There are two types of medical insurance coverage.
The first one covers 36 critical illnesses. The second type covers hospitalization and surgical benefits, which is commonly known as medical card or health card.
In this video, I explained the differences and how you can plan to get covered with medical insurance.
23 replies to "Medical Insurance: the Simple Guide for Malaysians"
Thanks kclau for the explanation. No school teach this, even agent wont explain the different of this two.
Thanks KC …..I’m fully understand…
Thanks KC…..
Recently I was approached by a Prudential agent and being told that only partial amount is claimable when in early stage of CI. Balance amt will only be returned to policy holder if the illness develop into critical stage. Correct me if I’m wrong. Thanks
Last time, 36 critical illness coverage is only claimable when it is in fact “critical”.
In recent years, some companies had introduce accelerated plan, that pay certain portion before the illness become critical.
KC,
This is a great video that explains the basic fundamentals of why and which insurance to buy. Many insurance agents (the numbers are just alarming) are out there product pushing just to earn their basic commissions while being pressured by the insurance companies to achieve sales targets. This video presents clarity on what to expect for those buying insurance and more importantly understanding being able to differentiate between the two presented. To those buying insurance, please do your research, dont be afraid to say NO to your insurance agent. There are many red flags that you can observe of your agent if they are genuine insurance planners for you or insurance product pushers.
@Kuhan, thanks for your kind feedback. Insurance is in fact complicated products. What I try to do is to simplify the things so that consumers get a clear vision of what they are getting insured of. Merry Christmas.
Hi KC, thks for the info. For me i take manulife medical card coz i have big family(5 child) and that medical card allow me to cover for all family and its standalone type. They said 1 family, 1 policy. For me its quit cheap than buy personally. thanks again.
Hi KC. Merry Christmas to you! Below are the info obtained from Prudential.
“An option to WAIVE the annual claims limit*
Worried that your medical bills might surpass your annual limit? You are now given the flexibility to waive the annual limit of your plan by attaching an optional PRUannual limit waiver rider to your PRUhealth plan which enables you to make claims above your annual limit.
Note: This benefit is only available for PRUhealth 200, 300 and 400 plans and cannot co-exist with PRUmedic auto upgrade or when deductible is selected for PRUhealth. Total benefits payable cannot exceed your Lifetime Limit. ”
According to my case, I have to pay around RM60 per month for that “rider”. Is this a smart way to do?
Appreciate to have your reply as soonest as possible. Thanks!!
Hi KC. I am now considering which insurance company’s medical card to buy because of some issues.
One of the main issue is that a Prudential agent suggested that I should opt for the annual limit waiver by paying a sum of money in order to just enjoy the lifetime limit (let’s say RM750K). This is a preparation for a bigger issue in life where the medical cost might easily double or triple the usual annual limit given by insurer. And he mentioned medical card is bought for big issue instead of small.
I do agree that but do you think we should opt for that? Is medical card with annual and lifetime limit not worthwhile to buy? As we have to pay for the rest if the medical costs are much more higher than the annual limit given.
Would you explain more on the co-insurance part by making comparison? Prudential agent said that whatever loading fees charged to us will eventually go back to our account and not taken by insurer, what do you think?
Appreciate to have your reply as soonest as possible. Thanks!!!!
Dear Winnie,
Sorry that I’m not aware of such arrangement where the annual limit can be waived. Are you required to pay much extra premium for the waiver?
Excellent presentation. It really cleared my doubt. Keep up the good work.
[…] explained about medical insurance before. Refer the video for a very simple and easy to comprehend […]
Hi KC,
Just want to check with you, if the AIA medical insurance was bought in Malaysia a few years back, if I start working in Singapore, will I be cover when in Singapore?
If you stay longer than a few months continuously oversea, you shouldn’t be covered already on hospitalization and surgical medical insurance.
Though I in oversea but I still continue pay the premium yearly, in such case, will I still be covered?
Thanks KC for the video. it gives me a clear understanding of the differences between CI & H&S after watching it.
By the way, your Bamboo Fun Tablet is really cooooool……Looking forward to see more video from you with great explanation as usual with your new cool gadget.
Rgds
Ben
Thanks Ben.. will post up more content.
Hi Mr KC Lau,
Thanks for showing this video it clears up alot of my ‘confusion’. Several insurance agents have approached me and I find it difficult to purchase because they are pushing their product to me without highlighting what my benefits are and what the purpose of their product is. It can be rather annoying. One insurance agent pushes me to buy because he is hard up for his sales target (works in a bank) whilst another is so pushy who can’t wait to ‘close’ the deal. I’m dissatisfied.
Do you have a segment on investment link insurance? What are your thoughts on this product?
p.s you’ve finally shown your photo, you look so young.. I thought you were much older! 🙂
I have some articles on investment link products. It is a very useful product for protection wise.
Thank you, you made it very easy to understand!
I think a simpler guide is they must not create many type of package that customer must really think hard to choose. …
That’s the problem of having too many choices.. it happens in practically every industry.