May 31 2009, 07:07 PM
QUOTE(xuzen @ May 30 2009, 02:02 PM)
Medical Card covers your hospital bill only. There is usually a life time cap based on your premium. I read somewhere that your cap should be 10 times your current annual salary. MedCare covers any event of hospitalization irrespective of cause, NB. Outpatient treatment are usually excluded. Seeing a GP outside are also generally excluded.
A traditional Med Card, your premium is burned in the event you do not use the facilities. Med Card is to indemnify you, not for profiteering.
Assuming you retire at 55 y/o, the only drawback is that your premium will be much much higher compare to when you buy it when you are 25 y/o.
Do not confuse Med card with Critical Illness with PA. They are different tools for different purpose, just like a screwdriver is good for screwing screws, hammer is good for hammering nails and a cutter is good for cutting stuff. Although you will find them all classified as handyman's tool.
To have all round protection, you need all, just like if you are a handyman doing repairing job you need all the necessary tools.
As a general rule of thumb, 10x annual salary for med card, 3-5 xannual salary for CI & PA.
Disclosure: I am not an insurance agent, but I am a user of insurance.
That or hire a Financial Planner like I did and you can get quotes from so many different company whereas an agent are limited to two Life Insurance company.
Xuzen
Thank you Xuzen, you are one of the very rare BEST 'user' insurance industry can find here A traditional Med Card, your premium is burned in the event you do not use the facilities. Med Card is to indemnify you, not for profiteering.
Assuming you retire at 55 y/o, the only drawback is that your premium will be much much higher compare to when you buy it when you are 25 y/o.
Do not confuse Med card with Critical Illness with PA. They are different tools for different purpose, just like a screwdriver is good for screwing screws, hammer is good for hammering nails and a cutter is good for cutting stuff. Although you will find them all classified as handyman's tool.
To have all round protection, you need all, just like if you are a handyman doing repairing job you need all the necessary tools.
As a general rule of thumb, 10x annual salary for med card, 3-5 xannual salary for CI & PA.
Disclosure: I am not an insurance agent, but I am a user of insurance.
QUOTE(P3nang)
The best way is meeting up a professional insurance representative to explain to you clearly by reviewing your existing policy.
That or hire a Financial Planner like I did and you can get quotes from so many different company whereas an agent are limited to two Life Insurance company.
Xuzen
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