Why you need a personal medical insurance even you are covered by your company medical schemes?

Many people who work in large organizations always say they do not need a medical card because they already have their own group medical scheme . Is this right? The answer is definitely NO , let me explain to you why ? 

Even if someone already has a group of medical schemes, I still advise them to have a medical card itself while they are still healthy. Here are some of the reasons? 

1) Group medical Scheme is an additional benefits to employees of a company and it is free. Such schemes usually have limited coverage and always inadequate. I once knew an incident where an Enginneer who work in sony only has a limit of RM5,000 for each  hospitalization and  it is  not able to bear his hospitalization bill of RM 15,000.

2) Group medical scheme only  protect an employee while they are still working in the company. The scheme will be terminated if the person has left the company or after a person has retired. Many think that they will only take a medical card after retirement. As a result, they will face the following possibilities: 

a) They have to pay high premium . for example: premium for one who is aged 25 is  RM 150 a month  whereby a person aged 55  need to pay  RM 600 a month and above. 

b) They may not be eligible to enter into any medical insurance if they already have certain health problems like diabetes etc

c) If the person is still eligible to enter the medical police after he retired, it also meant he had to continue to pay premium after retirement and this may cause a considerable burden. 

3) There is a dispute that their group medical schemes can continue to provide protection after they retire. My advice is do not take it as a WARRANTY. Companies can say that they can provide such benefits now but  they did not give any warranties that they can continue to benefit this way forever. They may change from time to time and I've seen many examples of this. 

So, consider group  medical scheme benefits  a bonus and one  still must have a medical card itself while still young and healthy. The saddest  thing is no longer eligible to enter the medical card after retirement. Those  in this category had to bear 100% of the cost of their treatment and this is indeed a very worrying situation. 

I already have medical card, why should i take another medical card?

Many policyholders always  asking why they have to take a new medical card while they already have a medical card? This question is not understood by a large number of people. 

For your information , benefits in a takaful / insurance policy will indeed change from time to time based on current needs and also due to inflation. If a person enters a  takaful / insurance policy  5 or 10 years ago, it was obvious that the limit of  their medical cards are very small indeed. Examples of the old medical card limit that usually owned by people is: 

Room = 100/150 day 
Limit Ahmad = 25,000 or 50,000 
Limit life = 75,000 or 150,000 
Maximum age to 70 only. 

If we examine the card limit , it is clearly showed that it was indeed no longer sufficient to cover half the cost of treatment for a particular disease. For your information, I have the experience to claim the cost of hospital treatment of RM 104.856 as shown by the following  Guaranteed letter.

If we compare the annual medical card limit RM 25,000 or 50,000, it was clear that the limit was not able to cover the cost of treatment of RM 104.856.

Try to imagine how someone is able to pay the remaining treatment bills and one also had to suffer serious financial problems even if he/she has a medical card. This occurs due to inflation in the medical sector which is growing high . 

Furthermore, many people also mistakenly think that they are not supposed to have two medical card. This perception is WRONG. I can make an explanation of this misapprehension. Example:

Mr A has two medical card

medical card 1, the annual limit = 25,000, signed in 1998

medical card 2, the annual limit = 90,000, signed in 2002

Mr A hospitalization due to accident and the  bill is RM50,000, so medical card 1 is not enough to bear the full treatment bills and still lack of RM25,000. Mr A can claim the $ 25,000 from medical card 2. 

If Mr A did not have a medical card 2, then serious financial problem will exist  again. This shows that having 2 or more medical card is not  WRONG. Instead, it is a WISE move as long as one can afford.. From my experience, many do not add on to their  medical card limit because they feel it is unnecessary and wasteful.

I hope my explanation can make you understand the importance of improving your medical card limit from time to time according to your ability. Remember! inflation will occur consistently and hospital  bill will continue to rise every year by 15%.

教育规划的重要步法

你是认真对待你的孩子的大学教育基金？                                                                

如果你是认真的，让我与大家分享的适当的措施来未雨绸缪。

第1步

决定你希望他们追求自己的大学。本地或海外？显然，这是更实惠的本地研究。那么，对于当地的学习，你需要决定它是否是政府还是私立大学？进入政府大学是相当困难因为它是非常有限的,尤其是华人,，所以最好的选择是考虑当地的私立大学。

第2步

比方说，你的选择是要考虑当地的私立大学。基本上有两种类型的本地私立大学就收费而言。有些民办高校的收费要高得多，有些是低。

诺丁Nottingham, Monash, Taylor等费用要高得多，约15万令吉或以上的4年学位。其他私立大学四年学位的费用大约6万令吉，东姑阿都拉曼（TAR）大学就是其中之一。

第3步

当你决定你的愿望的大学，以下动作是要知道孩子年龄达到18时的费用.

通货膨胀是这方面的关键。推荐的通货膨胀率约为6％。

比方说，你选择Nottingham，你的孩子年龄为1。

目前费用= RM150,000

未来的费= RM 403915（经过17年的6％的通胀），参考图表。

第4步

下一步就是要考虑到你所需要的金融工具来创建教育基金。这在很大程度上取决于你是否是一个低或高风险承受能力的人。有2种类型，你可以用它来保存你的孩子教育基金的财务工具。

1）    传统的教育储蓄计划

2）    投资计划，如投资连结或单位信托。      

您可以选择两者的结合，因为它给出不同的收益率。

第5步

现在是时候考虑你要的钱数, 你可以增加你的储蓄或投资，不时。时间是在教育规划的另一个关键因素。越长的时间更好。更长的时间,你可以享受更好的复利效果。         

IMPORTANT STEPS FOR EDUCATION PLANNING

Are you serious about your child university education fund?                                                                

If you do, allow me to share with you the proper steps to plan ahead.

Step 1

Decide where you expect them to pursue their university studies. Local or oversea? Obviously it is more affordable to study locally. Well, for local study, you need to decide whether it is government or private university? It is quite difficult to get into government university as it is very limited especially for Chinese, so the best option is to consider for local private university.

Step 2

Let’s say you option is to consider local private universities. There are basically 2 types of local private universities as far as fees are concerned. Some private universities fees are much higher and some are lower.

Nottingham, Monash, Taylor etc fees are much higher , about RM150,000 or more for a four years Degree.

The others private universities offer cheaper cost around RM60,000 for a four year Degree, Tengku Abdul Rahman ( TAR) university is one of them.

Step 3

After you have decided your affordable and desire universities, the following action is to know the future fees by the time your children reach age 18. Inflation is the key player in this aspect. Recommended inflation rate is about 6%.

Let’s say you opt for Nottingham university, your child age is 1.

Current fee= RM150,000

Future fee = RM 403,915 ( 6% inflation after 17 years) refer to the chart.

Step 4

The next step is to consider what financial tool that you need to create the education fund. This is very much depend on whether you are a low or high risk tolerant person. There are 2 types of financial tool that you can use to save for your children education fund.

1)    A conventional education saving plan

2)    An investment plan such as investment linked or unit trust.       

You may choose the combination of both as it give different return rate.

Step 5

Now is time to consider the amount of money you want and can commit now, you can increase your saving or investment from time to time. Time is another key factor in education planning. The longest the time you have the better. The more time you have, you can enjoy better compounding effect.          

                                       

重要的医疗基金 计划

人们关心的主要问题

1）        癌症，心脏发作,中风等健康问题可发生在任何人

2）         医疗费用每年上升15％

3）        大多数人没有大量的储蓄

每4 个大马人 1 人被诊断 患有癌症

每天至少3个马来西亚孩子被诊断患有癌症  

每隔一小时6人患中风

每6个妇女1人被诊断患有  乳腺癌

如果患上重大疾病,需要花费多少？

心脏搭桥    RM 45,000 RM75,000

癌症      RM 75,000- RM 150000

中风      RM 45000 -RM  75000

它可以花费更多

高医疗费用的最佳方案是

1）住院医疗卡

为了照顾因疾病或意外事故住院的 费用  。然而，这是不够的，你需要另一个叫

医疗基金的 计划

2) 医疗基金 计划

提供钱继续化疗的 费用 ，理疗 ，肾透析等

提供由于无力工作的生活费.

提供 护理，补充食品等费用

然而，

 很多人买合理住院医疗卡的数额 

但是 只有非常低的医疗(如癌症，中风，心脏发作，肾功能衰竭等)  基金

当一个人被击中慢性疾病，如癌症，中风，心脏问题，他/她需要一系列长期的

治疗，如化疗,物理治疗,肾透析

这可能需要12 -24个月  .所以,在 治疗期间，医生总是建议患者 远离工作。

 然而劳动法有一定的限制  。关劳动法的重要事项

    1)  如果员工病了，他/她可以去医疗 ，只有6个月内的带薪休假

    2）6个月后，如果员工仍需要医疗 休假，雇主有权不支付工资  或支付一半的工资

    3)  12个月后，如果员工没有变得健康，雇主有权解雇员工  

               结论

如果一个人有健康问题，他/她需要 较大 量的资金, 

  1)长期治疗费用

     2) 恢复或治疗期间照顾家人的生活费

所以医疗基金 计划是最好的解决办法,多少才算足够？

         从TKF学院网络顾问     获得免费评估。

OLD AND BROKE – THAT’S LIFE IN MALAYSIA

2013 study by the Employees Provident Fund which discovered that 69% of contributors aged 54 have a mere RM50,000 or less in their retirement fund.

With such a big amount set aside for their retirement, even if they live on the minimum spending level or poverty line, the money will only last five years at the most, and this does not take into account the rising cost of living annually and inflationary pressures.

Besides this, there are the findings of the United Nations Development Programme’s Malaysian Human Development Report (also published in 2013) which states that 57% of Malaysians have no financial investments and almost 90% have no liquid savings.

To compound matters, Malaysians are living longer and healthier now. But how are they to manage retirement if they have so little set aside for their old age?

This really is tantamount to a form of modern day slavery where more and more Malaysians are forced to work to make ends meet, probably until the day they die. It’s a frightening spectre for a nation aiming to become a high income country in 2020.

Retirement planning sessions and lessons or educational awareness of aging should be taught to youths by government organisations and agencies so that the next generation will be better prepared for retirement.

MRTA VS LOAN CANCELLATION POLICY

Do you know the different MRTA and loan cancellation plan ?
Tahukah anda apa perbezaan di antara MRTA dan Polisi perlindungan pinjaman ?


Bank always recommend MRTA for all loan applicants but MRTA is not the best choice to protect your loan.
Bank selalu mencadangkan MRTA kepada peminjam tetapi MRTA sememangnya bukan satu pilihan yang baik untuk melindungi pinjaman anda .

THE DIFFERENT BETWEEN MRTA AND LOAN CANCELLATION PLAN

PERBEZAAN ANTARA MRTA DAN POLISI PERLINDUNGAN PINJAMAN