The cost of living constantly rises and Malaysians are struggling to meet their expenses. Having said that, more people are realising the need for sufficient medical coverage even though the cost of healthcare can get ridiculously high. With thousands of medical plans in the market, people often get confused and overwhelmed. For that reason, Prudential Assurance Malaysia Berhad (PAMB) has simplified medical insurance to educate Malaysians on the most important factors to consider when choosing a medical protection policy.
In general, Malaysians do not have adequate insurance coverage and unfortunately, they believe that it’s okay. The sum insured should be equivalent to 10 times your annual salary. With Malaysia’s gross income per capita of RM32,000, the average sum assured of RM50,000 is way below the recommended amount an individual should be insured for. Most importantly, will your savings or medical insurance be enough to cover your bill when you’re stricken with illness?
Before you decide on a medical plan, look out for these factors you should consider:
1. Adequacy of protection
An ideal medical plan will offer enough protection for all your medical expenses, so you have to find out how much coverage you need or the maximum amount you can claim, which is known as the lifetime limit. For most medical plans, insurers only pay claims up to a certain limit. Once you’ve reached this limit, the coverage runs out and the medical coverage ceases.
What seems enough for today may not be sufficient for the future. For example, treatment for lung cancer which includes doctor fees, treatment costs like chemotherapy, cost RM40,000 10 years ago. With medical inflation averaging 12% a year, the same treatment costs RM100,000 today and in another 10 years, it would have increased to RM300,000.
2. Value for money
Hospitalisation doesn’t happen very often. Hence, it only makes sense to pay for what you really need and get the best value out of your medical plan. Some medical plans allow you to pay a lower premium if you choose to split a portion of the medical bills incurred with the insurance provider. With the premium you’ve saved, you can upgrade your medical coverage or reinvest it back to your insurance policy to increase your savings.
In the event of hospitalisation, the premium savings you have accumulated would far exceed the amount you’d have to pay on the medical bill. You will be getting more value from your policy as you get to enjoy more protection with added savings.
3. Certainty of coverage
Does the medical plan provide a certainty of coverage? Many medical plans may include a clause that provides the insurance provider the right to discontinue the medical coverage if they give sufficient notice. Thus, the customer may be left without any medical protection when they are most in need. Look for a medical plan that has a non-cancellable clause to ensure peace of mind so that your coverage will be there when you need it.
With this, Prudential Assurance Malaysia Berhad (PAMB) has introduced PRUvalue med, a new investment-lined medical plan that combines extraordinary value and savings. Besides being 100% non-cancellable, PRUvalue med offers two different plan options depending on your preferred protection benefits, and it is also the first medical plan in the market to cover 11 maternity complications for females.
Watch the video below to learn more about PRUvalue med or visit this website to get more details!
