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<Prudent Strategies in Taking Out Medical Insurance> pdf (Chinese Version only)
Seven basic "must-knows" when taking out medical insurance
Adequate cover is the most important
You should estimate the protection amount you need according to the medical service level you are accustomed to, for example, choice of doctors and charges for different classes of rooms in a hospital. The wider the scope of cover, the higher the premium will usually be.
To simplify the underwriting approval procedure, insurers usually request applicants to factually disclose their medical history in the proposal forms; whereas depending on different circumstances, some insurers will request respective applicants to undergo medical check-ups for underwriting purpose and assessment. It should be noted that if the insurance company is willing to provide medical cover after medical check-up, but the applicant does not want to accept the cover, then he may need to bear the fee for medical check-up.
Maximum age for new policies and renewals
There is generally an age limit formedical insuance application and renewal. The maximum age is mostly 65 for new applications and can be renewed up to 75, Since people are living longer, some insurance companies may guarantee renewal up to 100 years old subject to increase in premium with age.
Do not forget about the "waiting period"
Some medical insurance policies have a “waiting period” which means that no indemnity will be paid for medical expenses incurred due to sickness within a certain period of time after the inception of the policies (from 14 days to one year as appropriate). However, medical expenses incurred due to injury resulting from accident are not subject to this restriction.
Read carefully the policy terms and conditions
The scope of cover of all policies is based upon the terms and conditions stipulated in the policy. For example, under what circumstances will policyholders be indemnified ? Is there a limit on the number of claims allowed to be made during the policy period? What is the maximum limit of indemnity and whether it is calculated according to each sickness (disability) or each year, etc?
Pay attention to the excluded items in the policy
Insurance policies will definitely state all the excluded items, for example, pre-existing conditions, cosmetic surgery, plastic operation, dental care, body check up, treatment which is not medically necessary, etc. Policyholders must be aware of the excluded items to avoid unnecessary misunderstanding.
Not all medical insurance provides healthcare cards. The card is provided for convenience of policyholders for doctors’ consultation. For payment by healthcare card, policyholders must pay attention to the payment method and claims procedure, e.g., if co-payment is required, number of days of prescribed medicine provided, whether there is any restriction on the choice of doctors or medical organizations, etc.