5 Myths About Medical Insurance Every Malaysian Needs To Stop Believing!

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Your father, neighbour’s aunty, and that long-lost cousin who only shows up during Deepavali – everyone’s got something to say about medical insurance. Some say it’s “just a money trap,” others say “cannot live without it,” and then there are those who are convinced it’s just too expensive. 

Bottom line? Malaysians still need to be better covered when it comes to medical protection.

Less than half of us have life insurance, and only about 54% have health insurance.

And if you think young adults are better at planning for these things, think again – those aged 25-34 are among the least covered, according to Perbadanan Insurans Deposit Malaysia (PIDM). 

So, for the “here for a good time, not a long time” crowd out there, maybe it’s time to add a little “adulting” to your life and learn what medical insurance can do for you. 

Whether you’re a penny-pincher, young exec, or fitness junkie, there’s a medical insurance plan out there to fit your style. But first, let’s clear the air about some of these myths about insurance, okay?

Myth #1: “Medical Insurance Too Mahal Lah!”

Some people think you need to be “loaded” to afford medical insurance, but a lot of this is just a misunderstanding. Think of medical insurance like a buffet – you don’t have to take everything but instead you can zero in on the food that you really like (sashimi anyone?)  Many insurers here offer flexible plans that cater to different budgets and needs.

Some plans even have perks like wellness programs and rewards that help reduce costs. With the right plan, you can be covered without breaking the bank. And who knows? When your wallet gets fatter one day, you can always upgrade your plan. Remember, some coverage is always better than none.

Myth #2: “Must Be in Hospital Only Can Claim, Right?”

Aiyoh, this one’s so outdated. A lot of people still think insurance only kicks in if they’re stuck in a hospital bed. But these days, medical plans are like a Swiss Army knife – more versatile than you think. Some insurers offer outpatient coverage for things like dengue or gastritis, so you don’t need to check into a hospital just to make a claim. 

On top of that, some plans cover specialist consults, diagnostic tests, and follow-up treatments. Why wait till you’re in trouble to understand your insurance? Call up your insurance agent and grab a cuppa – get them to explain all the ins and outs so you can use your coverage like a pro.

Myth #3: “I Got Pre-Existing Condition – No Point Getting Insurance”

Okay lah, it’s true that some insurance plans have restrictions for pre-existing conditions, but that doesn’t mean there’s no options at all! Some insurers offer coverage after a waiting period, while others may cover pre-existing conditions from day one (though, fair warning, the premiums might be a bit higher).

So don’t just give up. Chat with your agent, explore your options, and find a plan that matches both your health needs and your budget. Your health is priceless, and there are definitely plans out there for you – you just need to look.

Myth #4: “Young and Fit, Why Do I Need Insurance?”

(???????? Your insurance agent, probably.)

Classic line among the young ones! When you’re feeling good and full of life, medical insurance sounds like a problem for your “future self.” But think about it this way: getting insurance young is like buying an umbrella before it rains – you’re set up for whatever surprises might come.

Plus, getting insured early often means you can lock in lower premiums for life. If you wait till you’re older, expect to pay more or have fewer choices. So it’s worth taking the step now – it’s like future-proofing yourself!

Myth #5: “Got Savings What – Who Needs Insurance?”

Savings are great, but using them for medical emergencies can drain your funds quickly. With healthcare costs rising in Malaysia – the Ministry of Health says the inflation rate for healthcare is 12% (yup, it’s going up!) – relying on savings alone might not be enough. And out-of-pocket expenses for health are around 35% here, with no sign of slowing down.

Insurance acts like a safety net, so your savings are safe for bigger dreams – like a house, education, or retirement plans. Plus, it gives you access to a network of quality healthcare providers. A solid plan takes care of the big bills so you don’t need to wipe out your savings just because of one unexpected event.

End of the Day, It’s About Knowing Your Coverage

Medical insurance doesn’t have to be confusing or feel like a huge commitment. When you understand your plan – what it covers, and what it doesn’t – you’ll feel more prepared for whatever life throws at you. 

So, don’t just brush off the idea of getting insured. Spend a bit of time finding out what’s available, bust those myths, and secure a plan that protects you and your loved ones.

Ready to explore your options?

AIA Malaysia is here to help you make sense of it all – whether you’re just starting out or looking to upgrade your coverage. Visit AIA Malaysia and let’s find the right protection plan for you.

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