Hi all,

I have a question regarding medical cards for hospitalisation and surgical.

I bought them for my family for years. However, the company I work at also provide coverage. I am quite sure I won't leave the company. Should I terminate the ones I bought myself for my family? Is it hard to reinstate back later? Do I need to go for medical checkup or can I reinstate by going through a period of time of no-claim and then automatically covered lets say after 1 year of purchasing back?

Thx

Normally those coverage provided by company is not much. So there might be possibility that you need personal H&S to cover the extra cost. Let's say medical fee is 50k, your company covered 10k then remaining 40k need to claim from personal H&S. Therefore, do not terminate your personal. However, your company only covered you right? Why would you terminate your family one?

Another thing, even you won't leave your company but you won't know whether your company will retrench you in the future.

This post has been edited by almeizer: Sep 2 2010, 08:47 AM

Hi almeizer,

The company's coverage is OK. Covers family members too. What i also want to know if I resinstate, do I have to do medical check again?

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Added on September 2, 2010, 9:33 amI am double insurance now. I thought of saving the few k every year and go for holidays. Why shld I have double coverage and pay for nothing when the company already cover? I want to cancel provided I can get backm in easily. Pls advise.

This post has been edited by groggy: Sep 2 2010, 09:33 AM

Groggy,

While you do not intend to quit your job anytime now, you should be mindful that your economic value to the company your work might differ in the future due to possibility of ill health, accident etc hence to have a backup plan in form of a personal medical plan could cushion the impact.

Apart from that, getting similar coverage without health checkup may not also be an option due to older age or any illness during this period.

Cheers,

HH

you should not rely on company insurance alone. you might lose your job and then you'll have no coverage, worse is you might lose your job because you're ill, then it'll be a double whammy. second, how long do you plan to work in this company? until 90 years old? lets say u stop working there at age 60, then only you start buying insurance is going to cost you alot more than buying one now.

I tot for medical cards, it doesn't not matter whether you are covered from young or start to buy when old, it still costs the same?

Good points regarding employment not permanent, especially after 60.

Also, for medical insurance, there is an option to opt for cash less or non-cashless. cheaper one is non-cashless. I am thinking of getting the non-cashless for the time being. is that OK if I later switch to cash less?

Based on your description, I'm thinking your referring to you ING's medical plans. Conversion from non-cashless to cashless is deemed to be a new policy hence the usually waiting period would apply again. Apart from that, if there's a serious claim then it could affect the terms of this new policy as well with exclusions etc.

Yes, ING. Would u personally go for the cashles or noncashless? and for a 38yo male with family, how much of medical card is recommended? if u were in my situation with company coverage, would u continue yr own personal coverage? Would u continue this medical card coverage until death?

thank you

Groggy,

If it's ING, I would go with cashless option. I would recommend you to continue your existing coverage even if you're covered by the company for now, moreover since you are a family man. ING's traditional medical plan should start off with RM80. The investment plan, having the medical card as a rider would start off with RM150.

I would say it's good to keep it going when you're old as you wouldn't want the ever increasing hospitalization cost to eat into your retirement fund etc.

Cheers,

HH

I think AXA medical plan may suit you. I'm not so familiar with their product but from what I learnt you can opt for high deductible now so that you can pay less for your insurance. You have an option once in a lifetime to convert to zero deductible for free. But please consult with their agent to have a correct information.

Prudential will have something similar in the future, you can opt high deductible then upon retirement you can opt for zero cash-less. We the agent are still waiting a further notice from Prudential when we can start selling this medical card.

To answer your question, Yes, I'll have my own personal coverage because we never know what will happen to current company. The company can switch insurance company, can terminate us especially if we are sick, and others uncertainty that beyond our responsibility.

I'll have a medical card as long as possible while I still can pay for it. I'm using Prudential medical card which cover until I'm 70 years old.

briefly, what is opt for deductibles?

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Added on September 2, 2010, 3:20 pmsorry, when u say start of with rm80. what is that? I only know I pay about rm1k+ per year for hospoitalisation and medical benefits.

Thanks!


This post has been edited by groggy: Sep 2 2010, 03:20 PM

The RM80 amount I mentioned refers to monthly premium amount. You're probably paying annual premium of RM1K ++.

deductible means you need to bare the first initial amount of your medical bill. As example, if your medical plan has RM10,000 deductible, and your bill is RM25k - your insurance will only reimburse you RM15k. The first RM10k need to be pay by yourself.

Usually people take deductible medical plan as a top-up to cover if the existing medical plan is not enough. Just like your case which already have company medical card, so you use your company medical card first, if it is not enough to cover your medical bill, than you use your deductible medical card to pay the rest.

Anyway, please confirm with the insurance company that the above scenario is correct. Some people argue that the insurance company might insist you need to pay by your own money of the first RM10k regardless you already have other medical card that pay the 1st RM10k. In our example of medical bill RM25k, your company pay RM10k, you need to pay RM10k and the insurance company will only pay RM5k.

groggy,

i agree with ajau and HHalphaomega. if you're healthy you can look this conditon by getting a good cover. axa with max. deductable now and a conversion later might be ideal for you. personally i am covered by company + two additional policies.

ajau,

i never heard of a policy that differentiates between who bears their deductable. it should not matter and would probably illegal to do so as it would discriminate between policy holders who bear the same cover. can you show me / point out a policy that does that? they should go to the wall of shame right along with non-guaranteed renewal of the policy

Hi Pjusa,

May I know what are the 2 additional policies you take? medical(hospitalisation+surgical) too? Why?

I read in a forum, I think this forum, people is arguing about this. I never come a cross the policy. That is why I ask to get the confirmation when you want to sign up with a deductible medical plan, because I'm not sure if it is true - just a precaution.

ajau,

it's always worthwhile to read the entire contract carefully. the only policy with deductable i have is tokio marine medic plus. they cover the medical costs exceeding the deductable (10k per disability) and nowhere do they make any demands with respect to the portion they dont pay. and frankly i dont think any policy in malaysia does. i have read the contracts for roughly every second plan offered two years ago and none stated anything like that. i am pretty sure i would have noticed a clause like that. of course i cant be sure but if such a policy exists it would be great if we could find it and warn everyone from buying it as a back-up policy.

groggy,

company insurance is just a bonus. its good but what if we switch jobs/get fired/retire. cover is gone. so can claim there first then move on to personal cover. personal cover is currently AXA SCO (500k annual limit) and Tokio Marine Medic Plus (Max. Plan). TM is mainly to cover for outpatient cancer and dialysis if the need arises and as a burst-option in case there ever is a super heavy bill that exceeds AXA limit + what the company pays. also when you get older you are more likely to get sick so i feel its good to have a lot of guaranteed renewable covers just in case. easier to pay average expected costs than risking to pay a super big bill right
the choices are my personal choice and you might find other insurances more suitable for your needs. it pays to shop around.

Dear fellow member,

The premium for medical insurance for children (below 18) are usually based on the age of the parents. Any children medical insurance in the market offer premium base on the child age ?

Hi Firee818,

The medical insurance for a child is based on the child's age. However, if the payer benefit rider is attached then that rider is charged according to payer's age. I know GE has this & am sure others like ING, Prudential, etc has it as well.

Cheers,

HH

Same goes with Prudential.