"To our surprise we found out that most families who were bankrupted by medical bills actually have medical insurance...."
- Professor Elizabeth Warren on US healthcare insurance.
So you think you're financially okay when you're sick because you bought medical insurance. What can be more straightforward, say you hurt your ankle, go to hospital and get it fixed then make an insurance claim to get paid. An ankle injury is relatively simple medical problem so you would think that making a claim would be simple - this is after all not America where insurance companies are known to routinely use the fine print on policies to deny claims and maximise profits. So that is what you think....I gather from the above letter to the ST Forum on 10 Oct 2009 that the insurance company has categorised the cost of hospitalisation into 4 categories and each category has a limit. The hospital prepared the bill with nine categories and some of the expenses went to categories which are not reimbursed. At the end of the day, the man received $128 in reimbursements on a bill of $5900. Maybe this is an isolated incident but we don't really know. Private insurance companies are out to make money and when they sell you the insurance using marketing brochures, they give you the impression that you will be financially taken care of if you need medical treatment. The truth is private insurance make more money if the take the effort to reduce or deny claims. There is nothing in Singapore to stop our insurance companies from behaving the same way they do in America....in fact a number of these companies are from America and one of them even has America as part of its name. Actually things might be worse here given we have a govt that excuses itself and shouts "caveat emptor" at the 1st sign of trouble and a consumer association that has no teeth especially against big insurance companies.
I leave you with this clip from SICKO. Something to think about.