For those who can afford it, maybe this Medical Card is already ‘covered’ by your Takaful Plan. But, there are some people who do not have their own Medical Card because there is no need. Maybe it's borne by the employer. Or you have always preferred to go to the Government Hospital because you get the privilege of being a government employee.
But when it involves children, then it feels necessary to have a Medical Card.
So, which Medical Card is the best on the market?
Shariah -compliant Medical Cards such as PruBSN Takaful, AIA Public Takaful, Great Eastern Takaful, AmmetLife Takaful, Zurich Takaful and many more.
If you ask a takaful agent, the takaful company will say he is the best. Unless the agent is genuinely honest and caring about your needs. Therefore, it is important for us to identify the factors that need to be considered in addition to the price.
5 Things To Understand So You Don't Get 'Deceived' By A Medical Card
1. Type of Coverage - Annual Or Lifetime?
There are 2 types of coverage available on the Medical Card that you need to know to differentiate, namely lifetime coverage (life time coverage) or annual coverage (annual coverage).
According to many experienced takaful agents, when an illness strikes, a common situation is that a person cannot cover the total medical costs because they have reached the annual coverage limit, for example RM 100,000/year.
According to a local newspaper dated May 2017, the minimum cancer treatment in a private hospital is RM20,000 and it can reach up to hundreds of thousands of ringgit. So, when the situation worsens, one has to cover with one’s own money despite having a Medical Card.
Don’t get me wrong, takaful agents sometimes like to quote large numbers.
"Bro, don't worry… This Medical Card covers up to RM500,000"
Usually, that's a lifetime limit. If the annual limit is only RM100,000 and if we get sick, when the limit expires, we have to leave the private hospital even though the lifetime limit is still RM400,000.
2. Co-Takaful / Co-Payment or Full Payment?
Co-Takaful is the percentage that must be borne by yourself each time you claim. Example of 10% of the bill each time you enter the ward and each time you follow up. Usually there is a limit between RM300 to RM1,000 each time you enter the ward or follow up.
Co-Payment is the percentage that needs to be borne from other bills (other than room charges) that are charged when the client upgrades the ward room beyond the room limit.
Examine the terms and conditions in the Medical Card to see if it offers a co-payment plan. Although the price seems cheap, but it may be inconvenient for you when you are detained in the ward later.
So, if the emergency does not bring cash, it is difficult. But, if you feel more frugal like that, it's up to you.
3. Renewal - Yearly Or Guaranteed?
For Medical Card that is renewed annually (Yearly Renewable), the renewal depends on the claim review each year. If you have ever claimed a lot, it means that there is a possibility that there will be additional charges, exemption conditions, etc. until it can eliminate your Medical Card benefits. In fact, it may be difficult for you to apply for a new Medical Card from through another company.
So, make sure this is explained in detail by the agent.
The Guaranteed Renewal Medical Card is more secure because the company cannot terminate your Medical Card at will or add any charges unless you do not pay or the lifetime limit has expired. So, even if you have claimed many times for the same disease or high -risk disease, you do not have to worry about any ‘hidden’ charges.
4. Hospital / Ward Price
If something happens, which hospital is most comfortable to refer to?
What is the price of a room ward in the hospital?
Is the price appropriate for your area of residence?
This is a question worth pondering because location factors play an important role as well. If you live in the Klang Valley, the price for a single room of RM250 a day can still be obtained.
In addition, it is realistic to think about whether the amount of coverage is inflation resistant. So, are the ward room prices offered still relevant for 10 years from now?
5. Policies Are Variable Or Fixed
Lastly, don’t forget to check whether your Medical Card policy is fixed or variable. Don't forget to look closely at the Portfolio Withdrawal Conditions section because some people may not understand this chapter.
This Portfolio Withdrawal Condition clause allows the insurance company to withdraw the product from the market by giving 30 days notice. Despite promising guaranteed renewal, it allows the company to stop incurring too many claims. In other words, it is not wrong for them to ‘escape’!
No Best Medical Card Terms
Why Don't You Like Takaful Agents?
Sorry, there is no best Medical Card term, but the one available is “most appropriate”.
So if you already have a Medical Card, open the police again. Read and understand what he covers.
Don't procrastinate, because the Medical Card will usually exclude coverage for illnesses that have been on our records for the past 5 years - regardless of the record at a government hospital, private hospital, or clinic.
So it is best to take this Medical Card at a young age because the monthly premium payment is cheap.
The price will not change even though the current price has increased many times as we age. That is, the earlier we start, the cheaper we pay. Then save!