What is the difference in having a personal hospitalisation and accident plan as compared to insured by the company you are working?
What are you opinion on this? Appreciate your valuable opinions.
Hi Motherliquor. the objectives for having a hospitalisation plan and an accident plan is different.
Hospitalisation plan
A hospitalisation plan is to help you to cover medical fees incurred due to hospitalisation. most plans in the market uses the funds in your medisave to pay for such a hospitalisation plan that will cover your hospitalisation bills as charged less deductables and co insurance.
most insurance companies offer 100% as charged hospitalisation plans but besides the deduction of funds thru medisave, you will have to fork out a lil bit of cash as well.
different companies offer different features and prices but they generally have the same objectives and that is to help you to defray hospitalisation costs.
Accident plan
an accident plan is to help you by giving you a lump sum payout to help take care of your living expenses or your family living expenses after the accident. it can also be used to cover your hospitalisation fees.
Company hospitalisation plan
a company hospitalisation plan works the same way as a hospitalisation plan but it is a much more basic version of it. this is because the limits of coverage is much lower then a personal hospitalisation plan and that a personal hospitalisation plan is more comprehensive. such a plan would also stop covering you when you leave the company so its better to get a personal hospitalisation plan to cover yourself.
hope that helps to answer your question =)
