First, understand what your needs are and how much you can afford to
put aside
regularly. Here's
where you can speak to a Life Planner/Financial Executive for advice and recommendation.
Talk to your Life Planner/Financial Executive and find out more
about the medical plan that you wish to buy. A typical medical plan covers the hospital
room and board, laboratory fees, nursing care, use of medical facilities, prescribed
medicines, and supplies. So, it's best to understand the features of the plan and its
terms and conditions.
Some common major exclusions in a typical medical plan include pre-existing
illnesses,
hospitalisation for investigatory purposes and any treatment or investigation that
is not medically
necessary.
It is also important to note that because pandemic-related risks are generally not
covered by
insurance and takaful plans worldwide, it is not uncommon to find this as an
exclusion.
An upfront
payment you make
for all your medical care before your insurance/takaful kicks in. A
high-deductible plan means
that you are responsible for a greater share of your initial healthcare costs.
As a result, you
pay a lower premium/contribution. After meeting your deductible, the
insurer/takaful operator
will pay for the remaining portion of the cost.
Co-insurance/co-takaful
A
percentage of a medical
charge that you pay, while the rest of the cost is covered by your medical plan.
For example, if
you have 20% co-insurance/co-takaful, you pay only 20% of each medical bill, and
your plan
covers the 80%.
Do I still need a medical plan if I already have a company medical card?
It is common for many
employees
to think that they don't need a personal medical plan if they are covered by their company plan.
But
company medical benefits are not portable and ends when you leave the company. Company plans
also
have a coverage limit.
Additionally, most private companies in Malaysia do not provide medical benefits when you
retire,
and it is hard for retirees to get medical insurance/takaful because of their age and health
condition.
Other important points
Full disclosure
Make sure you disclose
to the insurance/takaful company the details of your or family's medical history (if any) at
the time of purchase, to avoid any possible disputes in the future.
Medical premium/contribution rates are not guaranteed
They are subject to
review from time to time in line with medical inflation.
Review your medical insurance/takaful plan at least once a year
This is necessary,
especially with rising healthcare costs. It is possible that the plan you have bought years
ago may no longer be enough to meet current and future needs.
Review your medical coverage and assess your
coverage needs with AIA's Financial Health
Check.