A recent survey with several major insurance firms shows strong demand from the working population on extending their medical cover until at least the age of 80.
Industry experts attributed the growing demand to healthcare costs escalating at between 13% and 15% annually, longer life expectancy and more patients turning to private hospitals to avoid long queues at public hospitals.
As most employers do not provide post-retirement medical coverage, more working people aged between 25 and 50 are taking up private medical insurance policies to avoid exhausting their savings should they be stricken with a major illness.
It’s better to buy cover when healthy and to have a medical savings plan in case of a rainy day. When an insured retires, this is the age that the health condition will already have changed and treatment will be needed most, the survey adds.
An insurance consultant with AIA concurred, saying it was important to take up an insurance policy when one was in good health. “This is because you may not be able to buy it when you need it most,” he said.
SOURCE : The Star Online