Monday, August 27, 2012

Expats Health Coverage FAQ

  • Does Malaysian class health cover covers until age 100? Yes, it is possible be covered up to age 100, with higher premium, of course. For health cover expiring at the age of 100, the annual insurance charges for the best plan available right now may cost ~ RM 14K/annum at entry age of 66-70.
  • Can I use the Malaysian class medical card for overseas treatment? If you receive medical treatment overseas, the benefits are paid according to the costs of treatment that would be customary and reasonably charged by a hospital in Malaysia. No benefit is paid if you reside overseas for more than 90 days per trip.
  • Malaysian health cover seems cheap, what's the catch? For a lists of items being EXCLUDED and NOT COVERED in the Malaysian class policy please click << HERE >>.
  • Malaysian health cover seems cheap, is it sufficient to cover me if I need a major heart bypass? Heart by pass in Malaysia costs in the range of RM 100K, Cancer ~ RM 120-RM 150K, Stroke ~ RM 100K (If ICU).
  • Does it cover dental surgery? No, Dental conditions including dental treatment or oral surgery EXCEPT as necessitated by ACCIDENTAL injuries to sound natural teeth occurring wholly during the Period of Insurance.
  • Is it Guaranteed Renewal? Prudential's policy is guaranteed renewal. This means that no matter how much you've claimed, the insurer is guaranteed to renew the policy contract. However, once the substantial amount of claims has been made, if you need to upgrade or get a new policy, it is subjected to a new medical underwriting. This practice is industry wide to all the insurance companies in Malaysia.
  • What happens if I need to be away from Malaysia for a duration of time, say six months or more? The policy will continue to provide coverage as long as the premiums are paid and that the cash values in the policy account is able to sustain the insurance charges. Once the insurance charge is more than cash value there is a 30 days grace period for premium payment before the policy lapse and the coverage will automatically ends.
  • I just took up a policy, can I cancel it? There is a free-look period of 15 days after the delivery of your policy to allow you to review if it 
  • meets your needs. If the policy is cancelled within this period, the value of units (at next pricing 
  • day) plus the un-allocated premiums, service charge and insurance charges less medical expenses 
  • will be refunded.
  • What happens if after several years I decided to leave Malaysia for good? The plan is investment linked type of policy. Should you choose to surrender the policy, you can withdraw the cash values as associated to the fund NAV at the time of surrender. If after you've surrendered and decided to come back to Malaysia within 2 years, the policy is still able to be reinstated. Reinstatement T&C shall apply.
  • Who regulates the Insurance Companies in Malaysia? Prudential Assurance (M) Berhad is licensed under the Insurance Act (1996) and is regulated by Bank Negara Malaysia (BNM).