18 June 2011

How to select a Medical Plan?

While celebrating Father's day, I have a meaningful story to share with you. I visited a hospital in KL recently and to my surprise, I came across a little boy who was diagnosed with leukemia. More surprising, his age was only 8 years old. Oh my god, this little boy doesn't even know what leukemia was, and he had to suffer from such a young age!!! Through these torturing times, I believe his father's love is what he needed the most. God bless him.

Do you know that almost 9/100 Malaysians aged above 35 suffer from diabetes?
Do you know that over 1/5 are expected to get cancer in their lifetime?
The fact is, because of the stressful and unhealthy way of life today, lifestyle diseases are on the rise. Do you have any real example from your own little circle?

We can, however, spare our self and our loved ones a lot of anxiety with comprehensive medical plans, which provide a financial cushion in times of need. Although these plans cannot prevent illnesses, it can help us to go through those rough times - financially.

Most Malaysians are unprepared for the rising cost of medical care

It was a fact. The Government spent a huge proportion of the public's bill with health expenditure which runs into billions of ringgit yearly. Luckily, more and more people are aware of the importance of insurance. I know you do, right? Insurance not only makes healthcare affordable, but also offers access to better and more timely medical attention at private and public institutions.

If you have medical insurance, you have the option to selected the hospital of your choice to enroll in. If not, you can only surrender yourself to government hospital. With a plan in hand, you have the peace of mind to focus on recovery. Do you want yourself worrying on medical bills while laying on the bed?

Things to take note of on Medical plan:
  • Is it Guaranteed Renewable?
  • How much is the Room & Board rate allowable?
  • Any co-insurance / co-payment? How was it calculated? If any, are there any maximum limit for your part?
  • What is the annual limit and lifetime limit?
  • Renewable until what age? 70 or 80 or 100 years old?
  • Lastly, ensuring that the above answers were written clearly on the quotation or policy. Please DO NOT trust the words spoken by insurance agent. See for yourself to prove it.
Basically, all of the medical plans offered in Malaysia have annual limit. However, some insurer may waive the annual limit, subject to certain condition or with a rider. With an additional rider, it commensurate with a higher premium. There is pros and cons to this. And, you should be able to justify the increase charges just to waive the annual limit. If the extra premium is high, you may consider taking up a higher annual limit medical plan, or buying another standalone medical card to supplement it.

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