In the world of insurance, have you ever been confused about the various types of insurance? When someone recommends a million-dollar medical insurance to you, will you ask, "What is a million-dollar medical insurance?" As for Huiminbao, you may already know something about it. Today, let's take a deep dive into the differences between the two and provide you with wise insurance advice.
Huiminbao: Inclusive protection
Huiminbao, as a commercial health insurance of inclusive nature, has almost no insurance restrictions. From the initial low premiums and high insured amounts to more than one hundred and more than two hundred today, Huiminbao's premiums are constantly rising. Its payout ratio reached an astonishing 70%~90% in 2022, which means that up to 70%~90% of the premiums are used for claims. Faced with high payout ratios and rising medical expenses, insurance companies have to reduce the scope of coverage or increase premiums in order to maintain operations.
Million-dollar medical insurance: a more practical protection option
From the perspective of cost-effectiveness, it may be more practical to buy a million-dollar medical insurance. However, million-dollar medical insurance has high requirements for the physical health of the insured and has age restrictions. For those who are older, in high-risk occupations, or who are unable to pass the health declaration due to abnormal physical health conditions, Huiminbao may be a more suitable choice. Because Huiminbao's insurance conditions are relatively loose and can provide basic health protection.
Wise insurance: weigh the pros and cons
When choosing insurance, we need to weigh the pros and cons and make choices based on our actual situation. If you are in good health and of moderate age, it is recommended to consider purchasing a million-dollar medical insurance to obtain more comprehensive protection. For people who are elderly, in high-risk occupations, or in poor health, Huiminbao may be a more suitable choice because it can provide basic health protection and has loose insurance conditions.