surgery, as well as some Employee Outpatient Treatments.
Sound adequate right ? There are 3 underlying facts most employees are not aware.
a) In the event of claim, the moneys goes back to your employer, not direct to you as it is your employer who pays the premium.
b) Depend on the packages your employers have chosen, it may not be complete as suggested package above and most employees do not know the insurance benefits details until they need it..
c) When a employee hop from job to job, most employer will only cover the employee when he/she is confirmed on the job.
What does all the above mean??? It means when you are sick and when you are not confirmed on your job, you have NO insurance cover ! Also, with the limited medical insurance coverage, chances are it may not be adequate for a big claim and you still need to fork out the difference, probably through salary deduction !
3. I’ve already got a medical card for Hospitalization & Surgical Benefits covered, do I need Critical Illness or Trauma Insurance plan?
Hospitalization and Surgical Benefits cover the surgical treatment fees, nursing care, and hospitalization bills due to your genuine and necessary medical attention.
They do cover the pre-and post follow up treatment bills too. But in terms of other additional expenses that come together with diagnosis of critical illnesses, especially that of cancers (defined as uncontrolled growth of lumps that spreads and invasive), or strokes, no extra financial reliefs will be provided unless Critical Illness or Trauma Insurance Plans are purchased.
Why would you need that? Unwanted as it may, there are bound to be many unforeseen financial burdens forthcoming when a person is diagnosed with cancer or critical illness. These unforeseen expenses are not medical bills but the daily allowances and living expenditures that continue on despite your being out of work. There are 4 pains a patients have to go through – Psychological, Emotional, Physical and Financial Pain. While you going through Physical & Emotional pain ; LAST THING YOU WANT to concern about during this time of revival will be the psychological burdens and financial pain that drain you.
Remember, you DON’T WANT to work harder to pay off your medical bills and survival expenses when you are diagnosed with critical illness. Your focus by then should be to work on health revival.
“No man is poor because of the lack of money he has in his pockets, but Poor due to the lack of preparation & independence of his survival.”
