Allianz Life Insurance Malaysia Bhd’s CEO Joseph Gross told StarBiz that a comprehensive medical insurance policy has always been popular in the market as this is a plan which protects a person financially when diagnosed with an illness or unfortunately meets with an accident and requires treatment in a hospital.
PETALING JAYA: Insurance, which can be one of the last items for some to consider especially during good times, could come up as one of the main considerations for purchase these days.
An area where there could be keen interest then would be the purchase of a medical insurance policy, a check with insurers has revealed.
While the ongoing movement control order (MCO) has made it impossible to arrange for face-to-face visits to sign documents or policies, many insurers have adapted to the new normal and are allowing their customers to verify their identity through virtual means these days.
There are various types of medical insurance policies that are available in the market today and they cover various aspects.
Some will pay out a lump sum upon the doctor’s diagnosis while other types of policies would just pay for a person’s stay in the hospital during their admission.
Thus, it is important to know the differences of the various types that are available out there and here are the various policies that are available presently.
Hospitalisation and surgical insurance
This is one of the most common and is usually the first type of medical insurance that comes to mind for a person when considering insurance policies to purchase.
The Life Insurance Association of Malaysia (LIAM) told StarBiz that this type of policy will provide a reimbursement of actual medical expenses incurred in the event of hospital treatment/ surgery for medical conditions that are covered.
A check on a number of websites indicate that a standalone policy for this type of insurance coverage can start from as low as RM30 per month for an individual plan depending on a person’s age on entry.
Medical cards can also be bought online from some insurers as well these days.
An important issue to consider here would be if the policy will allow for continual coverage by the insurer even after the diagnosis of say: a long term illness in an individual that would require constant follow up visits to the hospital.
Dread disease or critical illness insurance
This type of insurance usually terminates upon a full payout claim and this is when usually only a critical illness has been confirmed from the claimant’s doctors and or hospital.
“This provides a specified lump sum
benefit upon the diagnosis of any of the 36 listed conditions specified in the policy such as cancer, heart attack, stroke etc, ” LIAM said.
Insurers also offer early critical illness which provides a partial payout upon diagnosis of medical conditions in this list to help the insured cope with additional expenses that will be incurred when living with any of the illnesses that are listed, this includes more frequent visits to the specialists or treatment costs.
An early critical illness policy is usually more expensive to purchase as the chances of getting a payout from the insurer is higher.
Disability income insurance
LIAM says this type of medical insurance covers a portion of the income in the event that the policyholder is displaced from work when stricken with an illness or an injury.
These are events that are mostly unanticipated and thus, this type of insurance would help cover the living expenses following such disabilities.
The need arises for such an insurance policy when a person will not be able to perform their work and thus may be out of a job following such a disability.
One may be familiar with some insurers calling it the total and permanent disability coverage which will payout a lump sum insured amount in part or in whole, depending on the severity of the disability.
Hospital income insurance
Such an insurance pays a specified sum of money per day of hospitalisation for any covered illness, sickness or injury, said LIAM.
“This amount is subject to a maximum number of days per disability, ” LIAM said.
This type of coverage can be an attractive proposition to add on for those who earn their wages on a daily basis and thus an admission to the hospital would mean lost wages.
Comprehensive medical insurance
This type of policy is usually more expensive as a couple of different types of insurances are bundled together to ensure a person is more wholly insured against any untoward incidents.
Allianz Life Insurance Malaysia Bhd’s CEO Joseph Gross told StarBiz that a comprehensive medical insurance policy has always been popular in the market as this is a plan which protects a person financially when diagnosed with an illness or unfortunately meets with an accident and requires treatment in a hospital.
“There are many options available in the market and the plan that best suits you are the ones that meets a person’s personal budget and insurance needs, ” Gross said.
“If one is looking for a comprehensive insurance that covers against many unexpected events such as death, critical illness and hospitalisation, one might want to consider purchasing a basic policy and attaching different riders that best suit their protection needs, ” he added.
He said this allowed a person to have comprehensive protections all rolled into one plan.
“On the other hand, if a person would like to buy a comprehensive medical insurance while already being sufficiently protected against other unexpected events, they might want to consider purchasing a standalone medical plan, ” he said.
In conclusion, do read the fine print carefully before deciding to purchase any medical insurance policy and signing on the dotted line.
“An agent can best ascertain what your insurance needs are and tailor make a solution based on your affordability level, ” Gross said.
If you are engaging an agent to help you, ensure that he or she walks you through the finer details of the insurance plan you are signing up for.
https://www.thestar.com.my/business/business-news/2020/05/04/keen-interest-seen-for-medical-insurance
