Hi guys...
Thank you all for emailing and calling me for advise on knowing your rights as a policy holder in Malaysia and understanding with in depth knowledge of the various types of Insurance and medical plans out there!! I'm truly humbled and amazed at such tremendous response from you guys !! =)
Based on my experience with all who have met me personally for advise, nearly 80% are clueless on the type of policies they have bought over the years. They have been paying for the many policies with the assumption that it will all pay them in full no matter what their claims are - without understanding the limitations! Many have said that they bought the policies because the agent was their friend, family members etc. Some said they bought the policy based on the branding and marketing claims that its the No.1 insurance company in Malaysia.
Guys, please take note that a Branding of the company is not going to save you from a sinking ship!! What matters most is what is clearly documented in your policy documents...Please do read the terms and conditions clearly. The various medical plans in Malaysia comes with various limitations in comparison. So do not buy the idea that "All medical insurance are the same"
Most of my clients consult me for a review on the different type of policies they have bought over the years. They are utterly shocked beyond words on the type of limitations they are sitting on....Well, at least they made a choice to make time to understand the limitations before its too late....u can still run before the volcano erupts!!!
Please do not just get quotation through email for comparison in premium cost & investment returns but sit down with an experienced agent who can give you in depth understanding on how to choose a medical plan based on your needs, budget and how to avoid costly mistakes. Quotations are technical in nature - therefore many people get confused and are put off by the various terms used. So, some normally either ignore it or buy based on the hype of the marketing campaigns.
The most important aspect of the claims are what is documented in your policy doc. Its crucial for you to understand the fine prints...You need to know how to avoid costly mistakes before your health changes!
An experienced agent would have done many hospitalisation claims for his/her clients over the years. Through the experience, one can tell what is gonna work for you & what can be the biggest financial cost of your life!!
If you have a choice to choose:
Company Y pays 90% of your Medical Bills
Company X pays 100% of your Medical Bills
1) Which is a SMARTER choice?
2) Do you know the difference between In Hospitalisation & Outpatient Treatment? Why is it in a separate column in your Medical Schedule of Benefits?
3) What are the limitations in your policy Vs the Actual Cost of Medical treatment currently?
How do you define Risk? Actuarist are highly trained individuals with such intelligence to determine the risk factor before getting a plan/quote approved by Bank Negara. Many things can be said verbally but always look at the fine prints and the Cost of Insurance chart in the policy documents - thus it helps you make an informed decision wisely!!
Feel free to email me for further advise ( benjamin.naresh@gmail.com)
Please take note - the information shared are mainly to create awareness for policy holders to know your rights when it comes to Claims because it is your hard earned money that goes into premium payments.
So take time to plan wisely before its too late!
Thanking you
Ben
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