RetireJapan

I’d like to hear what the forum thinks of supplemental medical insurance. Do you have it? And is it worth it?

I have a policy, which used to be a life/health insurance hybrid, mainly because a friend of my wife's sold it to us.

So far after several broken bones and a hospital stay, I think I pretty much broke even on it.

I don't think it is necessary at all given the reasonable cost of healthcare here (and the monthly cap on medical expenses). But it is not too expensive and it pays out as it should with a minimum of paperwork/hassle.

I got a cheap one that covers cancer. Had a friend spend almost 6 months in hospitals before succumbing. A bunch of us offered some financial support, but he said it wasn't necessary as he had adequate (supplemental) insurance.

TJKansai wrote: ↑Wed Dec 22, 2021 4:25 am I got a cheap one that covers cancer. Had a friend spend almost 6 months in hospitals before succumbing. A bunch of us offered some financial support, but he said it wasn't necessary as he had adequate (supplemental) insurance.

I would love to see a deep dive into supplemental policies. I keep hearing that they are not worth it due to the medical expense deduction and high medical expense system ( Kougaku Iryouhi Seido ).

-> Tax deduction over ¥100,000 or 5% of income
-> Caps payments at around 10 man

My interest is planning for dementia or alzymers. My father was recently diagnosed, and there is a 10% genetic risk.

EmaxisSlim Cultist wrote: ↑Wed Dec 22, 2021 5:32 am My interest is planning for dementia or alzymers. My father was recently diagnosed, and there is a 10% genetic risk.

This is what kaigo hoken is for, surely? My impression is that private policies are fairly limited in how much they will pay out.

RetireJapan wrote: ↑Wed Dec 22, 2021 7:35 am

EmaxisSlim Cultist wrote: ↑Wed Dec 22, 2021 5:32 am My interest is planning for dementia or alzymers. My father was recently diagnosed, and there is a 10% genetic risk.

This is what kaigo hoken is for, surely? My impression is that private policies are fairly limited in how much they will pay out.

Ah, I see! Thank you for this. I had not heard of it but I suppose I would in a decade when the bills started to arrive!

My wife and I just have term life, and no other policies. It seems as you said policies are limited and less appealing in Japan. Perhaps the money is better invested.

I have structured my investments to be very simple, just 2-3 trusts. Any estate manager will have no trouble.

My father in law has alzheimers, and he seems to get a fair amount of care from the state (day service, massages, etc.).

RetireJapan wrote: ↑Wed Dec 22, 2021 1:31 pm My father in law has alzheimers, and he seems to get a fair amount of care from the state (day service, massages, etc.).

I am not a doomsayer when it comes to nenkin/medical insurance.

However, I do think some of these services may not be covered in the future or may become income dependant or % of income-based.

I am in my mid-30s, but I want to hedge against this possibility.

I'm fairly hopeful that medical treatments will be available by the time I need them (20-30 years from now) given the amount of research funding currently going into these.

For now, coffee, exercise, and leading a bilingual lifestyle as preventatives