Why you should have more critical illness cover?

Today,I met a client and he told me his uncle is having kidney failure and has been doing kidney dialysis for over 20 years. He said his uncle has kidney failure at the age of 40 and he need to do 3 times kidney dialysis every week. Do you know how much he has spent on kidney dialysis for the 20 over years? 

Question here is where can you get the money from?

As an insurance consultant, I will say the fastest and cheapest way is from life insurance policy that is from medical card and 36 critical illness cover. If you are having a medical card with small limit and also having a very small critical illness coverage, make effort to upgrade the coverage now while you are still healthy. Stop procrastinating and take action now. Medical insurance objective is not trying to help you to get richer, but it is mainly helping you not to get poorer if you are striked by critical illness. 

What is medical card with co insurance?

Medical card with co insurance is card that come with certain term and condition relate to the bill settlement for hospitalization. It also simply means policyholder has to bear certain percentage of the bill such as 10% or 20% depending on certain term and condition. Policy holders who are holding medical card with co insurance need to be aware of the term and condition all the time.

As for medical card with no co insurance, bill is as charged according to the medical card annual limit without any term and condition.

For great eastern life or great eastern takaful, the specific terms and conditions are

1) If policyholder stay within the hospital room rate he/she entitled in the policy, he/she only need to pay 10% up to maximum rm500.

Example : bill is RM 20,000
10% means policyholder need to pay RM 2000. However he/she only need to pay RM500 only(maximum RM500)


2) If policyholder stay more than the hospital room rate that he/she entitled in the policy,he/she need to pay 20% of the bill up to maximum RM3000.

Example:bill is RM20, 000
20% means policyholder need to pay RM4000, however he/she only need to pay RM 3000. (maximum RM3000)

As for great eastern takaful, the term is 20% of the bill for medical card with room rate rm150/day and below.

Example:bill is RM20, 000
20% means policyholder need to pay RM4000.


3) For all outpatient cancer treatment or outpatient kidney dialysis, policyholder need to pay 10% of the bill.

So, these are the 3 specific terms and conditions for medical card with co insurance. Room rate in hospital will gradually increase from time to time. In years to come, you may not be able to find room with RM150 per day or less. So, if you are having medical card with small room rate and with co insurance, you are very likely to be subjected to the term and condition every time you admit to hospital.

Question here is are you willing to pay certain % of the bill every time you admit to hospital? If you don't, the best is to convert your medical card to no co insurance.

So, if you are still healthy and qualifed to convert your medical card, quickly get it done before it is too late because the conversion is subjected to your health condition. I do experienced many applications that were rejected because policyholder already have some health issues.

What is co insurance?










Stop procrastinating and take action immediately.

Mengapa anda perlu menaik taraf kad perubatan?

Ramai orang membeli kad perubatan tetapi tidak pernah meningkatkan kad perubatan mereka dari semasa ke semasa. Alasannya adalah kerana mereka tidak menyedari tentang keperluan untuk menaik taraf kad perubatan mereka. Ramai orang berfikir selagi mereka mempunyai kad perubatan, sudah cukup.

Hari ini biarkan saya berkongsi dengan anda pentingnya menaik taraf kad perubatan dari semasa ke semasa mengikut kemampuan anda. Kad perubatan yang diambil lebih dari lima, sepuluh tahun lalu secara amnya memberikan had dan manfaat yang lebih kecil berbanding dengan tawaran kad perubatan oleh syarikat insurans masa kini. Sebabnya ialah syarikat insurans terus meningkatkan faedah kad perubatan dan juga meningkatkan had limit demi untuk memenuhi keperluan pemegang polisi dari semasa ke semasa.

Terdapat beberapa sebab mengapa syarikat insurans terus meningkatkan kad perubatan yang ditawarkan kepada pemegang polisi.

1) Peningkatan bil rawatan perubatan kerana inflasi dalam ubat ubatan Pakar meramalkan inflasi 15% pada harga ubat setiap tahun.

2) Peningkatan bil perubatan kerana hospital menggunakan teknologi baru atau peralatan baru dalam rawatan, ini secara tidak langsung meningkatkan bil rawatan yang harus ditanggung oleh pesakit.

3) jangka hayat manusia semakin meningkat. Semakin ramai orang boleh hidup di atas umur 70 atau 80 tahun. Pada masa lalu, kad perubatan biasanya melindungi sehingga umur 60 atau 70 tahun. Hari ini banyak syarikat insurans sudah menawarkan kad perubatan yang memberi perlindungan sehingga umur 80 atau 100 tahun.

Atas sebab sebab di atas, memang sangat penting bagi setiap orang untuk menaik taraf kad perubatannya terutama sekali kad  yang diambil lebih dari 10 tahun yang lalu. Apa yang boleh anda lakukan ialah mengkaji polisi anda setiap 5 atau 10 tahun dan membuat beberapa perbaikan jika anda masih sihat dan berkelayakan untuk berbuat demikian. Jangan sekali-kali mengabaikan ini kerana versi kad perubatan yang  lama sangat tidak dapat menampung  banyak kos pembedahan  hari ini dan ini mungkin menyebabkan anda mengalami masalah kewangan yang sangat serius.

Sebagai kesimpulan, selain menaik taraf rumah, kereta atau gaya hidup anda, pastikan anda menaik taraf kad perubatan anda kerana ia sama sama penting. Jangan sekali-kali mengabaikan ini kerana kejahilan anda hari ini mungkin mengakibatkan beberapa isu kewangan yang serius pada masa akan datang. Bergantung pada umur, dengan tambahan RM50 atau RM100, anda sudah boleh menaik taraf kad perubatan anda. Jadi, berhenti menangguh dan ambil tindakan segera sekarang.

Why do you need to upgrade your medical card

Many people buy medical card but never upgrade their medical card from time to time. Reason is because they are not aware about necessity to upgrade their medical card. A lot of people think as long as they have a medical card, it is enough.

Today let me share with all of you the importance of upgrading medical card regularly from time to time according to your affordability. Medical card taken five, ten or more years ago in general provide smaller limit and benefits compare to medical card offer by insurance company in presence. Reason is insurance company continue to improve the benefits of medical card and also increase the limit in order to meet the needs of policyholders from time to time.

They are few reasons why insurance company continue to improve medical card offered to policy holders.

1) Increase of medical treatment bill because of inflation in medication. Expert forecast 15% inflation on prices of medicine every year.

2) Increase of medical bill because hospital use new technologies or new equipments in treatment, this indirectly increase the treatment bill that have to be born by patient.

3) Human life expectancy has gradually increase. More and more people can live above age 70 or 80. In the past, medical card normally cover up to age 60 or 70. Today a lot of insurance companies already offer medical card that cover till age 80 or 100.

Due to the above few reasons, it is very important for everyone to upgrade his/her medical card especially those taken more than 10 years ago. What you can do is review your policy every 5 or 10 years and make some improvement if you are still healthy and qualified to do so. Never ignore this because old version of medical card is very lightly not able to cope or cover many of the major operations cost today and that might caused you some very serious financial issue.

In conclusion, beside upgrading your house, car or your lifestyles, do make sure you upgrade your medical card as it is equally important. Never ignore this because your ignorance today might resulted in some serious financial issue in future. Depending on age, with additional RM50 or RM100, you already can upgrade your medical card. So, stop procrastinating and take immediate action now.

What is early payout for critical illness?

Do you know the different between critical illness policy and early payout critical illness policy?

Critical illness policy is payable when any policyholder is striked by any of the 36 critical illnesses such as cancer, heart attack, stroke, both kidneys failure etc.
Critical illness also means the illness has reach the critical or advanced  stage level. In the example of cancer, if the cancer cell is still localised in the form of a growth and has not spread to the surrounding areas, it could probably in the early or intermediate stage. Under this condition, the policy is still not payable yet because the it has not reach the advanced stage yet.

As for early payout critical illness policy, the policy will pay certain % in advance even the illness has just reached the early or intermediate stage.
In the earlier example, early payout will pay even when the cancer cell is still localised.

In summary, critical illness policy pay when the illness reaches advanced stage where by early payout policy pay during early or intermediate stage. So, early payout is a another great benefit offered by insurance company. It help to supplement policy holder existing critical illness benefit.

Depending on age, you may add in this benefit into your current investment linked policy by adding premium ad low as rm50 per month.

Why need critical illness fund?

Most people know the important of medical card but not many know it is equally important to have more critical illness.

What is critical illness?
Critical illness in general referring to 36 critical illnesses that commonly happen to Malaysian such as cancer, heart attack, stroke, etc

A very common question that always forwarded to me is
Why should I need more critical illness coverage as I already have a  medical card with big coverage?

Do you have the same thinking as well?
If you do, continue reading this article as I will explain to you in a very simple way why you need to have more critical illness coverage.

Please read the following story

MR A is a manager working in a factory. He is 45 years. Once day, unexpectedly Mr A suffered stroke and was admitted to a private hospital. Mr A own a medical card from GE with a annual limit of 120k. He stayed about two weeks in the hospital and the bill came out to be 30k. So, Mr A bill was all paid by GE and Mr A family is very thankful about this.

Question now is how long can a stroke patient fully recover?
3 months, 6 months, 12 months, 24 months or more. No one knows.

Mr A is expected to be on medical leave for 2 years or more. This is where the problem start.
2 years of medical leave means Mr A has to be on leave without any income because labour law clearly stated that medical leave more than 6 months is considered unpaid leave. How is Mr A family going to survive without his income?

Mr A have 500k life policy with only 100k critical illness coverage.
Mr A family need rm10k a month, that simply means they need 120k a year, 240k for 2 years. 100k coverage is not even enough to cover one year expenses. Mr A family realise that the 500k life coverage only claimable in event of death or total disability.

From the above story, what have we learn:

1) Medical card only used to pay hospital bill and not living expenses in event of major critical illness.
Having medical card alone is not sufficient. It is like a human with hands but without legs.

2) Life policy cannot carry out the function similar to 36 critical illness policy. So, having high coverage of life policy is still not complete in this context.

By now, I hope everyone can understand why critical illness cover  is equally important as medical card.
The next questions are:
1) How much 36 critical illness fund do you have and how long it can cover your family expenses if you are in a situation similar to Mr A?

2) Why still  procrastinate?