There are many types of insurance available in Malaysia such as life insurance which is financial protection against unfortunate events, such as sudden death, total permanent disability, critical illness, or terminal illness.
For life insurance, you can either opt for term life insurance or whole life insurance. Next is property insurance. Also known as general insurance or commercial insurance which is property insurance that covers your personal assets like your house or your vehicle. Next, well-known insurance is protection insurance. Personal accident insurance and travel insurance fall under this type. Accidents could occur anytime to anyone. In case of your demise, disability or injuries, rest assured that you or your loved ones will be compensated, in a lump sum.
Travel insurance could protect you from risks involved in traveling, such as accidental death, total permanent disability, accident or illness that requires costly treatment, repatriation and evacuation for medical emergencies, and inconveniences like flight delays or lost luggage. Next is motor insurance which secures you through third-party fire coverage, third-party coverage, and comprehensive coverage. Hence, along with these important insurances, health insurance is a part of it. Health insurance is becoming more and more important in this world. With the constantly increasing prices of healthcare in our country, and with the ever-rising instances of diseases, health insurance today is a necessity. Health insurance provides people with a much-needed financial backup at times of medical emergencies. Health risks and uncertainties are a part of life. One cannot plan and get sick but one can certainly be prepared for the financial aspect.
One of the ways to be financially prepared against uncertain health risks is by buying health insurance. Health insurance is a type of insurance coverage that pays for medical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. There are different types of health insurance plans, such as individual health insurance, family health insurance, critical illness insurance, etc. Purchasing health insurance is an integral part of financial planning. Looking for insurance to make your life easier and secure? You can always rely on liability insurance
Here are the five major reasons for getting health insurance:
- How Does Medical Insurance Work?
Your medical costs are paid first by your health insurance plan if you have them. Then, based on the plan’s specifics, they pay part or all of the amount. Health insurance is similar to vehicle insurance in certain ways. If your automobile is in a catastrophic accident and requires extensive repairs – or perhaps replacement with a new car – car insurance will cover part or all of the costs. That’s a good thing since the expense of repairing or replacing your automobile might soon exceed your financial resources. Health insurance, unlike vehicle insurance, covers significantly more than simply the expenses of a severe accident. Annual checkups, vaccines, preventative health, and other “regular maintenance” for your body and mind are often covered by health insurance. It’s like if your auto insurance included oil maintenance and tire rotations.
- Why Should I Purchase Medical Insurance?
There are two primary reasons to get health insurance, If you fall sick, health insurance will help you. Health insurance helps you prevent being ill in the first place. Let’s take a closer look at each of these reasons; As a Safety Net, Health Insurance
As a safety net, having health insurance is critical. If you get ill or injured suddenly, health insurance can assist cover expenditures that you may not be able to meet on your own.
Health care may be rather costly. It may be a huge financial strain. Surgical procedures, emergency treatment, prescription medicines, lab work, scans, and tests may rapidly add up. They may even be so exorbitant that people become bankrupt or refuse treatment that they need but cannot pay out of pocket. However, with health insurance, you are not responsible for those charges on your own; an insurance plan will assist you to pay the fees and managing the complexities of medical billing. Let’s face it, you don’t want to be dealing with medical costs when you’re sick, wounded, in a hospital bed, or in the emergency department. Getting health insurance before you become ill is a good way to make tough financial choices ahead of time.
- Illness Prevention
The second reason having health insurance is crucial is that it makes it simpler to avoid being ill in the first place. Having health insurance makes it simpler to get regular and preventative health care — that is, to locate and pay for it. This comprises:
- Annual physical examinations
- Immunizations (flu shots, MMR, etc.)
- Lab work and blood testing
- Screenings and scans
All of these things contribute to keeping you healthy and quickly detecting any illnesses you may have. Furthermore, health insurance aids in the management of any chronic illnesses you may have, such as diabetes, heart disease, or depression. For these illnesses, health insurers often provide disease management plans. They may also refer you to experts and other resources that can assist you. This makes staying on top of things and being healthy much simpler. When it comes to children, routine and preventative treatment is extremely vital. Children, newborns, and expectant moms all need frequent medical attention to be healthy and thrive. Early intervention may avoid future issues and possibly save lives. It’s not just about physical health, most health insurance policies also cover mental and behavioral health.
Right Age to Buy Health Insurance
There is a common dilemma among people about the right age to buy a health insurance policy. However, there’s no right age to buy one. But, if one buys a health insurance policy at an early age, one will have to pay less for the policy. Premiums for a health policy increase with one’s age; that’s because the associated risk increases. Premiums for health plans are determined by the age, medical history, city of residence, etc. of the insured. So, if you buy a health plan early it will help you save on the premiums you will pay.
Important Coverage to consider while buying a health insurance
Also, when you are buying health insurance, buying critical illness insurance is suggested as well. A critical illness policy is a cover that offers to pay you a fixed sum once you are diagnosed with a critical illness that is covered by the policy. You can opt to buy a critical illness policy as standalone insurance, or you can buy it as a rider when you buy your regular health insurance. Critical illness insurance acts as a very valuable addition to the basic health cover in case you are diagnosed with a serious illness. While you can use your regular individual or family health insurance to cover your hospitalization bills, the lump sum amount that you receive from the critical illness cover can fund other essential expenses associated with your critical illness.
