{"id":5273,"date":"2020-02-12T15:39:34","date_gmt":"2020-02-12T07:39:34","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=5273"},"modified":"2020-02-12T15:40:54","modified_gmt":"2020-02-12T07:40:54","slug":"importance-of-quality-medical-insurance","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/insurance\/importance-of-quality-medical-insurance\/","title":{"rendered":"The Importance Of Quality Medical Insurance In The Light Of The Coronavirus"},"content":{"rendered":"

As the coronavirus spreads across China and a growing number of cases are being confirmed around the world (latest figures from CNBC<\/a>), our thoughts naturally turn to our health and just how important it is.<\/p>\n

As the American humourist Josh Billings famously said, \u201cHealth is like money, we never have a true idea of its value until we lose it.\u201d Of course those words always ring true but they certainly become more pertinent at times like this in the face of a very tangible threat to our wellbeing.<\/p>\n

Who hasn\u2019t read about the alarming spread of this nasty disease and not pondered, even briefly, their own mortality? Death suddenly doesn\u2019t seem such a remote prospect and that brings alarming clarity and focus to the mind. We react by going into protection mode. We don masks, safeguard our health, and start stockpiling food, water and supplies to ensure we have the essentials necessary to sustain ourselves should the situation deteriorate. But we may not have considered protecting our finances.<\/p>\n

The coronavirus has caused me and colleagues in my industry to reflect anew on the importance of protection. I have long been of the opinion that financial planning is, at its core, about peace of mind. Which is precisely why medical insurance and protecting both yourself and your family is page one, chapter one of the financial planning manual.<\/p>\n

When you take out medical insurance you are essentially insuring yourself against bankruptcy in the event of a medical emergency by transferring any liability for healthcare that you may need in the future to an insurer.<\/p>\n

And while that may sound extreme, it is not hyperbole to talk about bankruptcy. Just think about the cost of spending even a relatively short time in a Chinese hospital. Here are some figures to ponder:<\/p>\n