Are you considering getting Medical Insurance for yourself and your family? Good news people, because we have picked the 5 best Medical Insurance Malaysia just for you!
Medical Insurance is perhaps one of the most important things that you need in your life. Medical Insurance is a type of insurance that provides protection and coverage that usually pays or provides reimbursement for medical, surgical, prescribed medications, as well as therapies cost.
You can take Medical Insurance for yourself, or to take Medical Insurance for your entire family too. Medical Insurance is highly and crucially important as you will never know when you are going to be sick, and the medical costs incurred are always on the high side.
Thus, it would be useful and beneficial to have Medical Insurance, because in the event of you or useful and beneficial to have Medical Insurance, because in the event of you or your family getting ill or need surgery, you do not have to scoop out money from your savings account. All the costs are going to be covered by the Medical Insurance policy.
This way, you can live your life happily, knowing that you and your family are well protected in any unfortunate events related to your medical and health.
Before we go into the 5 best Medical Insurance Malaysia, it is best to understand the basic buying guides for Medical Insurance. This is for you to have a basic understanding of the things to look into when you are considering buying the best Medical Insurance in Malaysia for you and your entire family.
Buying Guides
Annual Limit
The annual limit is the claimable amount that you, or also referred to as the policyholder, are entitled to and allowed to claim within the period of one year. The annual limit is going to be refreshed every year and this is usually done during the policy anniversary date.
The annual limit is set up during the inception or the beginning of the Medical Insurance policy, and it has been agreed upon by both the insurance company and the policyholder.
For example, if your Medical Insurance has an annual limit of RM200,000.00, you are only allowed to claim under the Medical Insurance policy up to RM200,000.00 in one year. Any cost that is above the annual limit is not going to be paid, or not claimable under the insurance policy.
Let say, you are diagnosed with a tumor and would need surgery, and the cost for the surgery is RM210,000.00. The remaining RM10,000.00 is not covered under the Medical Insurance, and you cannot claim it.
the higher the annual limit of a Medical Insurance policy, the higher the monthly/annual premium that you need to pay.
Cashless or Reimbursement Policy
This is another important factor to look into when you are buying Medical Insurance in Malaysia. There are basically two types of Medical Insurance policies.
One of them is the cashless type, whereby the insurance company is going to pay all the bills directly to the hospital or the medical provider. The cashless policy is going to be super convenient to the policyholder because you do not have to upfront your money first to pay all the medical costs.
The other type is the reimbursement policy, whereby you will need to pay all the medical costs using your own money first, and the insurance company will reimburse the medical cost back to you after you have lodged the claim.
Guarantee Letter
Another most important matter that you should focus on is the Guarantee Letter issue. The Guarantee Letter or referred to as the GL is a document that ensures you are able to admit into a hospital without paying any deposit. The GL is issued by the insurance company and usually sent to the hospital upon your request for the hospital admission.
Not all Medical Insurance policies can assure they are able to issue GL for a swift and quick hospital admission process. If you are unable to get GL for hospital admission, the policyholder will have to pay the deposit to the hospital first.
The assurance that the insurance company is able to issue GL for your hospital admission is perhaps one of the most important matters that will smoothen out the whole process.
Hospital Room and Board
This is one of the things you should check when you are buying any best Medical Insurance Malaysia. Medical Insurance would cover room charges, however with a limited number of stays, and usually capped at a certain amount.
Under the Room and Board provision of the Medical Insurance policy, you have the option to prefer how much is the maximum amount for the room, as well as the maximum number of days for the room hospital stay.
For example, a Medical Insurance policy has a plan that covers RM200 room and board for 200 days. This determines the type of rooms you are going to get shall you need to be admitted into the hospital, as well as the maximum number of days the insurance policy is going to cover for your stay.
The higher the room cost, and the higher the board days, the higher the premium you have to pay for the Medical Insurance.
Panel Hospital
Panel hospitals refer to the hospitals that have partnered with the insurance company and agreed to accept the Medical Insurance by the insurance company. All insurance companies would have their own list of panel hospitals or medical providers.
The panel hospital or medical provider would ease the process of hospital admission, as well as making sure that the claim process is smooth. Usually, admission to a panel hospital would be totally cashless, and all the cost is going to be paid directly by the insurance company to the hospital.
If you go to the non-panel hospital, the admission is usually treated as a normal admission, and thus, the policyholder needs to pay a deposit upon the admission, and all the costs shall be reimbursed to you after you claim back from the insurance company.
Deductible
The deductible is referring to the amount of risk you are going to bear on your own. The deductible in a Medical Insurance policy is always presented by an amount or sum that the policyholder needs to pay upon any loss suffered.
For example, a Medical Insurance that has a deductible of RM200.00, and in the event of the policyholder’s claim for a medical bill of RM1,000.00, the policyholder needs to pay the first RM200.00 of the claim amount, and the remaining of RM800.00 is claimable with the insurance company.
The higher the deductible of a Medical Insurance policy, the lower the premium payment incurred. The deductible controls the costs of the claim that the insurance company has to pay, thus, result in a lower premium payment.
If you are not keen on paying the deductible, you can look for a Medical Insurance policy that has zero deductible. This way, you can claim the full amount of your medical cost from the insurance company, without any cost that you need to bear on your own.
However, the Medical Insurance policy that comes with zero deductible is also linked to higher premium payment.
Claim Process
This is another important matter that you need to find out before buying Medical Insurance. This is to ensure that the claim process is going smooth, without any difficulties. Check how the claim process is outlined by the insurance company, and make sure the process and procedure are easy and make you comfortable.
What are the 5 best Medical Insurance in Malaysia?
Now that you understand the basic buying guides for Medical Insurance, we can go straight to the 5 best Medical Insurance in Malaysia.
Our experts had gathered information from various sources, and we assure that our selections are the best in providing medical protection and coverage.
This is comprehensive coverage that you can get for your medical needs. Prudential Assurance Malaysia introduces the PRUMy Medical Plus, which is a Medical Insurance policy that covers your medical costs, as well as includes a lump sum payout in the event of permanent disability or death.
This product is basically a hybrid of Medical Insurance and Life Insurance, whereby the protection is comprehensive, and you would not need any other insurance policy anymore.
This policy’s main coverage focuses on three main aspects of affordability, flexibility, and cater to your uncertain future. The PRUMy Medical Plus provides flexibility whereby you are allowed to choose the medical plan that is according to your preferences and needs. You will have the freedom to choose the basic medical coverage, a higher medical coverage, as well as entitled to rewards for staying healthy.
You will also have the option to strengthen the Medical Insurance coverage by adding a full range of add-on insurance coverage and benefits. For instance, there are several options for you to choose, including an extra coverage that pays out a lump sum amount, or a regular income, or your hospital costs shall you are involved in an accident or diagnosed with a critical illness.
Hit to their website and learn more about the different coverage the Medical Insurance plan is offering, as well as the benefits you can enjoy, or the other coverage you can add-in. With PRUMy Medical Plus, you can tailor the Medical Insurance policy according to your needs and preference, without paying more for coverages that you don’t need.
Manulife Malaysia’s Health Cover is one of the best Medical Insurance policies that provide comprehensive medical coverage with flexible benefits and protection.
The Medical Insurance policy provides a lifetime coverage up to the age of 99 years old, with coverage includes medical expenses such as hospitalization charges, intensive care, surgery cost, and out-patient benefits that extend to cover for treatment of stroke, kidney dialysis, cancer, and dengue.
Under this Medical Insurance policy, you can also ensure that you have the entire family protected because the coverage can be extended to your children and spouse. Any children that are born after the purchase of the Medical Insurance policy can be included in the coverage, and this is p to 5 children.
Not only that, but the Manulife Health Cover is also offering a high annual limit of up to an RM2.2million, which gives you access to broader, better, and higher quality medical treatments and care.
This insurance plan is also very flexible, as you are given the option to determine the deductible amount and have the freedom to opt for a higher deductible for a lower premium. The policy offers 4 options of either zero deductible, RM10,000, RM30,000, and RM50,000. If you are aiming on lowering your premium payment, you can opt for the higher deductible amount.
On top of that, Manulife Malaysia is also having one of the best lists of panel hospitals, with over 110-panel hospitals nationwide. The policyholder is also entitled to Emergency Assistance Services, which provides medical emergencies assistance.
If you prefer Takaful over conventional insurance products, then this Medical Insurance policy from Etiqa Family Takaful is the perfect choice for you. This Medical Insurance policy is available for purchase online, and if you fall under their safe category, no medical check-up is required. All you need to do is simply answer 3 health questions for immediate cover.
One of the most interesting benefits covers under the e-Medical Pass Takaful is the Covid-19 cover, to which the policyholder is entitled to reimbursement claims on Covid-19 hospitalization and vaccine side-effects.
You are also eligible for cashless hospital admissions, as Etiqa Family Takaful will ensure to issue the Guarantee Letter through their hotline that is available 24/7. And for the outpatient benefits, the policyholder can enjoy coverage for cancer, kidney dialysis, as well as pre-hospitalization and post-hospitalization treatments.
And you don’t have to worry about breaking your budget with this Medical Insurance, this policy has the lowest premium payment in the insurance market. The e-Medical Pass Takaful is available for as low as RM1.77 per day, and you can get to enjoy an additional 30% discount if you select a deductible of up to RM5,000.
This is another Medical Takaful policy that provides medical coverage and protection for you. The A-Plus Total Health by AIA PUBLIC Takaful is comprehensive medical coverage and protection that provides the best assurance for you against high medical costs.
The most interesting part about the Medical Insurance that is going to be a highlight is that it is going to pay reimbursement for health checks and vaccinations. This is because AIA believes that health checks I the best way to detect early signs of health issues and can take preventive treatment for illnesses.
The insurance policy is also extendable to cover your family. This can be done by adding A-Plus Total Health to the plan, and you can instantly get medical coverage for your loved ones.
The policy is also very flexible as you have the option to include deductible into the policy. To enjoy lower premium payment, the policyholder can choose a deductible of RM500 to RM10,000. This way, you can control the premium payment, and adjust it according to your affordability.
And further to the Covid-19 pandemic, the policy is also extending its coverage to provide protection for COVID-19. The coverage includes side effects after taking the Covid-19 vaccines, as well as hospitalization costs if you are infected by the virus.
Allianz Malaysia introduces the MediSafe Infinite+, a Medical Insurance policy that provides comprehensive care for all your medical needs. This policy is able to provide the best protection for you and your family.
The MediSafe Infinite+ has no overall lifetime limit and comes with a high annual limit of up to an RM2.5million. With a higher annual limit, you can have the best access to the highest quality medical treatments and care.
You can adjust the flexibility of this policy too. Thanks to the Flexible Deductible Option, you will have the options of zero deductible, RM5,000, RM10,000, or RM30,000 deductible.
Allianz Malaysia is also assuring its policyholder with hassle-free hospital admission because they have an extensive panel of hospitals that is able to accept Medical Insurance. This way, you can always rely on the MediSafe Infinite+ for any of your hospital admission.
The policy also comes with the Extensive Cancer Coverage, which includes access to genomic testing and extended outpatient cancer treatment coverage.
Frequently Asked Questions (FAQs)
Can I take Medical Insurance if I already have an illness or diagnosed with a disease?
Yes, you can, but pre-existing illnesses are usually not covered under Medical Insurance. Premium payment for those that have a pre-existing illness is also higher as compared to those that are fit and healthy.
Thus, it is important to apply for Medical Insurance while you are still young and not having any complicated illnesses. This way, you can secure a cheaper premium payment for your Medical Insurance, and make sure you are always covered and protected by a reliable insurance policy.
Can I take Medical Insurance for my dependant like my spouse and children?
Yes, if you are considering getting the entire family protected and covered by a Medical Insurance policy, you can look for an insurance policy that is covering for the entire family. There are Medical Insurance policies that are able to cover for you and your spouse, and able to include your children too.
It is important to make sure the entire family is well protected by a Medical Insurance policy. This way, you can always rely on the insurance policy shall anything happens to your family, and you will always know that shall any of the family member is ill and would need medical attention, you are not going to be affected financially.
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Can my Medical Insurance covers for Dental related medical costs?
The things covered under the Medical Insurance are different from one product to another. Thus, it is important to look into the matters that are covered under the Medical Insurance policy. This way, you can prefer the Medical Insurance policy that covers all the necessary things that you find important for you and your family.
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Are Medical Insurance expensive?
This is somehow subjective because the premium payment for a Medical Insurance policy is largely determined by the policy’s coverage, annual limit, as well as the limit for the room and board.
We reckon that it is best not to look for the cheapest Medical Insurance Malaysia, but to look for an insurance policy that is worth the premium you are going to pay. The coverage and protection offered by the Medical Insurance need to be worth the premium charged. This way, you can ensure that every penny you pay for Medical Insurance is not a waste and is totally worth it.
Conclusion
Young age is the right time to buy any best Medical Insurance Malaysia. This is because you are still young and healthy, and do not have any critical illnesses that would affect the premium of the Medical Insurance. You can also plan to have the right Medical Insurance coverage for your entire family to ensure that your loved ones are well-protected.
It is highly important to have medical coverage and protection, especially in an environment where medical costs are rising. You will never know when you are going to be ill, diagnosed with a disease, or need surgery to remove a tumor or anything.
And when these things happened, the cost incurred is not cheap. Surgery would usually cost more than RM10,000.00, and this is not including the medical costs, the medications, as well as the specialist doctor’s consultation cost.
Thus, having Medical Insurance is a life savior. You can always rely on your Medical Insurance policy to ensure that you and your whole family are protected and covered.