Medical Insurance

IN today’s fast-paced world, everyone is rallying to create wealth and generate multiple streams of income. These efforts lead to wealth accumulation. However, a single health issue can result in much of our wealth being spent. That is how precarious life is without medical insurance. 

Medical insurance, or medical takaful, is a basic need. It is no longer an option. Medical treatment is becoming more expensive, and failing to prepare for medical emergencies may result in one being in dire financial straits. Medical inflation is said to be at 12 per cent annually. 

Even if one has deep pockets, how deep can one dig? Having decent medical insurance provides not only protection, but also peace of mind. Without a medical card, one would have to come up with cash, sometimes during an emergency. Imagine if the bill is too high. In this case, some may use credit cards, but once the physical pain is gone, then comes the credit card statements. 

Some 14.3 per cent of the Credit Counselling and Debt Management Agency’s (AKPK) debt management programme participants default on their debts due to high medical costs. This can be related to the fact that only 22 per cent of Malaysians have medical or critical illness insurance. 

Many don’t consider medical insurance to be a pressing need as they hold down jobs and trust that the medical coverage provided by the workplace is sufficient to cover them and their families. They consider buying medical insurance only after retirement. There are also those who think that they don’t need medical insurance post-retirement as government hospitals offer treatment at low prices. 

Even if one is using the medical coverage provided by one’s employer, medical insurance can be a back-up should extra costs be incurred. It must be purchased when one is healthy and young. Delaying may result in ineligibility to own a medical insurance policy. One’s financial standing is a factor to consider when choosing a medical card. 

Nowadays, takaful and insurance providers offer standalone medical cards and family packages, which are more economical. There are also medical cards targeting companies that can be converted into personal plans should staff leave the company or retire. 

There are many packages that meet everyone’s needs and budget. Above all, lead a healthy lifestyle. Start exercising, have a proper diet and stop smoking. Little changes can go a long way in improving your health and quality of life.