Why is it important and how does it help you?
Medical insurance is a necessity in life and is as important as keeping your hands sanitized in the current pandemic. It is understandable that many of you may disagree. If you are in good health and have no dependents, you are very likely to forgo the cost of buying medical insurance. However, this decision may cost you dearly in the long run.
Without medical insurance, you are liable to pay for the entire cost of your medical fee. In a more serious case such as heart bypass surgery, the cost ranges from RM44,800 to RM72,500. According to the Statistics Department (DOSM), the average monthly income for employees in Malaysia were found to be at RM3,087. Hence, medical fees are not something that can be easily brushed off. However, this can be easily solved by having medical insurance. By paying a monthly premium, the insurance company of your choice will completely cover the medical fees.
Understand what you are buying.
There are a few things to look out for when you are applying for medical insurance.
• Room and board limit (cost of your room per night)
• Annual limit (the maximum amount you can claim per year)
• Lifetime limit (the maximum amount you can claim on your policy)
• Deductibles or Co-insurance (Initial amount you must pay before being applicable to claim for your insurance)
There are also other factors to look out for but these 4 should be your main concerns when deciding on a medical card.
Room and Board
The cost of a single standard room in hospitals around Kuala Lumpur ranges between RM200 to RM500. There are also 4 bedded rooms which are shared among strangers located in these hospitals. These rooms are likely to be cheaper but not sought after as it is certainly not as comfortable compared to the single standard room. Hence, this is where the Room & Board Limit mentioned in your medical plan comes into play. The insurance company will only pay up to the amount listed in your medical plan, any excess will have to paid by you. For example, if your room and board limit is RM150 and you opt for a room which costs RM200 per night, you will have to bear the difference of RM50 per night. It will be recommended to choose a limit which you are most comfortable with.
Annual Limit & Lifetime Limit 
The annual limit stated in your medical card will be the maximum amount you are able to claim for the year. In a time of rising medical prices, it is always safer to have a higher limit as a preparation for the future. Even now, most insurance companies are offering annual limits of RM900,000 at an affordable price. This is more than enough to cover yourself for the years to come. It is also important to note that the lifetime limit will have a significant impact on your policy. A medical card with an unlimited lifetime limit is what you should look for. This means that the amount of coverage you are entitled to every year will be refreshed despite the amount you have claimed prior to that. For example, if your annual limit is RM500,000 and you have claimed RM450,000 that year, you will still have a coverage of RM500,000 the following year. If your lifetime limit were to be limited to RM500,000 and not unlimited, you will only have a coverage of RM50,000 for the rest of your policy term.
Deductibles or Co-insurance 
Deductibles are the initial amount set by the company which you are required to pay before claiming the hospital fees. Some companies set a specific amount such as RM500 as deductible whereas other companies set a certain percentage of the hospital fee such as 10% as the co-insurance. Policies that applies such conditions may be cheaper, but it is certainly not a pleasant feeling to be forced to do so after paying your premiums for all these years. Hence, it will be recommended to look for a policy which does not require any deductibles or co-insurance as it will save you a major headache.
Where and how to get a medical card.
The easiest and hassle-free way would be to look for an insurance agent. They will be able to provide you with all the information stated above and more. They will be in charge of continuously keeping you inform about your policy and also making sure your claims goes through smoothly. If you have trouble looking for an agent whom you can trust, you can select any your choice of insurance plan in http://www.fintant.com, click on the "enquiry now" and we will arrange our best representative to serve you.
