In this video we’ll be talking about buying a medical card or health insurance in Malaysia.
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This video will be a complete guide about buying medical insurance, insurance plans, medical cards.
We’re gonna go from the types of insurance plans you can buy to what to look for when picking an insurance plan and how to buy insurance from an agent.
We’ve recently bought insurance for ourselves for the first time and we documented every step of the process from researching plans, reading insurance proposals, policies and talking to insurance agents.
WHAT IS HEALTH/MEDICAL INSURANCE?
Insurance is a form of protection against things that we don’t foresee happening or at least we can’t predict exactly when they will happen.
If we’re talking about medical or health insurance, the unforeseen event will likely be a hospital bill, and if you’re insured, you’ll be protected against the hospital bills as the insurance company will pay it for you instead of you having to pay for it yourself.
THE 2 TYPES OF MEDICAL/HEALTH INSURANCE
Medical card (standalone) – the most basic form of health insurance. You buy it, and if you have to get treatment in the hospital, the medical card will cover your cost of hospital cost.
Insurance plan (investment link, health savings, etc.) – A medical card packaged into a plan that serves as an investment or savings account specifically for your health costs.
With an insurance plan, instead of just covering your medical cost, you are also insured against loss of income, i.e, you can’t work because you’re sick and therefore have no income.
So medical cards cover only the cost of medical treatment while insurance plans covers medical treatment and loss of income.
PROS AND CONS OF STANDALONE MEDICAL CARD
+ Cheaper (~RM75/mo)
– Manual renewal every year
– Subject to approval/price increase
PROS AND CONS OF INSURANCE PLAN
+ Auto renew every year
+ Almost guaranteed price/renewal
– More expensive (~RM150/mo)
WHAT TO LOOK OUT FOR WHEN BUYING MEDICAL/HEALTH INSURANCE
1. What does it cover?
Does it cover only hospital cost or does it also cover loss of income?
2. How much does it cover?
Annual limit (at least RM1m)
Lifetime limit (recommended unlimited)
3. Cost factors
Personal factors (age, occupation, smoker status)
Deductibles and coinsurance
4. Room and Board
At least RM200/night and for 150 days/year
5. Waiver
Is the insurance premium waived in the event that you fall sick?
6. Company
Is the company reputable? Check reviews.
7. Other features
Does it cover your existing health conditions?
What are the investment returns?
What are the no-claim benefits?
HOW TO BUY INSURANCE
Step 1: Be clear on your needs, what do you need from insurance?
Step 2: Set a budget, how much are you willing to pay every month/year?
Step 3: READ THE BROCHURES ONLINE!!!
Step 4: Find a good agent
Hey! Thanks for reading the description. We can’t fit everything in here, so make sure to watch the whole video to find out more 🙂
Timestamps:
00:00 – Medical Insurance In Malaysia (Complete Guide)
0:57 – Why buy medical insurance?
1:51 – What is a medical card?
2:20 – What is an insurance plan?
3:11 – Medical card vs insurance plan; which one should you get?
5:21 – What does my medical card cover?
5:38 – How much does my medical card cover?
6:03 – How much does a medical card/insurance plan cost?
7:26 – Does my insurance cover hospital stay/room and board?
7:48 – What is an insurance waiver?
8:26 – Which insurance company is the best?
9:08 – Does health insurance cover existing medical conditions?
9:20 – Where is my money invested in an investment link insurance plan?
9:29 – What are the no-claim benefits of an insurance plan?
10:01 – How to buy a medical card/insurance in Malaysia
10:30 – The biggest tip when buying medical card/insurance
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These videos are for entertainment purposes only. We are not financial advisors and this is not financial advice. You (and only) you are responsible for your financial decisions.
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