Health Insurance

In Malaysia - health insurance is not that big a deal, especially when it comes to women. You either have a cover from your job that pays a certain percentage of your expenses - maternity included - or you share a plan with your family members and not really look into too many details. And you really can't be blamed either.

Life insurance takes more importance over health any day and a glance through a regular 20-something woman's investment portfolio will show a huge chunk of her savings going into life insurance with health as only a secondary option. The reason? We pretty much think that we are never going to fall sick, ever!

It's surprising that we have this lackluster attitude towards health when we are probably the ones who need it the most. Just pause and reflect on your daily routine. You are a homemaker in the morning, probably getting your kid ready for school while cooking a meal for the family and also rushing to finishing off your daily commitments. The stress continues as you deal with a job, family, household chores and unexpected emergencies. Quality me-time, if any, comes in the form of toilet breaks. Phew! With so many parts to play, it's almost imperative for you to take care of your health. Here are five reasons your health needs a plan:

You can't predict your health: You may be healthy now, but tomorrow can be a different story. Even if you lead a healthy lifestyle, dealing with uncertain emergencies and stress are a part of our daily routine. Events such as accidents can affect you, regardless of your age, and the expenses will continue till the time you are cured completely. Make sure you have a fall back option to manage such unforeseen medical expenses and their impact.

The best laid plans can go awry: A critical illness can let your financial goals go for a toss. Uncovered medical expenses have to be paid off with funds earmarked for buying a new house or taking an international vacation. If you are the sole earning member in the family, you might find yourself in the middle of medical debt.

You need a wholesome cover: During a critical illness, you not just incur medical expenses but you might have to think of pending bills.  This is where your health insurance comes in. Life and Health insurance covers your expenses for the medical treatment and also gives you the liberty to use the compensation amount as per your own discretion. Also the premium that you pay towards your health insurance is eligible for tax deduction.

You might not have the money: As per a Forbes article, for every Ringgit you spend for medical treatment, RM0.70 goes in buying drugs. With the addition of good quality private hospitals, treatment charges have shot through the roof. The improvement in technology and services has pushed up the medical cost. With everything from medical costs to doctors' bills on the rise, it is better to have a separate health cover that deals with your expenses.

Lifestyle changes have an adverse effect: Over the last 10 years, there has been a marked change in the lifestyles and eating habits of people. Add to it long working hours, late night parties and smartphone addiction and we have a host of newer medical problems to deal with. It is advisable to have a good cover that takes care of all your medical bills while you recover from the illness, rather than worry about cash.