E-guide: How to Review & Save on Health insurance policy

Here are the right questions to ask your insurer and get the answers in writing or in the Terms & Conditions (what you usually call the treacherous fine prints).

For a few hundred dollars per year, you can have peace-of-mind pursuing your professional endeavours in asia, knowing that unexpected  big medical costs will be paid for.

SECURITY: Will the insurer let you down when you reach $100,000+/year?Why not?

• Is the insurer regulated by insurance laws? Some insurers are pure fakes!
• Is the regulatory body independent from the insurer?
• What can be the sanction? Suspension of the business license or just a fine?
• Is the Insurance regulator a trustworthy country where insurers are reputable?
• Is the country of regulation protective of consumers?

BENEFITS PERFORMANCE: Are you getting value for money?

• Are the limits of cover enough year-after-year for serious chronic illness?
• What are you paying too low or too high to secure those benefits?
• Will you get what you pay for? Screen the exclusions?
• Are there waiting periods? 1-month? 1-year? More for standard illness.
• Are you guaranteed renewal under the same terms?
• Is your plan portable if you relocate? Or the cover is void?
• Can you renew after age 60?

COSTS:… OVER THE YEARS?

• How is the premium increasing after 5 year, 10 years?
• How “friendly” is the premium to suit your needs over time when you need maternity, newborn cover, chronic conditions, older age?
• Is the pricing à ‘bait’ or designed for low cost treatment, one-off accidental?

FLEXIBILITY: Can you customize your health plan to varying circumstances & budget?

• Can you get mix of plan level within a family?
• Various areas of treatment?
• Choose various deductibles?
• Frequency of payment M-Q-Yearly

ADMINISTRATION: How quick do they pay to the hospital directly?

• Is the insurer responsive? Do they use a specialist evacuation provider 24/7/365?
• Will the insurer cash advance regardless of your country of treatment?
• Can you e-claiming by uploading pictures?
• Are they connected directly to à network of hospitals for cashless claims?
• Do they use an app to service you continuously?