Do you know that nearly 90% of Malaysians are clueless on the types of policies they have bought over the years. They have been paying for the policies with assumption that it will pay them in full no matter what their claims are without understanding the underlying limitations! And most of them not even know what are they paying for. Common reason of Malaysian buying policies is mainly because the agent is their friends, family etc. and some even bought the policy based on the branding and marketing "claims" that it's the No.1 insurance company in Malaysia. Please be noted that branding of the insurance company won't help you at all! What matters the most is in your policy documents! Most people won't even bother to read the term and condition clearly but just blindly listen to the agent! Different medical plans in Malaysia have different limitation! There's no such thing as all medical insurance are the same!!
If you already have policies, please get them reviewed and I promise you will get the shock of your life!!! Make a choice to understand the limitations of your policies before its too late! Don't just sit and get quotation thru email for comparison in premium cost and investment return but sit down with financial advisor who can help you and assist you in choosing the best medical plan based on your needs, budget and how to avoid costly mistakes.
The most crucial aspect of claiming is what documented in your policy document, you need to understand the fine prints, black and white! You need to know how to avoid and save yourself from burning ship before its too late! Because health changes overnight!!!
An experienced agent would have done many hospitalisation claims for his/her clients over the years. Through the experience, one can tell what it gonna work for you & what can be the biggest financial cost of your life!!
If you have a choice to choose:
1. Which one is the smarter choice?
A) Company A pays 90% of your Medical Bills- 10% Co Insurance borne by policy holder
B) Company B pays 100% of your Medical Bills fully
2) Are you aware of the difference between Inpatient Hospitalization & Outpatient Treatment in your policy? Why is it separated in your Medical Schedule of Benefits?
3) What are the limitations in your policy Vs the Actual Cost of Hospital Bills in Malaysia
Actuaries are highly trained individuals with such intelligence to determine the risk factor before getting a plan approved by Bank Negara. Do not just take the word of an agent verbally, but always look at the fine prints black&white, and the Cost of Insurance chart in the policy documents- understand the pros and cons clearly before you make any Costly Mistakes especially during Hospital Claim!
**Please take note- this is mainly to create awareness for Malaysians to Make A Smart decision before its too late!!
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