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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Watch more new videos about Insurance | Synthesized by Mindovermetal English
Rm125k annual year okay tak bro ? Lifetime unlimited
I take insurance plan for RM200/month since 2019 under PruBSN. But I just notice that my plan does not have annual limit but have a lifetime limit of RM1,000,000. Should I renew my plan so that it cover unlimited lifetime limit?
Thank you for this helpful information 👍👍
I like what you shared brother but I think you might want to check on your facts!
1. Not all standalone medical plan is subject to renewal. There are guaranteed renewal plans. Premium of a medical insurance is never guaranteed!
2. Investment-Linked Life Plans (ILP) do not guarantee the premium to remain the same either. Cost of insurance will follow (usually rises) with age and subject to revision in time to come. Making it no different to a standalone plan.
3. The loss of income part, I agree but they are all optional benefits! If the client buys ILP but without the 'loss of income' cover, how then? There are hospital income, disability income, critical illnesses and their waivers.
For sickness, MC no claim! Accident if the optional benefit is purchased, then can claim MC. (If there is a company can pay for sickness MC please let me know. I want to buy. I don't have any major disease yet)
Thank for the clear explanation on this, thumbs up for the video😁😁 .. Just a question, how about buying medical card directly from the insurance website? I see it is way cheaper than going thru the agent. Just would like your thought on this? Thank you!
Very Clear 👍
This is not related, but can you share what mic are you using! Thank you!
thank you for the sum up in the description! God Bless!
OMG its the AIESEC shirtssss. Are you an AIESECer?
How about takaful hibah?
Brilliant video! Love it. Very clear and useful information!
I just wish to clarify one thing – in Malaysia, we are NOT only given two choices to get insurance – insurance agents or direct from insurance companies
In fact, there are licenced financial advisors in the market, who give unbias advice to clients, help them to choose the most suitable insurance plans from diff insurance companies with no additional charges, so consumers do not need to approach multiple insurance agents, get quotes and study the policies themselves. Let the experts do the job =)
PM me if you appreciate what financial advisors can do for you. 😉
My uncle is sick and is planning to go to Malaysia for treatment can he apply for the medical card before his arrival , take note he is a foreigner not a Malaysian . And how much approximately will be the cost for the insurance?
Jarang org yg bercerita tentang insurans/takaful, malah kebanyakan ejen tidak terangkan secara terperinci malah lebih kepada ingin close sale, ayat biasa mereka "paling kurang ada insurans". Sepatutnya kena cerita jugak pasal cash value (mngkin lain syarikat lain istilah). Sekadar berkongsi saja haha
AIA medical card okay ke boss saya dah apply dah
So which company has better reputation?
Hi, may I know which medical insurance plan you purchased? Just for references and how to get that freebies 😂
You deserved a medal. Thank you for the detailed info 🏅😊. Now i have a better understanding on what a medical card / insurance plan is.
Keep it up with the content
are u allowed to tell us which insurance u took? makes it easier for me ill jz copy the plan like e-toro
Good info! Thank you!
Which insurance you get freebies fitbit🥺
Good job 👍👍
Am donating blood regularly. Am entitle to free 1'st class medical treatment. It's the cheapest option
Terima kasih. Content yang sangat bermanfaat kepada generasi muda. Kalau AXA 3-in1 (Life + Medical + Critical Illness) ni okay ke? 🎈
Good explanation!
Btw, for standalone medical plan, there are plans that do not require annual renewal. The plan can be signed up for coverage up to 70-80 years old. I think the annual renewal is more on the group insurance/employee benefit?
Another factor that influence the premium or T&C of coverage is existing medical illness, such as maybe you have gastritis, hypertension, diabetes, etc…the premium could be charged higher (due to loading), or the coverage may exclude the condition you already have(which you mentioned like back pain).
Also to take note that the premium for medical plan (standalone or insurance plan) will increase every 3-5 years due to inflation and increase of medical cost, which is called 'medical repricing'. Of course the company will inform us in advance about this ahead when they will increase (but I don't think agent explained this, not sure if it is in yhe brochure). I noticed many companies are doing medical repricing this year. I just terminated one of my medical plan this year and it will be repricing this month, and now left one plan with better coverage.
It is very advisable to read details in the brochures before signing up, pay attention to "exclusions" and the small letters t&c, which usually will not be explained by agent. If there is plan with fewer health questionnaire, the better.