I’ve been in the insurance business for more than 6 years now. I helped my clients processed more than $400,000 worth of claims as of today, mostly medical hospitalization related. During these years, I realized the value of credit card.
Singapore cost of medical hospitalization is really high and it keeps on increasing significantly every year. If you have never been hospitalized, you may not be aware of it. But to tell you, $15,000 worth of coverage provided by most companies, if you have, might last only for few days. It may just be enough for 1 day hospitalization in some cases. Believe me as I have clients who’s claims exceeded that amount.
Since we are foreigners in Singapore, even if we have personal medical insurance, we are required to pay upfront upon admission and can claim for reimbursement of bills afterwards. In short, pay first before admission then claim on your insurance upon discharge.
What if your pre admission bill costs $40,000 as one of my client experienced? Or $30,000 perhaps. Do you have that amount in your bank account?
This is where your credit card will help you the most. Only if you have high credit limit of course. Minimum or maximum credit limit, we pay the same card fee every year. Or we even asks the fee to be waived every year. That is why, If you can, I advise you to have your credit limit upgraded to the maximum. Not for shopping, but to help you in times like these. It also acts like an insurance protection against such uncertainties. Hoping that you’ll get your money reimbursed from insurance before your next due date.
It is true that in some cases, our company can give us letter of guarantee. However, that is mostly up to the limit of company insurance only. What if hospitalization falls on weekend where you cannot call your HR for the letter of guarantee? You don’t have a choice but to pay.
While you still can, call your bank and ask for a credit limit upgade. You’ll never know when you need it especially in times like this.
If you have question about your insurance coverage or you want to get insurance, message me at 82235186. I’ll be glad to assist you. We provide pre-authorization letter so our client will not cashout upon admission on SG private hospital. Terms and condition applies.