The Importance of Health Insurance in Financial Planning (2017 Update)

The Importance of Health Insurance in Financial Planning (2017 Update)

When it comes to healthcare concerns, Singapore is among the countries that provide their citizens the most comprehensive healthcare services. The country’s current Minister of Health believes that ensuring quality healthcare system shouldn’t be solely based on the price and that every Singaporean deserves affordable basic medical services.

For this reason, a number health insurance companies have been sprouting everywhere, catering the demands of those who want to have an upgraded healthcare system. While most people avail an insurance to protect themselves when unexpected illnesses happen. There are also those that capitalizes in these type of insurance to secure their savings and finances.

Let’s dig a little deeper and divulge the importance of health insurance in your financial planning.

Provides Financial Protection in the Event of Accident or Untimely Death

Aside from immediate financial assistance in minor illnesses, healthcare insurance also provides protection in the event of accidents or untimely death. The insurance will cover the expenses of these unfortunate events. So that you don’t have to fish out an enormous amount of cash from your personal savings.

This way, you don’t have to worry whether or not you still have enough money for the future or your family has enough cash to spend for your wake (in case you die, but let’s not hope for this to happen). Your savings should be kept as a reserve in case you cannot get back to your job immediately, and your source of income is cut short.

Serves as Yours and Your Family’s Medical Assistance

Due to the huge demand of health insurance recently, more and more companies are trying new promotional services just to stand out from the rest. One of their notable healthcare plans is to offer transferable insurance.

Transferable insurance means that you have the option to transfer your insurance to one of the members of the family after a required number of years (it depends on your insurance provider). Some insurance companies even allow the leasing of the health card to your family members. So, in the event when one of your loved ones need immediate medical attention, and they are short on cash, you can let them use your card instead.

Can be Converted into Life Insurance

Some healthcare providers offer their clients an impressive insurance plan. Apparently, some companies offer to convert your healthcare funds into a wealth plan if you haven’t consumed most of them. Others also offer to provide an impeccable ROI after several years of maturity. For instance, Aviva’s healthcare plans provide a comprehensive and diverse health plans to cater all your needs. They offer plans such as MyWealthPlan and MyEduPlan.

It is a common misconception by many to think that savings should come first before you get any insurance. However, the first asset that you should take care of should be your health. Without good health, you wouldn’t be able to work; thus, the flow of money coming in will be cut. Invest your money wisely on things that matter. Invest your money in health insurance because you matter.

Have you buy a insurance? If you never buy a insurance sometime the emergency circumstance will you into trouble. For example, you or your family member admit into hospital its may need big amount of money. But we are always stand by to giving out you with a good solution.

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Health insurance is important, and that can be transfer into life insurance
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