The Importance of Medical Insurance


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A medical policy is an essential product to be considered in managing risk in lives. Anyone can be a victim of critical illness/dread disease and it can happen at the most unexpected time and the person can be in deep trouble, not knowing what to do and whether something can be done about it and if so, how much it will cost.

More and more people are seeking treatment and care from private hospitals and the rising medical expenses is of utmost concern to these patients and their families. It is a known fact that hospitalization and surgical costs have risen tremendously throughout the years. Medicare costs do not only involve medication but also a host of other related services/equipment such as surgery, diagnostic tests, physiotherapy, purchase or rental of medical equipment, ambulance services etc.

These can exhaust a person’s savings or retirement fund in no time at all, depending on how costly it is for that particular need. It is well beyond many people to obtain a large sum of money for surgery, hospitalization and medical attention, of which they might resort to “charity” that could be the most uncomfortable and undignified way. Therefore, it is of utmost concern for every one to realize the importance of medical insurance not only to assume their risk and to protect them against financial burden and even poverty, but to also preserve and maintain their current lifestyle.

A look at the family medical history may be good as some diseases may be inherited. Early action taken to apply for coverage will be recommended as the premiums will be lower and before his health deteriorates so as to render the applicant uninsurable.

If you are under employment, it is always advisable to check with your company whether your group insurance policy covers for critical illnesses, medical as well as hospital and surgical, and how comprehensive their coverage are, especially in cases where one has no other insurance policies.

Medical Insurance is one of the numerous insurance policies that cater for different type of risks and insurable interests. Should any unfortunate event occur, the financial benefits derived from the policy would definitely be more than adequately compensate the premiums paid. It is best to transfer the risk to an insurance company who has the capability to assume the risk. One can still retain a portion or whole of the risk if the probability of certain risk happening is remote. One has to assess the situation and not fall in the trap of “Penny wise, Pound foolish". By neglecting or saving on purchasing a medical insurance policy, one is left exposed to high probability of risks occurring resulting in a financial loss that can be substantial.

YS Koh is an independent Certified Financial Planner and a licensed financial investment broker by practice. She writes often and provides insights and viewpoints for her blog “Life Insurance Information Portal" ( )

This Life Insurance Information Portal is designed to provide you with unbiased information and useful tips, free from


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