Insurance – Not All The Same
Many people say that Malaysians in general don’t like to read. I don’t think that is accurate. More likely, we read what we like to read, but generally most people don’t like to read their insurance policies. Here are some policies I extracted to show that not all medical plans i.e. hospitalization and surgery are created equal.
The main thing about medical plans is ensuring you will still have a plan to cover you for the future AFTER you make a claim. Many people assume that this is the case. Here are some examples of medical policy terms and condition.
In this policy, there are 2 points I’d like to highlight:-
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the renewal is subject to option by the insurance company.
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when the policy holder stays in a room higher than what he is entitled to, there is a 20% surcharge across the whole bill. .
Comments:-
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It is better for the policy holder if the insurance company guarantees renewal of the policy to a certain age, WITHOUT any terms and condition like portfolio withdrawal attached. Otherwise, you can be left without any cover when the insurance company withdraws the plan (which they usually do after a few years)
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It is better if the policy holder just pay the difference in room rates. This is important because it is quite frequent that hospital beds for lower room charges are filled up first. Imagine being in pain and waiting to be admitted to be told, either you pay 20% of the bill or wait until someone is discharged.
Here is another renewal Term and Condition.
As you can see, these shows that not all medical plans are created equal. Some provides escape clause for the companies.