What insurance do we need? How to buy the best value for money?


Just after the New Year, many of you are inquiring about insurance, both for your family and for yourself, and everyone is aware of the importance of insurance.

In our daily lives, each of us has experienced a relative or friend being hospitalized in an accident or illness. In serious cases, the family may spend a lot of money because of hospitalization and the family is emptied all of a sudden.

Therefore, insurance is very necessary to transfer the risks we encounter in our daily life.

However, there are some partners who think, I work and my company gives me social security, or I pay my own NPA. That is not already covered, why do I need to buy an additional insurance?

As we all know, both social security and the new rural cooperative medical system are national studies based on inclusiveness. It is a very basic benefit. It is cheap, but it means that there is not enough comprehensive coverage.

There are not enough drugs covered by social security reimbursement and there are starting and capping lines, most of the time we still have to pay out of our own pockets when we go to the hospital, and very little can be reimbursed with medical insurance.

On this basis, the advantages of commercial insurance are highlighted to fill in the gaps of our medical insurance. Many of the expenses that cannot be reimbursed by medical insurance can be reimbursed by commercial insurance.

Medical insurance and commercial insurance work together to give us adequate protection, which is very limited with medical insurance alone.

So what kind of insurance do we need?

Generally speaking, the main risks in our life are: serious 索償 illness, accident, and death.

In addition, adults have a heavy burden on their shoulders, in addition to supporting their parents and raising their children. Many families are burdened with large monthly car loans and mortgages, and the family's risk resistance is extremely low, which may affect the operation of the family in case of accidents.

Based on the above, we need to allocate four types of insurance to fully protect our lives.

I. Health insurance.

As the name implies, medical insurance guarantees the medical expenses incurred when we treat illnesses, from fever and cold to cancer, whether they are caused by accidents or diseases.

As long as the costs meet the deductible within the prescribed limits, no matter what the illness is, you can be reimbursed with medical insurance after seeing a doctor.

For the first time, medical insurance has introduced a million medical treatments with a deductible of only 10,000, with a high coverage and a very cheap price of only two to three hundred dollars a year.

The next is micro-medical. Although the coverage is only a few tens of thousands, the deductible is very low. Usually, you can see the outpatient reimbursement for minor illnesses. Children usually have a lot of colds and fevers can choose this.

Second, critical illness insurance.

Unlike medical insurance, critical illness insurance can only reimburse a limited number of illnesses, and is divided into minor, moderate and severe illnesses according to the condition, with different coverage ratios for different degrees.

And unlike medical insurance, only the cost of treatment can be reimbursed. Critical illness insurance pays cash directly once a prescribed illness is diagnosed.

Some people think that my medical expenses are reimbursed directly by Medicare and Social Security. Is it necessary to buy critical illness insurance?

Everyone needs to know that once you are sick and hospitalized, you will certainly spend more than just medical expenses. Care, convalescence, and rehabilitation can also incur significant costs, and the sick person can lose income from work during the hospital stay.

Health insurance does not help us with these problems, but it has crushed many families. Some are the breadwinners of their families and carry the main financial burden for the entire family. Unfortunately, even if medical expenses can be reimbursed after an illness, families cannot afford fixed costs such as loans.

If you buy critical illness insurance, you can get real cash. We can use this money to hire a nurse for the patient and to pay off the mortgage or pay the rent.

Even if a person is seriously ill, his family can still live a normal life and not drag the whole family down because of one person's illness.

Moreover, some health insurance policies do not support advance payment of medical expenses and need to be seen before they can be reimbursed. In that case, some families simply can't get that much money to go to the doctor before seeing the doctor. With critical illness insurance, you can get the money first and go directly to the doctor.

Third, life insurance.

Many people are not too optimistic about life insurance because it guarantees death and total disability, and they feel that they are either paralyzed or dead anyway, and the money has nothing to do with them.

Indeed, life insurance has little to do with us. If we die, we can't spend the money.

Therefore, life insurance is not a protection for ourselves, but for our family members whom we care about. Even if we don't die, our parents, partners and children still exist. We can't use the money, but they can.

Fourth, accident insurance.

Accident insurance guarantees injuries caused by accidents. The number of accidents we encounter in our daily lives is actually quite high. For example, accidentally being scratched by a cat or accidentally falling down while walking. These accidents caused by medical expenses accident insurance can be reimbursed.

Some people say I have MillionCare, doesn't it mean that all the money for medical treatment can be reimbursed?

Million Medical has a deductible of $10,000, which many times we simply cannot reach, but the deductible for accident insurance is very low, basically $0-$100, which is equivalent to making up for the lack of Million Medical.

In addition to minor cases, accident insurance has a large claim in case of accidental death or accidental disability.

Accident insurance is cheap, but the coverage is very high and particularly useful. Like medical insurance, it is a must-have insurance for everyone.

If you are an adult, it is recommended that you have all four types of insurance so that you are protected to the fullest extent and your life and that of your family is not affected to the greatest extent possible no matter what happens.

If it is an elderly person, the family conditions are not very good, you can give up the critical illness insurance and life insurance, because these two kinds of insurance is not friendly to the elderly, the premium will be very expensive, and the cost performance is not so high, but the medical insurance and accident insurance must be complete.

If it is a child, it is recommended to give up life insurance and choose medical insurance, accident insurance and critical illness insurance because they do not bear the family economy.

Some people may think that children do not need critical illness insurance. The child has no income anyway, and it's good to be reimbursed by health insurance when you get sick.

In this regard, my family explains that critical illness insurance for children is still necessary if family conditions allow it. Although the child itself does not earn money, if the child is unfortunately seriously ill, he or she must be taken care of when hospitalized, and if the parents cannot take time off work, they will have to hire a nurse, which is an expense.

Secondly, in order to cure the disease, parents must temporarily give up their studies, and when they get well, they have to spend money to give their children extra lessons in order to catch up with their studies.

Nowadays, tutoring can cost hundreds or thousands of dollars, which is a lot of money for an average family.

If the condition is not serious and recovery is good, then everyone is happy. But if the subsequent recovery is not good enough, there will be long-term care costs and drug costs, and the cost of future marriages will be on the high side.

Related article reading:

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What Insurance Do We Need? How To Buy The Best Value For Money?

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