Independent financial planner CF lieu shared about the various no-claim bonus given to hospitalization and surgical insurance policyholders.
Some medical insurance providers will discourage you from making a claim by rewarding you with a “No Claim Bonus.” How this normally works is if there are no claims for the past three years, you are then rewarded with some bonuses on top of your coverage.
So, for example, your medical card gives you about RM200,000 for room and board. If you don’t make any claims within three years, you are then given an increase of 10%, which is RM220,000 for room and board.
Another common bonus is the Increase in Annual Limit and Lifetime limit. To explain it in layman’s terms: Imagine having a credit card with RM50,000 lifetime limit. This is the amount you’re allowed to accumulate for the duration of your insurance. Now, imagine you are only allowed to swipe RM10,000 every year out of your RM50,000. The RM10,000 is your annual limit.
An annual limit will actually reset on its own every year VS your lifetime limit which is always whatever is left after your last swipe. So, if you claim RM5,000, you’ll have RM5,000 left for this year and RM45,000 during your coverage.
Then some companies also give Discounts on Insurance Charges and Extra cash. Most established companies will usually offer just one of these bonuses. So, Company A may only give you an increase in your room and board while Company B gives you an increase in your annual limit. You can research and compare the medical card and health policies here before making any decisions.
Find out more on the Medical Insurance Secrets by watching the webinar below, and you will learn:
– Medical insurance CLAIMS secret
– Which medical card has the best NO-CLAIM Bonus?
– NO. 1 Mistake most employee made on medical insurance
– PLUS – bonus: Dissecting products of a new player in Malaysia insurance industry