Medical Insurance In Malaysia (Complete Guide)

In this video we’ll be talking about buying a medical card or health insurance in Malaysia.
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This video will be a complete guide about buying medical insurance, insurance plans, medical cards.
We’re gonna go from the types of insurance plans you can buy to what to look for when picking an insurance plan and how to buy insurance from an agent.
We’ve recently bought insurance for ourselves for the first time and we documented every step of the process from researching plans, reading insurance proposals, policies and talking to insurance agents.
WHAT IS HEALTH/MEDICAL INSURANCE?
Insurance is a form of protection against things that we don’t foresee happening or at least we can’t predict exactly when they will happen.
If we’re talking about medical or health insurance, the unforeseen event will likely be a hospital bill, and if you’re insured, you’ll be protected against the hospital bills as the insurance company will pay it for you instead of you having to pay for it yourself.
THE 2 TYPES OF MEDICAL/HEALTH INSURANCE
Medical card (standalone) - the most basic form of health insurance. You buy it, and if you have to get treatment in the hospital, the medical card will cover your cost of hospital cost.
Insurance plan (investment link, health savings, etc.) - A medical card packaged into a plan that serves as an investment or savings account specifically for your health costs.
With an insurance plan, instead of just covering your medical cost, you are also insured against loss of income, i.e, you can't work because you're sick and therefore have no income.
So medical cards cover only the cost of medical treatment while insurance plans covers medical treatment and loss of income.
PROS AND CONS OF STANDALONE MEDICAL CARD
+ Cheaper (~RM75/mo)
- Manual renewal every year
- Subject to approval/price increase
PROS AND CONS OF INSURANCE PLAN
+ Auto renew every year
+ Almost guaranteed price/renewal
- More expensive (~RM150/mo)
WHAT TO LOOK OUT FOR WHEN BUYING MEDICAL/HEALTH INSURANCE
1. What does it cover?
Does it cover only hospital cost or does it also cover loss of income?
2. How much does it cover?
Annual limit (at least RM1m)
Lifetime limit (recommended unlimited)
3. Cost factors
Personal factors (age, occupation, smoker status)
Deductibles and coinsurance
4. Room and Board
At least RM200/night and for 150 days/year
5. Waiver
Is the insurance premium waived in the event that you fall sick?
6. Company
Is the company reputable? Check reviews.
7. Other features
Does it cover your existing health conditions?
What are the investment returns?
What are the no-claim benefits?
HOW TO BUY INSURANCE
Step 1: Be clear on your needs, what do you need from insurance?
Step 2: Set a budget, how much are you willing to pay every month/year?
Step 3: READ THE BROCHURES ONLINE!!!
Step 4: Find a good agent
Hey! Thanks for reading the description. We can't fit everything in here, so make sure to watch the whole video to find out more :)
Timestamps:
00:00 - Medical Insurance In Malaysia (Complete Guide)
0:57 - Why buy medical insurance?
1:51 - What is a medical card?
2:20 - What is an insurance plan?
3:11 - Medical card vs insurance plan; which one should you get?
5:21 - What does my medical card cover?
5:38 - How much does my medical card cover?
6:03 - How much does a medical card/insurance plan cost?
7:26 - Does my insurance cover hospital stay/room and board?
7:48 - What is an insurance waiver?
8:26 - Which insurance company is the best?
9:08 - Does health insurance cover existing medical conditions?
9:20 - Where is my money invested in an investment link insurance plan?
9:29 - What are the no-claim benefits of an insurance plan?
10:01 - How to buy a medical card/insurance in Malaysia
10:30 - The biggest tip when buying medical card/insurance
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Twitter: / themillennialf_
Tell us in the comments if you liked this video and what other kinds of videos you would like to see.
These videos are for entertainment purposes only. We are not financial advisors and this is not financial advice. You (and only) you are responsible for your financial decisions.
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#TheMillennialFinance
#MedicalInsuranceMalaysia

[@verorreviewssomething8291]

You deserved a medal. Thank you for the detailed info 🏅😊. Now i have a better understanding on what a medical card / insurance plan is.

[@MillennialFinanceMalaysia]

Thanks, Ian! Glad it helped :)

[@3898danielchua]

Very good talk about medical insurance and it is awesome.

[@NazKam]

great comparison on standalone vs savings. alot of people said insurancr is only for protection not for savings, but, i like tht it helps tht i can be assured the price wont fluctuate by alot and no need to renew them

[@MillennialFinanceMalaysia]

Yup! That's one of the biggest advantages of insurance/savings plan in our opinion.

[@azfaryeop5308]

thank you for the sum up in the description! God Bless!

[@MillennialFinanceMalaysia]

No problem buddyn

[@twogtheworldofgangnam9917]

Love it, clear explanation! Thank you!!!

[@MillennialFinanceMalaysia]

Thank you for watching!!

[@sunrise5476]

well informed bro..it was so clear and fluent..good job

[@MillennialFinanceMalaysia]

Thanks for watching, glad it helped!

[@borneo_kid94]

Thanks man. Thats a great info

[@azizwahid8443]

As usual good info👍

[@MillennialFinanceMalaysia]

Thanks for watching!

[@engkuzain9419]

Very Clear 👍

[@Minie0910]

Good info! Thank you!

[@MillennialFinanceMalaysia]

Welcome!

[@danish6376]

Just about time for me to get a medical insurance . Thank u

[@MillennialFinanceMalaysia]

Thank you for watching! Hope it helps :)

[@empresstakaful]

Good 👍

[@altahitahali7969]

Thank you for this helpful information 👍👍

[@MillennialFinanceMalaysia]

Glad it was helpful!

[@stephenloh817]

Keep it up with the content

[@MillennialFinanceMalaysia]

Thank you!

[@yuminlim4161]

this is super helpful, thanks so much for sharing! Would you consider making another episode on life insurance as well and its relevance to millennials? :)

[@MillennialFinanceMalaysia]

Good suggestion Yu Min! Will consider it haha. Disclaimer - we ain't super big on it :p

[@NazKam]

@@MillennialFinanceMalaysia why not?

[@MillennialFinanceMalaysia]

@@NazKam dont know, just feel that the insurance premium we pay is better allocated elsewhere ah haha. just personal opinion though, everyones different

[@iskandarzulkarnain4416]

Great info with very clear explanation 👍🏻👍🏻 Additional info, right now there’s a “inflation proof” medical insurance plan in the market Which increases a good amount of the annual limit and room&board every 5 years with same monthly premium It’s a good benefit for users in long term

[@MillennialFinanceMalaysia]

Love that! We were actually interested in something like that. Do you know which plan offers this?

[@niidaimehokage5731]

yeah i want to know too

[@macarthurlungan7332]

Hey very helpful content. Just wondering, for an insurance plan that is approved without medical check-up, how does that work? What if one day, when we need to claim the insurance, would it be a problem?

[@hairulirwanabuhassan7971]

U need more subscribers..good content all the way!

[@MillennialFinanceMalaysia]

Thank you! Help share our content to people who could benefit 😀

[@YaishAAziz]

Informative .... Tkasih

[@MillennialFinanceMalaysia]

glad it helped!

[@RoyStevenUngKengSoon]

Parking, just in case someone has detailed questions on insurance

[@empresstakaful]

Good job 👍👍

[@MillennialFinanceMalaysia]

Thanks!

[@ahlamm.659]

But the médical insurance says pre existing disease mean I have a varicose on my leg they will reject have the operation that cost 10k . I payed 900 for this plan . Please guide me

[@rethnamalar]

I like what you shared brother but I think you might want to check on your facts! 1. Not all standalone medical plan is subject to renewal. There are guaranteed renewal plans. Premium of a medical insurance is never guaranteed! 2. Investment-Linked Life Plans (ILP) do not guarantee the premium to remain the same either. Cost of insurance will follow (usually rises) with age and subject to revision in time to come. Making it no different to a standalone plan. 3. The loss of income part, I agree but they are all optional benefits! If the client buys ILP but without the 'loss of income' cover, how then? There are hospital income, disability income, critical illnesses and their waivers. For sickness, MC no claim! Accident if the optional benefit is purchased, then can claim MC. (If there is a company can pay for sickness MC please let me know. I want to buy. I don't have any major disease yet)

[@sal191_]

Hi. I’m an international student and I’m graduating this hear around August. I need to fix my teeth like, i wanna get braces or something. Is there any insurance company that would cover the costs?

[@monachung6217]

Can you a recommend a reliable and reputable insurance agent in Malaysia?

[@DyaaMKher]

I want to go to a physiotherapy knowing that I didn't do a surgery,... Can I claim it, and what is the proses, tq

[@NewVictorChannel]

Thank for the clear explanation on this, thumbs up for the video😁😁 .. Just a question, how about buying medical card directly from the insurance website? I see it is way cheaper than going thru the agent. Just would like your thought on this? Thank you!

[@MillennialFinanceMalaysia]

No problem! We explored this, but realised there are benefits to buying through an agent. For example, we get clarity on the plan and if touch wood anything goes wrong, at least we have someone who can help us out with claims :)

[@BabyIlahi98]

Hi, great content! Do you think is it better to have deductible or zero deductible?

[@MillennialFinanceMalaysia]

Hey, thanks for leaving a comment. It depends on how much you're able to save on monthly premiums if you have a deductible vs zero deductible, and how much the deductible amount is vs how money you can fork out in the event of a medical emergency. Hope this helps!

[@kajolkajol284]

Terima kasih. Content yang sangat bermanfaat kepada generasi muda. Kalau AXA 3-in1 (Life + Medical + Critical Illness) ni okay ke? 🎈

[@MillennialFinanceMalaysia]

Sama-sama! Ok je :)

[@niidaimehokage5731]

Jarang org yg bercerita tentang insurans/takaful, malah kebanyakan ejen tidak terangkan secara terperinci malah lebih kepada ingin close sale, ayat biasa mereka "paling kurang ada insurans". Sepatutnya kena cerita jugak pasal cash value (mngkin lain syarikat lain istilah). Sekadar berkongsi saja haha

[@MillennialFinanceMalaysia]

Betul tu. Kena cari ejen yg betul2 boleh terangkan & jawap semua soalan customer. Thanks for sharing.

[@SyakiraAzam]

This is not related, but can you share what mic are you using! Thank you!

[@MillennialFinanceMalaysia]

Sure! Samson Q2U

[@natashaabdullah8657]

OMG its the AIESEC shirtssss. Are you an AIESECer?

[@MillennialFinanceMalaysia]

No it was a gift 😅 great shirt tho

[@jacquelinecheang9179]

My stand alone plan is automatically renewed through auto-debit and is guaranteed.

[@MillennialFinanceMalaysia]

Guaranteed as in the price won't go up?

[@majidjahangeer181]

Hi does Medical card cover outpatient and if not to buy such card how much does it cost?

[@MillennialFinanceMalaysia]

It depends on the plan

[@stk206]

are u allowed to tell us which insurance u took? makes it easier for me ill jz copy the plan like e-toro

[@MillennialFinanceMalaysia]

We took the AIA Health Plus plan, but there are lots of variations so it'll be helpful if you read their brochure before making a decision :)

[@chesleyliew4595]

Hi, may I know which medical insurance plan you purchased? Just for references and how to get that freebies 😂

[@MillennialFinanceMalaysia]

We took the AIA Health Plus plan, but there are lots of variations to it so do check the details based on what you need. Freebies depend on the timing and if they have an offer haha

[@yuchitan2474]

So which company has better reputation?

[@MillennialFinanceMalaysia]

Usually the big companies like AIA, Allianz and Great Eastern. You can check online reviews to read about people's experience with them.

[@aizuddinhakimyusoffcheah2776]

I take insurance plan for RM200/month since 2019 under PruBSN. But I just notice that my plan does not have annual limit but have a lifetime limit of RM1,000,000. Should I renew my plan so that it cover unlimited lifetime limit?

[@MillennialFinanceMalaysia]

We don’t have a lifetime limit either. Think it’s ok for now but depends on individual :)

[@nurulnazifah6749]

Hi. I am still confused. what does unlimited lifetime limit means? why issit important?

[@MillennialFinanceMalaysia]

Hey, it means there's no limit to how much insurance you can claim. Eg. if you had a lifetime limit of RM1 million, once you claim up to RM1 million (whether in 3, 5 or 10 years) the insurance plan will not cover you anymore and you'll have to look for a new one. If your insurance plan has an unlimited lifetime limit, you can claim as much as you want so long as it doesn't exceed the yearly limit.

[@kmarvel]

Am donating blood regularly. Am entitle to free 1'st class medical treatment. It's the cheapest option

[@MillennialFinanceMalaysia]

That's awesome! Never thought about that 🤔 how can we learn more about this?

[@kmarvel]

@@MillennialFinanceMalaysia These cover government hospitals www.ummc.edu.my/pesakit/blood-PRIVILEGE.asp?kodBM=

[@MillennialFinanceMalaysia]

@@kmarvel Thank you! Really interesting

[@shaunalexthomas1627]

Wow so how often do you donate blood?

[@kmarvel]

@@shaunalexthomas1627 4 times a year

[@snowboygaming5792]

Where cc translate for malaysia

[@MillennialFinanceMalaysia]

haha will do next round bro

[@selipar0603]

We can invest it

[@MillennialFinanceMalaysia]

Yes usually insurance plans will have an investment feature.

[@user-th6eb6oj8w]

「コンテンツを調整する必要があります」、

[@Tradewind4755]

Are medications covered under medical card coverage?

[@MillennialFinanceMalaysia]

Yes if it’s administered by the hospital during your visit

[@Tradewind4755]

Thanks. What about prescription meds you have to get yourself at pharmacy? Are these all out of pocket? What if these meds get expensive? Sorry if these questions don’t make much sense since I’m from the U.S. and medical coverage works a lot differently.

[@muhdnajmi9258]

Which insurance you get freebies fitbit🥺

[@MillennialFinanceMalaysia]

At the time, it was AIA :)

[@muhdnajmi9258]

@@MillennialFinanceMalaysia tq reply

[@AArmstrong123]

How about takaful hibah?

[@MillennialFinanceMalaysia]

Haven't really looked into this but will consider it

[@nurel0307]

Takaful hibah is takaful hayat or life insurance. Jadi, Encik Alif akan berikan pampasan untuk sesiapa yang anda kehendaki. depends on your budget. Serendah RM30 tergantung umur. :)

[@Dzul32]

Rm125k annual year okay tak bro ? Lifetime unlimited

[@MillennialFinanceMalaysia]

Think a bit low, but if that’s what you can afford then ok je bro. Slowly up

[@Dzul32]

@@MillennialFinanceMalaysia thanks bro

[@saadwarsamay5898]

My uncle is sick and is planning to go to Malaysia for treatment can he apply for the medical card before his arrival , take note he is a foreigner not a Malaysian . And how much approximately will be the cost for the insurance?

[@MillennialFinanceMalaysia]

Don't know, you'd have to consult a insurance advisor to find out.

[@munirahmustafa6913]

Usually if someone who already have certain illness, there is an exclusion for the illness. For example, if your uncle already have history of kidney problems , the company maybe accept his medical card proposal but with exclusion of any related kidney treatment. So, in the future your uncle cannot used his medical card if he admitted to the hospital because of the kidney problems. Even so, sometime company do not approve for someone who already have illnesses😅 it depends on the company decision. That y it important for us to take the Medical card when we still healthy. But don't give up, Ada rezeki Inshaaallah boleh. Moga dipermudahkan segala urusan 👍.

[@ericjacksparrow4602]

AIA medical card okay ke boss saya dah apply dah

[@MillennialFinanceMalaysia]

Ok je :)

[@ericjacksparrow4602]

@@MillennialFinanceMalaysia Bab claim AIA laju tak boss

[@MillennialFinanceMalaysia]

Depend on agent jugak, dulu kami claim ok je

[@nurulistiqomah9091]

Nak mahu juga boleh tak foreigner ibu tak bekerja 2 anak sekoalh internasioanl.? Just medical card

[@NickGhale]

Yeah the whole thesis of the video is wrong lmao, like the first comment pointed out. Come on man takes 10 mins to check this out

[@mahrabatool2700]

Hi We should buy Malay madicines .& Boycott U.s.A medicines .plz show every Malay medicines