Tuesday, May 26, 2015

Common problems when applying for Health Insurance

In this article, I would like to talk about the common problems people faced when applying for health insurance and it could be useful to determine which product to go for.

The most common problem faced is the health issue, especially at older age. Hypertension (high blood pressure), raised sugar level, raised cholesterol level are common for a person above 45 of age. 

For borderline cases and under control with medications, the application may be considered albeit with a loading (extra premium) applied.

Alternatively the applicant (for borderline hypertensive and under control with medication) may also consider PruSenior med health insurance which comes with RM3,000 co-insurance. 

Since it comes with a RM3,000 co-insurance (or commonly known as excess), there will not be a loading or exclusion. However the decision on whether to accept the case will be subjected to full Underwriting.

Another problem could be due to a "pre-existing illness". The pre-existing illness is specifically excluded in most of the Malaysian insurer. 

If a person has a pre-existing illness prior to inception of the policy, for example, a knee pain, the knee pain condition will be specifically excluded and/or with loading implied.

This is why where possible, get a medical card with high limit so that you do not need to 'upgrade' or buy a new policy as add-on in later years. Do checkout PruValue med with a RM1,000,000 ~ RM2,000,000 coverage.

Lastly as we get older the insurance charges increases may undermine our budget. Plan the insurance early (of course you pay longer but at least you are able to get insured without any loading/exclusions!)

Leave a comment if you need further information. Thank you for reading