What is one thing we all forget that we have until we no longer have it? Our health. It is difficult – if not to say uncomfortable – to think about illness and death when one is fit. But if you aren’t, it’s probably too late. And therein lies the beauty of good health insurance. But how do you know if you are well covered? To better understand the importance of health insurance, I spoke to JC Herbet, Senior Consultant at Abacare, an international insurance broker specializing in health, life and general insurance across Asia.
Cash instead of insurance?
Before we started, I had to be very open to Herbet and let him know that I have always refused to take out health insurance because I feel like I could save the money I would be spending on premiums and those savings instead use when a doctor emergency has occurred. If such an emergency did not arise, I would at least have the money instead of sinking everything into rewards that I don’t get back.
Herbet’s response was a silence that lasted long enough to make me believe I had dropped the line. It turned out he was just thinking about his answer, a terse but measured “Nobody saves enough money for all of their medical expenses.” He further asked if I, currently in my 30s, have at least RMB 300,000 (less than $ 50,000) for a medical emergency. I don’t. When he went on to explain that “every high net worth individual has insurance,” I quickly realized how bad my thinking was.
There’s more to this story! This article was originally published on our sister site Jingkids International.
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