Coming across the term ‘sick’ it is often known to be the fear among all of us. It can change your life in a heartbeat leaving you overwhelmed thinking of how much it will cost to pay for healthcare services especially with the increase by 30% of medical cost issued in Free Malaysia Today, we are most likely to spend our life savings feeding on our health instead.
According to the department of statistics on causes of death in Malaysia as reported in October 2019, the top 5 causes of death are:
1st: Ischemic Heart Disease (15.6%)
2nd: Pneumonia (11.8%)
3rd: Cerebrovascular Disease (7.8%)
4th: Transport Accidents (3.7%)
5th: Chronic Lower Respiratory Disease (2.6%)
An estimated of 100,000 people tend to suffer from cancer each year. Among 1 in 4 Malaysians are most likely to be diagnosed with cancer at the age of 75 said the Ministry of Health. Unprotected from medical coverage and having to pay for doctor consultations, the cost of treatments, room and board, pre-treatment scanning, post-treatment check-ups, surgery and many more can cost you your lifetime savings as it is painfully expensive. The cost of treatments can range up to approximately RM395,000 depending on the type of cancer. Not to mention, chemotherapy or radiotherapy and others which is calculated per session. Imagine if you are diagnosed with one of the critical illness, not being able to go to work and not having income coming into your bank account, you will definitely need a huge amount of financial support.
Are you able to afford to pay for these treatments that lie ahead of you? It can take a major toll in your life even if you are financially secured. With the advancements in medical equipment and procedures that are improving over-time, the costs are parallelly increasing as well. Will your savings be enough to get you covered from the price of medical healthcare? Are you willing to spend all your hard-earned savings to pay for all the medical bills? Here are some of the factors you may need to consider. When you are spending your time and money in the process of recovery, you still have bills and loans to pay, food to be laid on the table for your family, education expenses, transportation and utility expenses, and others. But, with the help of medical insurance and critical illness insurance, it can save you from the burden of massive costs in medical expenses.
What are these two types of insurance policy and the differences you might have:
- Medical insurance protects you in the event of a medical emergency which requires hospitalisation by covering the cost of treatment.
- Critical illness insurance (CI) provides financial aid in the form of a lump sum pay-out, in the event of which critical illness you are diagnosed depending on the amount of sum assured.
Signing up for a CI plan allows your bases to get covered. The earlier you begin investing in a CI plan, the more affordable your premium will be. Some of the benefits of choosing on a CI plan is that it earns you the coverage for both early and late stages of critical illnesses. Besides, it allows multiple claims for different stages of a crucial illness. Additionally, it provides coverage for re-diagnosis of prevalent critical illnesses as well.
Take into account if you do not have insurance and a serious illness abruptly strikes you resulting in emergency care and expensive treatment plan. It can lead you in poor credit or worse, bankruptcy – getting caught in medical debt. Concurrently, if you own an insurance policy consider whether it is sufficient to cover your lifetime medical fees. If you are still underinsured, consider upgrading on your policy. It would surely guarantee you useful benefits by providing increased coverage, greater flexibility, and several other protections.
Safeguard your life with insurance and you will realize its benefits. Investing in insurance will help protect what matters most to you and your family.
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