Health Insurance for the Family
Sometimes unexpected health complications happen and the best thing to do is to get yourself to a private hospital ASAP. This can incur high costs that you may not be able to foot easily, which is why you need a health insurance plan. The next logical step, then, is to also insure your spouse and children. So how do you go about getting the members of your family covered?
How is it Done?
It might be named “family health insurance plan”, but here in Malaysia, such plans are actually individual health insurance plans tailored by your insurance company to include more than just your name in your policy.
Is it Really a Family Health Insurance Plan?
So far in Malaysia, AIA Berhad is the only insurance company that actually has a family health insurance plan in the sense that all members of a family are covered under one policy. AIA allows an individual to add five family members’ names (one spouse and four children) to the policy.
Other insurance companies may market their plans as if they were made to be family health insurance plans (all members included under one policy) but the truth is that each member of a family will have their own health insurance policy, which then makes the label of “family health insurance policy” that they give their plans contradictory.
How to Choose a Health Insurance Plan for Your Family
Is it more worth it financially for you to have your one health insurance plan covering the whole family, or an individual health insurance policy for every family member?
The AIA Berhad insurance company has a system where if you get a health insurance plan with them, you get the option to get “protection for the whole family”. In this case the maximum number of kids you can cover under one policy is four and when it comes to the premiums that AIA collects from you, they do not discriminate against the number of kids you have covered, up to the maximum of four.
This means the premiums you pay will be the same whether you have one child or four. So if you just have one child, it’s probably a good idea to have your spouse covered under your policy and get a separate health insurance package for your child to reduce the cost of your premiums.
Just like with any other insurance plan, health insurance plans come with benefits that will vary among different health insurance plans by the same insurance provider and also among different insurance providers. Things you might want to look out for include discounts on room and board, cash-back, and other perks.
There are also discounts given by the insurance provider if you sign up your family under your health insurance. For example, Great Eastern’s MedicCare2 health insurance plan lets you have a 5% discount on your premiums when you sign up two or more of your family members with them.
3. Overseas Coverage
Do you or your spouse travel a lot for work-related purposes, or do you go on overseas family trips? If so, you need to see if you are covered for any health complications that happen outside of Malaysia. If you are, then so is your family! Just ensure that you and your family aren’t out of the country for more than 90 days at a time for your insurance to apply.
4. What Kind of Coverage Do You Have?
Is the health insurance plan you have comprehensive? Maybe it didn’t really matter to you if your insurance covered every possible thing it could when you purchased the health insurance plan because your family has no history of serious illnesses. However, when your policy also covers your spouse and kids, then you need to consider your spouse’s medical history as well and consider every possibility.
In this case, health insurance plans from AIA, Great Eastern, Prudential, ACE Jerneh and others that are labelled “comprehensive” are actually standard fare. You should still read your policy carefully though.
At the end of the day the most important things for you to do is to understand your health insurance plan, pay your premiums on time and make sure you disclosed all health complication before purchasing the plan, so you don’t get hit with a “non-disclosure” penalty. What better way is there to ensure the well-being of your family than by covering their bases in case of emergencies?