Company insurance comparing with medical card insurance and critical illness.

Say company gave you insurance benefits like hospitalisation according to your position and grades and also free panel clinics. Will it be necessary to have own medical insurance assume working till retirement 55 years old.

Tq

If you are really in tight budget, then no choice, rely on company insurance to save as much as possible.
As having your own insurance, it makes your own insurance redundant.

But with company insurance, you have 2 risk ie
1. Company may decide to remove the insurance benefit in the future.
2. You may not work in the company anymore.

Just need to make justification on your own based on budget and personal planning.

Good morning,
Yes, we feel comforted that the company provides Hospitalisation benefits during our productive years. It may be sufficient during this period while still in employment.
But you may be subject to the following risk
- coverage for financial risk/ commitment that you/your dependents suffer should you be incapacitated due to a disability or death.
- after retirement, rejection by insurance companies for coverage should you suffer any covered illness.

To reduce or eliminate this risks, you may want to consider having your own personal insurance coverage. With proper planning, cost could be kept to a minimum, subject to increase by insurance companies.

I am not sure if our insurance is ok or not.

Insurance: Prudential BSN Takaful Health Enrich Premier

Age taken: 38y (H&W), 10y (Dotter). Healthy and no illness at that time.

Now: 44y & 16y


Coverage per person: -

Age: Until 80y (If I am not mistaken)

Lifetime limit: RM4,080,000

Annual limit: RM200,000

Preferred Hospitals: Suite Room

Other Hospitals: Deluxe/Single room. Need to pay RM300 as a deposit before warded. Will get back the money from PBSN.

Warded Allowance per day: RM200

Treatments/Clinic: 90 days after warded. Pay first and claims later to PBSN

Death/Disability/Critical Illness: Will get only about RM10K. This insurance covered more on the medical only.

However, if husdand or wife is contacted with the 36 critical illness automatically both premiums will be waived by PBSN for life and no need to pay premium for dotter until she is 21 or 25 years old (Can’t remember).

If dotter is contacted with the 36 critical illness, automatically dotter premium will be waived for life by PBSN. Not sure if premiums for H&W will be waived too. Need to check later.

woh~ annual limit of RM 200,000 and RM 4 Mill lifetime limit is not good
same goes to the RM 10k CI

I think you better get a new quote but at your age - the premium might be alittle higher

WHAT IS IT THAT YOU ARE 'NOT OK' ABOUT YOUR POLICY? IS THERE ANY SPECIFIC AREAS THAT YOU WANT TO RELOOK WHICH YOU FEEL CAN BE ENHANCED..

This post has been edited by Cyclopes: Apr 22 2020, 11:21 AM

You can claim under the accidental medical reimbursement benefit depending on your amount that is claimable under your policy.

Depending on your budget and insurability. It’s advisable to get a personal insurance coverage Because you might be retrenched, retire, laid off, Sacked from your company one day and lose any insurance benefit. You may also be not eligible to buy any insurance at that point of time if you are halving serious health problems.

I’m sorry I am not able to advise just by talking about a policy alone.

Understanding your personal finance is more important for me to advise you on financial matters.

It is good to have company medical benefits. Anyhow, always a limit there. No matter reimbursement outpatient or hospitalization.

Do you know how much company coverage? Try imaging a few scenario then you can figure out.
- if appendicitis, how much may cost
- if cancer, how much may cost

Do take note, if you change of job. The benefits gone.

Suggest you ask for 55Years old medical insurance quote according to your personal info. Roughly can know the cost by that time (inflation need to be add)
Hopefully no health issue / serious illness record, so you still can get protection.

*my opinion, get personal medical plan which can cover till old age 80+/-
You still need it when company medical quota finish.

My opinion, it is not ok if I look into the benefits.
It will be ok if the premium just fit your budget. Something better than nothing.

Suggest you can some new plan quote and compare.
Better to have full policy review. Current policy any cancer claim limit? Kidney treatment limit? co-insurance?

My concern, if your girl contacted by 36 CI .. her medical plan will stuck forever annual limit RM200K.
Yes she got the free medical plan due to waiver. But she still young, medical charge increase from time to time.

Try check out the cancer cost by RinggitPlus year 2018 here:
https://ringgitplus.com/en/blog/sponsored/c...es-it-cost.html

A full policy review might help you.
New plan critical illness more than 36. Upgrade or take new
Just check out the cost and benefits 1st. Compare and decide base on budget.

Most important, you and family understand the situation. No choice if budget tight, just don't regret if affordable but didn't take action.

Anyone have experience to claim Personal Accidents?

The medical report is? Just ask the clinic doctor to provide? Easy to get?

In 2014, there were not much attractive offer from the insurance companies. Now so many and affordable.

Get the medical report & the receipt, fill in the accident claim form. Done.

Product wise, the newer policies would definitely be better.

You have a choice to look into your existing insurance company whether they can offer you an upgrade or you can seek elsewhere if you wish to change your insurance company.

Just like any other industry, each company looking for higher market share. Also risk profile changes based on claims paid and with regulation changes as per BNM direction, more enhanced products introduced into the market. Likely current customers will be offered upgrade without additional medical underwriting, so it's a opportune time to get a better product.

hi jiaen0509, how are you now? for your twisted foot, did you get admitted or only do outpatient treatment? let's say the fee is RM100, have to take a look at the breakdown. for accident medical claims, you can claim, the only thing that is not claimable is mostly registration fees.

how much is the bill? you can actually just as a doctor to write a brief details on the receipt (date of injury, how the accident happen, what is the diagnosis of the injury - eg: twisted foot, what is the treatment done)

if you dont mind can pm me the details i can guide you ya

This post has been edited by ckdenion: Apr 23 2020, 09:56 AM

cannot already have illness

hi farizmalek, for your post here, you mean you and your daughter both have insurance plan stated for each of you, am i right?

if you will to ask me, the medical card isn't that bad with a RM200k annual limit. my concern for you is more on life insurance. you might wanna look into this risk management planning as well other than risk of forking out medical expenses. try discuss with your Prudential agent, that will help you a lot.

Will it be necessary to have own medical insurance assuming working till retirement age at 55 years old?
No, it is not necessary. No laws dictate that you HAVE to have it.

It is your decision, and you decide if you would like to take the risk, or transfer it to the insurance company.

The risk I am referring to, is the risk of hospitalization. For most of us, if the illness doesn't kill us, the hospital bill will.
"But I have my company insurance to pay for it."
Yes, you do! For now, while you are still employed by the company.
As long as you are an employee of your company, you are an insurable interest.
After you retire, you are no longer an insurable interest to the company.
So what do you do? You go shopping for a personal health insurance plan.

At age 55, we are not as healthy, our risk of a critical illness are higher, and for some of us, we already have some medical history.
While you're out shopping for a personal health insurance plan, you may or may not get one, no matter how much money you are willing to pay.

I believe the real question is, WHEN is the best time to get your own medical insurance?
I can't predict your future, but the answer is YESTERDAY.

Maybe I'm an insurance salesmen, and I do this for a living.
But I only ask that you seriously consider getting yourself insured.

Pls excuse me if I’m ignorant
Example: firstly, I’m covered by my company both life and medical. By the time I’m 55, there will b an amount that I’ve saved up for insurance. I then use this amount to purchase insurance at the age of 55 (let’s say)

Secondly, if I were to buy insurance at 30years old or 55 years old, the premium would roughly be the same? If not how much difference is the premium? The money saved for 30 to55 years old, could b use to purchase insurance at 55 years old

from my encounter....
during my working life,...I had some minor medical incidents, and some unhealthy level of cholesterol, high blood pressure,....
I had difficulties getting new one at age 55.....
even some that I got at age 48 are subjected to loading and exclusion....(eventhough there are no reoccurrence of incidents (for many years) and cholesterol and HBP are under control by medication )

As long as you do not have any pre-existing condition by the time you turn 55 years old, then what you've suggested is the best way to go about it.

This is also assuming your medical coverage does not change for the worst and is sufficient throughout your working life.

Best,
Jiansheng

Thank you for your feedback. Yes, the medical insurance each covered for self, wife and my dotter.

The purpose of my posting is whether our current medical insurance is sufficient. We bought it in 2014 and that was one of the best at that time. Now i am 44 and to change to a new and better one will be expensive. Beside that o have already have illness although not that serious.

As a back-up, my wife is Pegawai Kerajaan and I have GL for government hospital (From my wife). Plus my sister (adik) is a specialist in UITM Hospital, Selayang (not hospital selayang). Plus without the GL from my wife, i am still covered for life for free from the government because I already donated blood more than 50 times to National Blood Center.

In term of life saving, as a seaman before and also working overseas, currently I have cash: RM3,223,000 in my KWSP and ASNB. All my properties, land and cars were fully paid (No loans) and no credit card debt or personal loans.

I am still working.

My question is that, do i need to upgrade/change my medical insurance and also to get a life insurance from my condition above.