How Lin Chiling Might Have Protected Herself Better in 2005
We analyse an example of inadequate insurance coverage, and offer suggestions on how such gaps can be plugged for peace of mind.
In this 8 Days article, famous Taiwanese actress, Lin Chiling, fell off a horse while filming in China in 2005. As she did not have adequate insurance coverage, she was unable to claim back the medical fees incurred. She had suffered six broken ribs and a punctured left lung, and was air-lifted out of China so she could seek treatment back at home in Taiwan. Not only was she bed-ridden for ten days, but she took two months to recuperate then underwent four months of rehabilitation before returning to work.
She did not have comprehensive insurance coverage, relying instead on the insurance coverage provided by the management agency and advertiser. However, the coverage they had procured had only covered her for death, permanent disabilities and burns. She was thus unable to claim back medical expenses and loss of income.
With reference to our earlier article Does Your Insurance Portfolio Include These 6 Areas of
Coverage?, the areas of coverage that would have provided effective protection includes the following:
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Hospitalization
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Accident Insurance
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Long-term Care / Disability Income
A hospitalization policy would allow surgical bills and ward charges incurred to be covered if there are no exclusions, including subsequent outpatient bills (subject to deductibles, co-insurance, policy limit, etc).
An accident policy would reimburse for most other expenses arising from injury such as rehabilitation or physiotherapy, and depending on the policy taken up, may even cover hospital expenses or the fees arising from transportation via air-ambulance.
Having long-term care policies in place would enable monthly payouts upon verification of disability. This would allow the insured to continue to receive an income despite being unable to work, and the expenses incurred from the hiring of care-workers or physically adjusting of living environment to accommodate the disability may also be taken care of.
With a protective shield combining coverage
from the 6 areas of insurance in place, anyone can confidently meet life’s
challenges head on. Do reach out to our financial consultants to find out if
your existing coverage is adequate and appropriate for your intended lifestyle
activities.
Written by:
“You are your best investment, but always have
a Plan B”