If you haven’t get a medical card, get one as early as possible. The best time to get a medical coverage is always NOW. If you already have one. It is always wise for you to review your coverage every 2-3 years, just to make sure that your coverage is still sufficient and relevant.
There are a few criteria that you should look into when reviewing or searching for a good medical card in Malaysia.
- Room category: What room category the card cover? 4 beaded, 2 beaded or Single room?
- Annual Limit: What is the maximum amount you can claim in a year?
- Lifetime Limit: What is the maximum amount you can claim in your lifetime?
- Outpatient Cancer & Kidney treatment: What is the maximum amount you can claim? Is it a one off limit or annual limit?
- Co-insurance / Co-payment: What are the condition or is there any condition that need you to bare a percentage of the medical bill yourself?
- Cashless Admission: It is a cashless admission card or a ‘pay first, claim later’ policy?
- Deductible: Is there a deductible? Do you need to bare a specified amount of money on each claim?
- Maximum coverage age: What is the maximum age the policy covers?
- In, Pre & Post hospitalisation duration: Maximum number of days allowed for per stay, Pre diagnostics treatment claim and follow-up treatment claims.
- Panel hospital: Is it accepted in most hospitals around your area?
- Price: Is the price competitive given the type of benefits? Is it affordable?
Different insurer has different strength and pricing strategy. Thus, as a smart consumer, you should first prioritise your key criteria. Then carefully shop around and compare available plans across different companies. So that you can choose a plan that is within your own budget but provide you the best overall coverage.
An easy way to start your insurance shopping is to get to an independent financial adviser. They can provide you with professional recommendations and unbiased comparisons of solution across different companies. You’ll be able to find the right coverage at the right price and make your money spend worthy.