Duplicative coverage

COMMENT POSTED IN MY BLOG

I have a friend who gave up Medishield because she has company medical benefit.At age 50, she contracted breast cancer, the company medical paid for her treatment. She left her job at 55, and because of her breast cancer, though in remission, she is not able to get a Shield Plan. Now she contracted liver cancer and is not covered by any medical insurance. So whether to insure the Shield Plan when employed with medical benefit or not, is really something to think much harder.
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REPLY
The coverage for medical expenses is already provided by the company. The insurance adviser is advising these employees to buy an Enhanced plan (costing $200 or more a year) just to cover the small risk of not getting continuing insurance after leaving a job. This cost is too high for the risk.

Soon, there will be a cheaper way to get this type of protection. For example, the company medical plan can be taken with an insurance company that offers the continuity of cover.

The employees do not have to buy their personal Shield coverage. They can cancel their existing coverage. This will save $200 or more yearly for the employee. The saving can be invested to get additional money for retirement (instead of being wasted on a cover that is mostly unnecessary).