A Guide About Medical Insurance in Malaysia

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A big percentage of breadwinners who are earning the main source of income for their families still don't own medical insurance in Malaysia. A medical insurance or health insurance is an essential investment for Malaysians who want to protect the wealth they have worked hard to earn in order to enjoy a continuous good quality of life with their family and loved ones. So how do you choose the best medical insurance in Malaysia? Here is a guide:

Learn about the different medical insurance policies.

Before you purchase health insurance in Malaysia, it is important to determine which plan you need and which plan you don't want. Take time to research and read about the various types of medical insurance available on the internet. But in general, medical insurance in Malaysia is categorized into H&S, disability income insurance, critical illness insurance and hospital income insurance.

a health card that covers hospitalization and surgery expenses

Disability Income Insurance

An insurance that will provide you with money should there come a time when you get disabled and you are no longer able to work

Critical Illness Insurance
a type of health insurance that gives you a lump sum benefit when you get a disease that is listed as a critical illness by your insurance company

Hospital Income Insurance
An insurance that provides you with a certain amount of allowance while you undergo treatment in the hospital for an injury or sickness

You can choose which one you want or you can choose to include all four in your health insurance plan.

Determine how much you are willing to spend.

Ask yourself how much you are willing to spend on your medical insurance. In doing so, consider the fact that a good medical insurance policy can save you thousands of ringgits and can ease your financial burden when the time comes. The cost of your medical insurance will also depend on various determining factors such as age, gender, health record, whether you smoke or not, as well as how much coverage you want for your insurance.

Opt for a higher lifetime limit.
A higher lifetime limit should always be chosen when deciding on the terms of the health insurance in Malaysia you want to get. Picking a higher lifetime limit of at least RM 1 million will ensure that all your medical needs will be taken care of, and that you don't have to worry about processing additional payments which your medical insurance does not cover. When you choose a low lifetime limit, you run the risk of not being given the immediate medical help you need, which could be life-threatening in case of emergencies. Don't be stingy when it comes to your health, especially if you have loved ones depending on you.

Always go for the higher age protection.
In comparing medical insurance policies from different insurance companies in Malaysia, pick the plan that covers the higher age of the two. For instance, pick the one that will cover you for up to 90 years old rather than get the insurance that will cover you for up to 85. You can never know for sure up to what age you will live up to, so better choose more age coverage for your insurance. You can also base your decision on this from your established budget for insurance.

Say no to co-payments.
Picking the best medical insurance in Malaysia is also about picking the best value for your money. Pick the insurance policy that have the least amount of charges. Among the fees insurance companies charge include co-payments. A co-payment is an additional fee you pay the insurance company. It's the service charge you see in your bill when you pay for your hospital and medical expenses. To be able to save more money, choose a health insurance that will not ask you to pay co-payments.

Learn the difference between a medical insurance and a personal accident insurance.
A medical insurance should not be confused with a personal accident insurance. A medical insurance may cover the medical needs of dependents and covers any illness, disability, surgery or hospitalization needs of the insured. On the other hand, a personal accident insurance does not cover any dependent's needs and will only cover one individual. The personal accident insurance also covers expenses connected to an accident that may happen to the insured. The personal accident insurance will ensure that the dependents of the insured will get a certain amount of money if ever the insured dies due to an accident. It is actually important to get both, a medical insurance and a personal accident insurance, to be sure your loved ones are financially and emotionally secure if something happens to you.

The best medical insurance in Malaysia should enable you to have less bills to pay when the time comes and should give you the peace of mind you need as you recover from an accident or illness.

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