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Saturday, January 5, 2013

What You Need to Know About Medical Insurance

My recent accident got me to think about insurance when I found out that my medical card did not cover for the bridge needed to replace the three teeth I lost. We consulted an agent from another insurance company who happen to be a close friend to my parents. According to her, bridge should be covered since it was to restore the function of my mouth before the accident. The other two insurance cover maintains that bridge is considered cosmetic and is therefore not covered.

pills red, yellow
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Sadly, it is usually the case when it comes to insurance. We get insurance for the peace of mind that we will be covered when we need it but when we really need to coverage, we are told that we are not covered.

I am switching my medical insurance for now. I hope the new policy will provide a better coverage than the one I am switching from.

  1. For a comparable premium the lifetime limit of the medical insurance is RM 1 million compared to the old one is only RM 720k.
  2. The old policy contains a co-insurance deduction while the new one provides full coverage. The co-insurance expense could be substantial.
  3. The new policy has a guaranteed renewable clause which means that the Insurance company guarantees that you can continue to renew your medical coverage. My old policy has a clause that shows that the insurance company may end or decide not renew my policy.

Other than the insurance product itself, the agent is as important. It is very important to have an insurance that will help you when you need to submit a claim. The agent is your best friend in advising how to go about submitting your claim. Both insurance agents I have appears to be equally responsive. One of them is a brother to my wife’s friend and another is a friend of my mother. The mother’s friend appears to be more experience and has trained her son to take over when she retires.

A good insurance agent will:

  1. Be available whenever you need them day or night.
  2. Will usually come to you.
  3. Is knowledgeable and should provide accurate answer with any questions you have about your coverage. If he or she does not have the answer should get to you with the answer in a timely fashion.
  4. Should provide you solutions instead of excuses.

Some insurance agents will not disclose to you the limitations of your policy. You have to be careful. Some policies are cheap because you have to pay first and claim later. The sad thing about those kind of insurance are usually bought by those who cannot afford to pay first.

So when it comes to insurance, make sure to ask as much questions as possible. If you are not sure ask for a second opinion. Take your time to discover more about the coverage before committing to the policy.