Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment”
Healthcare in Singapore is mainly under the responsibility of the Singapore Government‘s Ministry of Health. Singapore generally has an efficient and widespread system of healthcare. Singapore was ranked 6th in the World Health Organisation‘s ranking of the world’s health systems in the year 2000. Bloomberg ranked Singapore’s healthcare system the 1st most efficient in the world in 2014.
Question: Why Do I Need Health Insurance?
One common thing that people in their twenties have told me is that they made the decision to go without health insurance. When you are healthy and rarely see a doctor, it may seem like a good idea to cut out health insurance completely and to just go without it. You can pay for things as you go instead of worrying about the insurance premiums and co-payments on the way. However this is faulty reasoning. It is essential for everyone to always have some form of health insurance.
Look at the following bill size.
Think about it. Will you be prefer to pay an 1 time payment of $400,000 bill or $500 per annum premium* which could possibility cover you for 800 years.
*premium here is for illustration only. Premium differs for different age band.
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