Update Your Medical Insurance Package Now
So you have a medical insurance package with a medical card in hand, and you think everything is fine and dandy. Or is it? If your package was bought one or two decades ago, it may have fallen behind the times, leaving you with inadequate coverage when you need it.
You may think that your current medical insurance package is better than any of the new offers out there. You may be right. But you also may be wrong. If your medical insurance lacks these features, perhaps it’s time to consider an upgrade.
Increased Annual Limit
Medical inflation is very real, and it isn’t limited to the double whammy controversies warring in the United States over Martin Shkreli’s decisions to sharply hike up the price of life-saving drugs Daraprim and benznidazole several thousand times over.
Medical costs are getting more expensive even here, so what may have been an adequate coverage ten years ago may be insufficient now. What you need is an increase in your annual limit. For a price, there are a few cards that come with no annual limits at all!
With all the technological and medical advances you’ve seen in your lifetime, overall life expectancy is on the rise. This is something older medical insurance packages may not have predicted, back when Malaysians had lower life expectancies. Does your medical coverage expire when you’re 70 years old?
Buying a new package once you’ve become a septuagenarian is not just difficult; it’s also expensive, because your premiums will be much higher than when you were younger. Yet you also hope for your medical insurance package to cover you until your passing. Updating your package now for one with a longer coverage will save you high premium rates later in life.
Even with a new or upgraded plan, there’s no guarantee that it will be enough to cover you in the event of an accident or illness. Luckily, some medical insurance packages come with no lifetime limit, or higher annual limits, if you’re worried something like that might happen. You can even find packages that offer limit booster riders, which will reimburse any excess charges your medical card cannot cover.
No More Co-Insurance and/or Deductible Charges
Back in the day, both co-insurance and deductible charges are common in medical insurance packages, but not anymore. Co-insurance refers to medical cost sharing between you and the insurer, either in terms of a percentage or a minimum sum, while deductibles refer to a minimum amount you have to cough up for your medical bills.
New medical insurance packages have cut out one or both these expenses altogether. Those are certainly two extra charges you can do without when you’re down for the count!
Like everything else in the world, even medical insurance packages can become outdated. Get to know your package intimately. Read the fine print, understand what it means for you, and when a better alternative comes along, consider upgrading to keep yourself firmly insured for when you need it.