When you get sick, you visit doctor and pay them. Alternatively, you can choose to visit pharmacy and ask a pharmacist to recommend medicine. Still, you need to pay them. Now let me ask you this. Do you negotiate the price with the doctors or pharmacists? No, we don't because we trust their expertise in their own field and we know that the cost of medicine is expensive. Unlike car spare parts where you can opt for used parts or negotiate the price.

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What about more severe illness or accident which requires you to be hospitalized? For instances, Dengue Fever, Gastric Pain, Inflammation, Gall Bladder, Broken arms, etc. I'm sure the medical expenses is way higher than just visit a clinic or a pharmacy.

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You might think that the chances of being sick or hospitalized is very low but when it happened, the odds are 100%.

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Perhaps you can afford a few hundred ringgits of medical expenses or even a few thousands, but that is your hard-earned money! What about tens of thousands ringgit? I'm sure nobody could afford that or even willing to pay using their savings. This is why you need to transfer the risk of your money being taken away. Nobody else is willing to take your risk other than medical insurance. This is where the medical insurance will take care 100% of your medical bills or even more if you have extra benefits.

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Getting a medical insurance is easy but choosing the RIGHT one is headache. Here are some points to look at when getting a RIGHT medical plan.

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• Room & Board (R&B)

  • Average double-bedded room is around RM200 per day

• Annual Limit

  •  Market now has at least RM 1,000,000 annual limit and above for R&B 200. At least this can last for coming 15 years of inflation.

• Lifetime Limit

  • Nowadays this benefit is Unlimited unless you wish to go for a cheaper premium especially for elders.​

• Outpatient Cancer Treatment & Kidney Dialysis

  • Most companies have As Charged features for this. As Charged means that the limit falls into the Annual Limit.​ Cancer Treatment & Kidney Dialysis might take years so this benefit needs to be as much as possible,

• Outpatient Dengue Fever

  • It's a new feature for some insurance companies.​ In-patient Dengue Fever is covered by Annual Limit. What is the Dengue Fever is just a mild case? Can it be claimed if it's out-patient?

• Outpatient Accidental Emergency Treatment

  • A lot of people who bought medical insurance do not know that minor accident injuries which do​ not required to stay in hospital can be claimed under this.

• Outpatient Accidental Dental Treatment

  • Only a handful of medical plan covers this. Going to dentist is usually more expensive than GP clinic. Make sure you are covered with this too.​

• Deductible Options

  • This option is useful when you are covered by your company or old medical insurance with low limit. This can help to save on your premium.​

• Excess

  • Nobody likes to pay extra money ​when it comes to claim but with excess, you can save on your premium.

• Pre & Post-Hospitalisation

  • Number of days before & after being hospitalized. Read the fine print if take home drugs are included & other things can be claimed.​

• Other Benefits / Features

  • There are some plans which offer Non-Claim Bonus or Non-Claim Discount​. Some even offer extra privileges. 

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As a Licensed Financial Planner, I can have access to all insurance companies' products and unbiased to any of them. Here, I've done basic comparison among Top few insurance companies' medical plan.

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When getting a medical plan, do you just look at the medical benefits or the overall coverage of the insurance plan? Just like buying a car. Do you go just for the power performance? Handling & stability? Safety & comfort? Price & affordability? or the overall design?

 

Talk to me to find out more on which overall plan suits you the best.

#medicalcard #medicalinsurance #insuranceplanning

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