Many individuals claim they can’t afford the premiums or don’t perceive a need for health insurance, operating under the assumption that they can easily acquire one off the shelf. The list of medical insurance myths circulating is extensive, making it challenging to discern between facts and myths. To gain clarity on whether these myths hold any truth, continue reading as we debunk the misconceptions surrounding health insurance.
- MYTH 1: If I'm covered by employee medical insurance at work, I don't need to get a personal policy.
- MYTH 2: Medical insurance and critical illness insurance are the same thing.
- MYTH 3: I will only get to claim insurance if I'm hospitalized
- MYTH 4: If I have insurance, my medical bill will all be covered
- MYTH 5: Medical insurance always offers lifetime coverage
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MYTH 1: If I’m covered by employee medical insurance at work, I don’t need to get a personal policy.
TRUTH:
Group employee medical plans generally have a lower annual limit. If you have a major or prolonged illness, your hospitalisation bill might exceed that limit and you’ll need to pay the excess from your own pocket.
Buy your insurance when you are young and healthy, so that you will be able to get more comprehensive coverage on a clean bill of health. If you only start after retiring, various health issues may limit your ability to get the protection you need.
Medical plans with deductible options give you an additional layer of protection on top of what your employer or existing insurance provide such as MediSafe Infinite+.
MYTH 2: Medical insurance and critical illness insurance are the same thing.
TRUTH:
Medical insurance 和 严重疾病 insurance play two different roles. If you are ill or injured, medical insurance pays for your hospital bills, including
A critical illness like cancer, a stroke or a heart attack can affect your income and quality of life. Critical Illness insurance pays a lump sum after your diagnosis for needs beyond hospital bills, such as:
Allianz offers a unique critical care plan, Prime Care+, which provides extensive coverage for over 150 critical illnesses from early to advanced stages.
MYTH 3: I will only get to claim insurance if I’m hospitalized
TRUTH:
With technological advancements, certain surgeries and procedures do not require overnight hospitalization. Therefore, newer plans like MediSafe Infinite+ cover day-care surgeries like cataract operations/colonoscopies. You will be discharged on the same day, and can still make claims. Read and review your policy to be sure.
Recovering at home has several advantages: familiar surroundings, better rest in your own bed, and minimize exposure to cross-infections.
MYTH 4: If I have insurance, my medical bill will all be covered
TRUTH:
Your insurance is there to protect you, but remember: it DOES have limits. If you exceed your policy coverage, there might be out-of-pocket costs. Consider:
Your annual claim limit
- Your lifetime claim limit for your contract
- The room/board limit
- Additional services such as lodger beds (for family to stay with you at the hospital). MediSafe Infinite+ provides enhanced benefits like these for added value.
A lot of us tend to go for the cheapest plan available, which shouldn’t be the first factor to consider when choosing medical insurance. You need to understand the features and whether they suit your needs. Low premiums comes with restricted features, and higher chances of paying out-of-pocket costs.
Always keep your health situation in mind when you review your policy, and choose the right protection for your needs.
MYTH 5: Medical insurance always offers lifetime coverage
TRUTH:
Most medical insurance offers lifetime coverage [1]. However, it is important for you to review your policy regularly to ensure it can be sustained into your old age, in view of rising medical costs.
In 2019, Malaysia charted a medical inflation rate of 13%-nearly twice the global average rate of 7% [2]-due to:
- High medical costs: improvements in medical technology, medications and specialist knowledge
- Increasing life expectancy among Malaysians: as you live longer, you tend to use healthcare more often and much more intensively, so you have to prepare for it
- Unhealthy lifestyles: unhealthy lifestyles lead to poor physical health, and therefore higher healthcare expenditure
[1] Up to maximum 100 years old
[2] Source: Willis Towers Watson’s 2019 Global Medical Trends Survey Report
Is your current policy providing the protection you need?
Do you have adequate coverage for your lifetime?
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