Sunday, November 18, 2012

The Maintenance of Medical Card

Source from The Star dated 21/Dec/2011:

"In Malaysia, medical costs for cancer treatment can go up to RM300,000 while kidney failure could cost you RM150,000 or more. Meanwhile, major organ transplants could amount up to RM100,000."

I would like to touch on this topic as in recent years there has been an increased in medical costs at the private hospitals.

Do note that the medical card needs to be periodically reviewed, of which it is recommended to review this once every 5 years to keep it abreast with the medical inflation. An example would be, medical plans below the year 2005 may need to be checked for the following:

1. Annual limit - It is advisable to have at least RM 100K annual limit in view of the high medical cost.

2. Lifetime limit - Plans with an overall Lifetime limit of RM 150K should be upgraded to have a minimum of RM 500K, if at all possible. Let's not forget that the medical card needs to take care of us till we are age 70 or 80, depending on the benefit term.

3. Inner limit - Some older plans have 'inner limit' on cancer treatment & kidney dialysis, some as low as RM 10K per lifetime. 

Today, RM 10K is only enough to undergo consultation to confirm the malignancy of the cancer. A session of kidney dialysis is about RM 230 at the private hospital and not forgetting, kidney dialysis may need to do two or three times a week for the rest of our lives.

4. Higher Life Expectancy - With the advancement of medical nowadays, people tend to live longer. Older  medical plans normally covers until age 70, while the newer ones are able to provide coverage till age 80, 90 or even 100.

Do note that most insurer has a last entry age for you to do upgrading. Most insurer only allows you to do upgrading if you're below the age of 60 next birthday. Beyond the age of 60, you may need to get another medical card if you want to upgrade the coverage term to age 80/90 or 100.

At 60, it'll be harder to get another medical if our health is affected.