Is Your Medical Insurance Covering Your Family the Way It Should?

What’s one thing we all forget we have until we don’t have it anymore? Our health. It’s difficult – not to mention unpleasant – to think about sickness and death when you’re fit as a fiddle. But by the time you’re not, it’s likely too late. And therein lies the beauty of good medical insurance coverage. But how do you know if you’re well-covered? To further understand the importance of medical insurance, I spoke with JC Herbet, senior consultant of Abacare, an international insurance broker specializing in medical, life, and general insurance throughout Asia.

Cash in hand, rather than insurance?

Before we started, I had to be completely upfront with Herbet and let him know that I’ve always been reluctant to get medical insurance because I feel that I could save the money I would spend on premiums, and instead use those savings if a medical emergency occurred. If such an emergency didn’t happen, then I would at least have the money instead of sinking it all into premiums I won’t get back.

Herbet’s response was a silence that lasted long enough to make me think I’d dropped the line. Turns out, he was just contemplating his response, a terse but measured “No one saves enough money for all their medical expenses.” He went on to ask if I, currently in my 30s, had at least RMB 300,000 (less than USD 50,000) for a medical emergency. I do not. As he went on to explain that “every high net-worth individual has insurance,” I quickly realized how unsound my thinking was.

There's more to this story! This article was originally published on our sister site, Jingkids International.

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