Hospitalisation and surgery (H&S) insurance coverage is a must have for everyone. What might not be perceived as a must have is the rider that is usually offered and one possible reason is that this is an out of pocket item which means that we cannot use our Medisave savings to pay for it.
However, I am quite happy to pay for the rider and will encourage anyone who can afford the rider to get it. Early last year, I shared that:
"So, it means that I only have to pay 10% of my total medical bills if I were to be hospitalised and this 10% has an annual cap of $3,000 in my case. So, if my hospitalisation and related bills were to total more than $30,000 in any year, I would still pay a maximum of only $3,000."
Hospitalisation bills could turn out to be quite burdensome. Knowing that I have only got to pay $3,000 even if my bills should exceed $30,000 in any one year gives me peace of mind.
The rider costs more as we age but don't let that dissuade us from having it because the rider will become even more important as we age. Why?
The chances of being hospitalised and of being hospitalised for many more days per visit will only go up as we age. This is quite natural. So, naturally, we should keep the rider. Simple.
So, in the case of my mom, I told her I will pay for her H&S rider if she cannot afford it. I would rather pay for the H&S rider and also the maximum of $3,000 annually in case of hospitalisation than to pay the regular deductible and co-insurance with each stay in a hospital for her. There is no way of telling how much these might cost on a per visit and per year basis but with the H&S rider, I know how much I should be prepared to pay every year.
If only risk management was always so easy.
Get ourselves and our loved ones insured well and we will not have to fear big hospitalisation bills that will one day come to us. This is simple enough to understand. So, for those of you who have yet to act on this, there is no time to lose.
Of course, I understand that it is a pain having to pay for anything. It would be wonderful if everything in this world was free but that would remain a dream. So, we work so hard to make money only to see the money going to pay for all the expenses in life? I know the feeling. Ouch.
Well, it would be less painful if the money used to pay for all the expenses in life were money that we did not work so hard to make. Huh? Well, what if it were money that was made by money that we worked hard to make? OK, I am sure you get the idea now.
Make some money that will help us spend less money especially on necessities in life. H&S and the rider are two such necessities.
Related posts:
1. How to get free medical insurance?
2. Enhanced Incomeshield for my mom.