When my husband and I were planning to start a family, we sat down one day and made three lists – current debts, must-haves, and nice-to-haves, and we tried to be as specific as possible. Then, we began prioritising ways and timelines to pay off our debts, cut off things that are nice to have but we don’t need (like the latest handphones), and decide on the necessaries (like, rent, and fuel).
One thing that we kept coming back to, was the insurance coverage for our family. Truth be told, it was easier to get ourselves covered when it was just the two of us, but when children came along, we realised the premiums add up quickly.
Thankfully, we also realised that we’ll never know what the future holds or what kind of medical emergencies that’ll strike, especially when we have children. And eventually, we decided that it was too important not to get covered, so we gritted our teeth and went ahead to put aside a sum of savings for the premiums.
Little did we know that our future selves would thank our old selves later on.
So recently, we have had to send our 20 years old daughter to the ER due to an accident, where she broke her ulna and punctured the skin and almost broke her radius, too on the right hand. We were grateful that the nerves on her hand weren’t torn but our bank account would have, have we not gotten her covered by insurance and got to use her medical card.
But First, What is Medical Insurance?
Medical insurance is the most basic insurance that covers us in the case of an illness or an injury caused by accidents. Hospitalisation and treatment bills can be hefty – thus, it’s wise to be prepared for the unpredictable future.
When we purchase a medical plan, the insurance company will issue us a medical card, which works a little like a debit card that entitles us to certain privileges according to the plan we purchased. With the medical card, we could register, be admitted, and seek treatment at panel hospitals without having to fork out of our own pockets. This means that the insurance company will cover your bills according to your policy.
So, How Does It Work?
There are several types of medical plans and they normally vary in coverage, such as total annual and lifetime limit, types of treatments, and daily cash/hospital allowances; and depending on the types of plans and coverage we choose, the premiums we have to pay to the insurer varies, too.
Once our application is approved, we’ll receive a medical card, which then can be used to get treatment in the panel hospitals or clinics. So, when committing to buying medical insurance, set your budget and be sure to find out all the options from your insurance company before making a decision.
Now, The Importance of Getting Covered
Unlike some 10, 20 years ago, conversations about insurance were not everyone’s favourite topic, the mere mention of insurance will get a person riled up! There were so many misconceptions surrounding these very important life-protection plans!
Things have greatly changed since then; insurance is no longer a taboo now. Most of us know the importance of getting ourselves covered as medical bills don’t come cheap these days. Now what’s left is to seek out plans that best suit your budget, needs, and lifestyle.
However, many still think that it’s sufficient to insure just themselves but overlook the value of insuring their family members. There’s also a misunderstanding that insurance is meant for old people who are more prone to falling sick and that young adults do not need it just yet.
Well, remember my daughter who broke her arm? That’s exactly what accidents are – we don’t expect them but neither can we predict them. When mishaps happen, to have someone to turn to for financial help is a great relief, especially in challenging times like now.
Times are changing, our lifestyle, stress levels, and choices of food are vastly different from back in the day – hence, people from the modern-day are more susceptible to all kinds of sicknesses and diseases. For some of us who may have a family history of an inheritable disease, all the more we must consider getting ourselves protected against the possibility of it happening to us or our loved ones.
If we need to sum up insurance in one word, it’s this – crucial.
- it’s crucial to have yourself insured so that your family will be protected financially if anything happens to you;
- it’s crucial to have your spouse covered so that if anything happens to him or her, the financial burden that you need to carry will be greatly cushioned to tide you over the difficult period;
- and finally, it’s crucial to protect our children in this fast-changing world – falling sick is no longer just an “old” person’s thing. When our children are hospitalised, it’ll disrupt our work and eventually, income.
Yay, More Benefits of Insurance!
Do you know about the tax benefits one gets for buying medical insurance? A health insurance premium paid by policymakers is eligible for tax deduction. Currently, tax relief for education and medical insurance combined is RM3,000. You can then use the money saved to reinvest in a health insurance top-up plan or simply put it into similar productive investments for the benefit of your family members.
These days, purchasing an insurance plan is fairly easy and can even be done online. For busy mothers who are juggling one too many things on her own, you’ll be pleased to know that the application process can be hassle-free and easily done while you juggle many hats!
When We Say, “Hassle-Free”…
… we meant you can buy your insurance within three minutes and if you’re a female subscriber, then you’ll get to enjoy cheaper premium rates, too!
Say What?!
That’s right! SOMPO MedicNow is a health and medical insurance that offers an online medical card, which provides comprehensive coverage on hospitalisation, surgical expenses, kidney dialysis, cancer treatment, and many more. SOMPO MedicNow will cover all your eligible medical expenses if you’re admitted to their panel hospitals in Malaysia.
Need more reasons to get yourself and your family members covered? Then, read on!
- Affordable pricing, as low as RM1.20 per day
- Enjoy an annual limit of up to RM100,000, which is renewed yearly with NO Lifetime Limit
- All eligible medical bills will be covered and so that you can focus on your treatment and recovery
- Enjoy savings of up to 15% when you opt for the deductible option
- No medical check-up required: Hassle-free sign-up process with a simple health declaration
- Get daily cash benefit up to a maximum of RM12,000
- Covers annual outpatient treatment for kidney dialysis & cancer
- Cashless hospital admission
- Nationwide panel hospitals including Gleneagles, Pantai, KPJ, Columbia, and more
To be eligible, you must be between 19* and 49 years old (renewable up to 69 years old), a Malaysian citizen who’s currently residing in Malaysia and holding a valid NRIC. Your Body Mass Index (BMI) should range between 18–30, and you have never planned or advised to consult a doctor for treatments or are awaiting diagnostic reports, follow up treatments, or consultations.
If you fulfil the above criteria, then head on over to the Berjaya Sompo Insurance website to get yourself and your loved ones covered, starting today!
Insurance is essentially an investment for yourself. Life is precious, don’t let it go to waste having to worry about unpredictable hefty medical bills. Leave that to Berjaya Sompo Insurance instead, while you enjoy it with your loved ones.
*SOMPO MedicNow is NOT a family insurance plan and is NOT available for those who are below 19 years old.