• Home
  • About Us
  • Guides

    Savings Calculator to calculate savings goals and basic savings projections

    Planning & Budgeting

    Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

    Saving & Investing

    Guides to tackle financial debts in Malaysia for Free

    Tackling Debt

    Free Guides on Choosing and purchasing a vehicle in Malaysia

    Buying a Vehicle

    Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

    Buying a Home

    Free Guides On purchasing insurance in Malaysia safely

    Insurance

    Free guides to ensure a comfortable Retirement by planning your retirement

    Retirement

    All Guides Icon

    All Guides

  • Guides
    • Planning & Budgeting
    • Saving & Investing
    • Buying a Home
    • Buying a Vehicle
    • Tackling Debt
    • Insurance
    • Retirement
  • Calculators
  • Blog
  • Take Quiz
    • English
    • Bahasa Malaysia
    Have any questions?
    [email protected]
    RegisterLogin
    MultiplyMultiply
    • Home
    • About Us
    • Guides

      Savings Calculator to calculate savings goals and basic savings projections

      Planning & Budgeting

      Investment Returns Calculator to calculate investment returns, investment comparisons and investment portfolio simulator

      Saving & Investing

      Guides to tackle financial debts in Malaysia for Free

      Tackling Debt

      Free Guides on Choosing and purchasing a vehicle in Malaysia

      Buying a Vehicle

      Free Guides on Purchasing a Home in Malaysia and avoiding crippling debt

      Buying a Home

      Free Guides On purchasing insurance in Malaysia safely

      Insurance

      Free guides to ensure a comfortable Retirement by planning your retirement

      Retirement

      All Guides Icon

      All Guides

    • Guides
      • Planning & Budgeting
      • Saving & Investing
      • Buying a Home
      • Buying a Vehicle
      • Tackling Debt
      • Insurance
      • Retirement
    • Calculators
    • Blog
    • Take Quiz

      Blog

      Here’s Why You Need Your Own Medical and Covid-19 Insurance

      • Posted by Multiply
      • Categories Blog, Insurance
      • Date September 8, 2021
      Here’s Why You Need Your Own Medical and Covid-19 Insurance 1 - Multiply - Blog, Insurance

      I don’t know about you, but whenever anyone mentions insurance, my brain just shuts down. I’m young, I have a great job and my employer covers my medical insurance. Even after Covid-19 happened, I didn’t really think much about it. After all, public healthcare is practically free, right?

      But medical emergencies can happen unexpectedly. Even if you have insurance through your job or if you usually visit your local Klinik Kesihatan, it’s probably a good idea to have your own private medical insurance. Plus, with the number of Covid-19 cases still high and government hospitals getting crowded, you might want to visit a private clinic or hospital if you need medical care during this pandemic. Otherwise, you may end up paying high hospital bills! I learnt this the hard way.

      It happened a few weeks ago, when I decided to get a burger delivered from my favourite gerai after a long stressful day of work. You know the kind of day I’m talking about: All you need is something greasy and delicious to make you feel better about life. But what happened next was definitely not worth the few moments of joy from my burger-eating frenzy. I ended up with the worst food poisoning ever!

      After a couple of days of major stomach pains and not being able to hold anything down, my parents drove me to the nearest private hospital where I was admitted and put on a drip. (Since we’d heard that government hospitals were crowded with Covid-19 cases, we didn’t want to risk going there and waiting in a long queue.) Not fun at all! The doctor ran all sorts of tests to confirm what was wrong with me.

      At the end of the week, I felt much better, but I also got a huge medical bill. It was then I found out that I had to use some of my own money to pay the bill because it was higher than the amount covered by my employment medical insurance.

      That’s when I realised it was time to get real about medical insurance.

      Firstly, what is medical insurance?

      A medical insurance policy is generally designed to cover the cost of medical treatment, such as the cost of hospitalisation and healthcare services if you’re diagnosed with an illness or need to be treated after having an accident.

      Why is it important?

      As I found out, medical treatment can be very expensive if you seek treatment in a private hospital and you could end up with a large amount of medical debt – which is definitely not good for your health! Also, while the public healthcare system is paid for by the government and therefore much cheaper than private healthcare, it’s not completely free. You will also need to pay a deposit before getting admitted for major procedures.

      As for insurance coverage provided by your employer, you should get the details of the policy and check the limits under the policy. The insurance will also end when you quit, so if you find yourself between jobs with no medical insurance of your own, then you won’t have any coverage should something bad happen to you.

      It’s better to get medical insurance while you are young and don’t have any pre-existing medical conditions, which could lead to higher premiums. Generally, you should get medical insurance once you have a full-time job and are earning a regular salary so that you can pay the premiums every month or year, depending on your plan.

      There are many types of medical insurance plans out there, so it helps to talk to an insurance agent or broker to help you choose the best plan for you.

      Important note: Covid-19 coverage

      Most medical and health insurance policies don’t cover Covid-19 treatment. However, some insurers such as Etiqa, Great Eastern and AIA have started offering plans with Covid-19 coverage to their customers. Depending on your insurer, you may be able to upgrade your existing plan with Covid-19 coverage for free. Check with your insurer if you need to apply for extra Covid-19 coverage or if the coverage comes automatically with the plan.

      How do I choose what medical insurance to buy?

      1. Know what type of insurance you’re looking for – do you have family and dependents? Are you single?
      2. Choose the plans you can afford.
      3. As far as possible, choose the plans with the highest annual and lifetime limits.
      4. Do you need to be covered for Covid-19? If you do, look for a plan that covers Covid-19 treatment and hospitalisation. Some insurers will offer free additional Covid-19 coverage to existing plans.
      5. Look at your insurer’s list of panel hospitals – it’s easier to process your insurance claim if you go to a panel hospital. You should also check that the list of panel hospitals is extensive and there are options for hospitals which are near you.
      6. Read and understand your claims procedure.
      7. Fill out your forms accurately.
      8. Buy your insurance policy from a licensed insurance agent or broker.

      Things to look out for when picking a medical insurance policy:

      • Exclusions – medical conditions not covered by your policy.
        • For example, many medical and health insurance plans don’t cover Covid-19 treatment or hospitalisation.
      • Limits – maximum amounts you can claim.
      • Renewability of policy – can be guaranteed or non-guaranteed, depending on your medical history and type of policy.

      So, remember – there are many risks in life (like eating dodgy burgers) but your medical care should not be one of them! If you’d like to learn more about getting medical insurance, do read our guide, and you can also read more details on what to look out for when buying insurance.

      Share with:


      Admin bar avatar
      Multiply
      The Multiply Admin

      Previous post

      Video: What are dividend shares?
      September 8, 2021

      Next post

      Video: How I avoided Bankruptcy
      September 8, 2021

      You May like

      car-g170fb26f6_1920 (1)
      Should You Get Flood Insurance for Your Car?
      13 January, 2022
      3-insurance-plans-you-need-to-get-now-to-protect-your-older-self
      3 Insurance Plans You Need To Get Now To Protect Your Older Self
      19 November, 2021
      CAR_1
      3 Things to think about when buying a car
      24 September, 2021

      Search

      Latest Posts

      How Do You Respond to Inflation? 3 - Multiply - Planning & Budgeting, Saving & Investing
      How Do You Respond to Inflation?
      21Jul2022
      Should I Get A Motorcycle 5 - Multiply - Buying a Vehicle
      Should I Get A Motorcycle
      02Jun2022
      5 Tips to Increase Your Salary 7 - Multiply - Planning & Budgeting
      5 Tips to Increase Your Salary
      23May2022

      GUIDE CATEGORIES

      • Planning & Budgeting
      • Saving & Investing
        • ETFs
        • Unit Trust
        • Stocks
        • Investing Basics
        • Fixed Deposits
        • Savings
      • Tackling Debt
      • Buying a Vehicle
      • Buying a Home
      • Insurance
      • Retirement

      STAGE OF LIFE

      • Student
      • Families
      • Working Adults
      • Retirees

      Latest Guides

      5 Things To Check Before Investing in A Company’s Shares

      5 Things To Check Before Investing in A Company’s Shares

      Free
      What you need to know about ‘Buy Now, Pay Later’ plans

      What you need to know about ‘Buy Now, Pay Later’ plans

      Free
      What Do You Need to Know About E-Wallets?

      What Do You Need to Know About E-Wallets?

      Free

      Don't miss out, join our mailing list

      newsletter-subscribe-multiply

      logo-multiply-learn-investing-for-free

      [email protected]

      Information

      • Home
      • Blog
      • About
      • Contact

      Categories

      • Planning & Budgeting
      • Saving & Investing
      • Tackling Debt
      • Buying a Vehicle

      Categories

      • Buying a Home
      • Insurance
      • Retirement
      • All Guides

      Instagram Feed

      We are looking for people who are eager to make im We are looking for people who are eager to make impact in the nonprofit space. Join our team of dynamic individuals as we have new and exciting projects for Multiply.If you are passionate about uplifting and empowering communities, click the link on bio to find out more about the role.#hiring #multiply #creadorfoundation #malaysia #socialimpact
      We’re looking for people who are eager to create We’re looking for people who are eager to create movements in the social impact space. Join our team of dynamic individuals as we have new and exciting projects for Multiply and more.So if you are passionate about uplifting and empowering communities, click the link on the bio to find out more about the role.#hiring #multiply #creadorfoundation #malaysia #socialimpact
      Want to own a credit card? Here's what you should Want to own a credit card? Here's what you should consider before becoming a credit card user. To learn more check out the link in our bio.
      Faster, easier, cheaper. But you will have to fact Faster, easier, cheaper. But you will have to factor in key aspects of your situation before deciding on a motorcycle.Find out what they are in our latest infographic! Click the link in our bio to check it out.

      Multiply by Creador Foundation.

      • Privacy
      • Terms
      • Sitemap

      Facebook Google

      Login with your site account

      18 − five =

      Lost your password?

      Not a member yet? Register now

      Register a new account

      7 + 11 =

      Are you a member? Login now

      Language :

      • English
      • Bahasa Malaysia

      What's your spending style?

      Managing our spending can be tricky business. So tell us how you spend your money and we'll help you figure out how to make the most of it!

      1. How do you earn money?
      2. How were you managing your finances before COVID-19 hit?
      3. How has COVID-19 affected your spending overall?
      4. How did the movement controls (MCO/CMCO) affect your credit card spending?
      5. If you received Bantuan Prihatin Nasional (BPN) assistance, how did you use it?
      6. If you're taking money from your EPF account during the MCO/CMCO (under i-Lestari), how are you using it?
      7. The loan moratorium was helpful for me because:
      8. The holiday season is just around the corner. What do you have planned for year-end shopping?
      9. Have you planned your budget for 2021?
      10. How are you preparing financially for 2021?
      11. How do you think you'll manage your money in 2021?
      12. What do you think you need most to improve your finances in 2021?
      13. In 2021, my top financial goal is to:
      14. In 2021, my biggest financial worry is:
      15. In 2021, which areas of personal finance would you like to learn more about?
      clock.png

      Time is Up!

      Language :

      • English
      • Bahasa Malaysia

      Take our quizzes!



      What’s your finance personality?

      Latest


      What’s your spending style?

      Language :

      • English
      • Bahasa Malaysia

      Whats Your Finance Personality?

      Find out if you’re a Money Boss, Finance Cadet or a Finance Newbie by taking this quiz!

      1. It's the end of the month, you are thinking...
      2. Say you want to go shopping for fun, do you...
      3. So you crashed your car and it's going to cost RM1,000 to fix, you
      4. Your credit card statement is in and your reaction is
      5. After months of saving (see "sikit -sikit, lama-lama jadi bukit" really is true), you've got cash sitting in the bank. You then
      6. You're buying a new car (yes, imagine away - Toyota, Proton, or BMW). You take
      7. You are thinking of investing. What do you do...
      clock.png

      Time is Up!