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Medical Insurance

>> Thursday, September 3, 2009

Some things to take note of when applying for Medishield or the private integrated shield plans:

  1. Pre-existing conditions are automatically excluded. At the point of claim, if the doctor reports that the condition started a one year ago (although unknown to you than) but you applied for the medical insurance six months ago, then it will not be covered.
  2. There are situations whereby an insurer will reject your application. This need not be serious conditions like cancer, but conditions like high blood pressure, high cholesterol, obesity, gout, previous surgeries, etc will all be taken into consideration.
  3. If you are aware of a medical condition but fail to disclose it in your application, the insurer can choose to amend your policy to exclude that condition or in the worse case void your policy.
  4. Switching plans should be avoided as it will be subjected to the new insurer's approval (medical underwriting applies).
  5. Premiums will increase based on age.
Therefore, it is important to apply for coverage immediately if you are not currently covered. Be honest in your disclosure and select the most suitable plan for the long term taking into consideration your affordability.

Even if you are covered under your employer. There is no guaranteed that you will continue to be in good health to apply when you are no longer employed.

Do not procrastinate and play dice with your own financial security for medical coverage.

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