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Thinking of getting a Medical Card?
[partial8eb09fd3-ea8e-4cd2-a1f6-99da6ceda6c1] The cashback extends to the basic product if the Medical Card is a rider to a base plan. Yes, that's right! You will get the cashback on the total first year premium even if you choose an ILP base plan.
If you are not sure which plan you want, simply use our online plan selector above to narrow down to a plan that suits your needs.
You will pay directly to the insurer and we will credit your cashback to your account!
Hospital bills can be a huge financial strain on your finances. Medical inflation in Malaysia has been around 11% p.a. for the last few years, much higher than the salary inflation.
What should you look out for when buying a Medical Card?
In addition to the Annual and Lifetime Limits, you could consider plans that offer "As Charged" surgical benefits. This means that the insurer will pay you what the hospital has charged you as long as the fees are within the recommendations of the Malaysian Medical Association Guidelines and are reasonable and customary charges. Of course "As Charged" plans tend to be more expensive than plans with individual benefit limits.
You may also want to consider plans that provide coverage up to age 100 (currently the maximum cover age for plans in Malaysia). Some plans stop at age 70 or 80. This means that you could be left without proper medical cover when you need it most.
Finally, if you do want to reduce the cost of your insurance cover, you could select a plan with a deductible or co-payment. A deductible is an amount that you pay first before the insurance coverage starts. A co-payment is the percentage of the bill that you pay and the insurer will pay the remainder of the bill. There are subject to the overal benefit, annual and lifetime limits.
Other benefits may include:
|MCIS Medical Cards|
1. Are the premium rates guaranteed from year to year?
No, the premium rates may change from time to time and are not guaranteed.
2. Why do I see the terms ILP and rider?
There are some Medical Card plans that can only be bought if you purchase a "basic" Investment Linked Plan ("ILP"). This may be beneficial as the basic plan requires you to put in money that will be invested in your selected funds and over time, the investment gains* from these funds should help to defray the increasing cost of the medical card.
IF you do not wish to put your money into an ILP plan, then you may wish to buy a standalone Medical Card. Our comparison table will clearly indicate which plans are standalone and which are riders to an ILP plan.
3. What if I am already covered by my employer?
Your employer's cover may be insufficient to provide for your full hospital bills. In addition, you may require cover when you are in-between jobs or are retired. We recommend that you get your Medical Card early while you are still healthy as you could be rejected or faced with exclusions if you apply for your Medical Card at an older age.
You may wish to apply for a Medical Card that has a deductible to reduce your cost if your employer provides some cover. Do note that you may not be able to increase your Medical Card benefits to cover the deductible in the future.
* Investment gains are not guaranteed.
InsureDIY Sdn Bhd is a financial adviser licensed by BNM and is authorised to distribute insurance in Malaysia.