Medical Insurance And Critical Illnesses Protection: What Are The Differences, And Why They Matter

The cost of healthcare has been increasing yearly with Malaysia having the third highest healthcare inflation rate out of 11 Asian countries at 12.7%. This is something we should take note of as we need to be financially prepared for the unexpected, especially when it comes to healthcare. That’s why we are encouraged to have adequate health insurance protection in the event that we fall sick – and this applies to both medical and critical illness (CI) insurance.

Most of us are familiar with medical insurance, which helps us with covering the high costs of medical treatment and hospitalisation. Critical illness plans work a bit differently – they offer you a lump-sum payout should you be diagnosed with a critical illness. However, how exactly does the difference between these two plans play out in practice?

To better understand the distinction, let’s take a look at the example of two different individuals: Andy, who only has medical insurance, and Brian, who complemented his medical insurance plan with critical illness coverage.

Should You Get Critical Illness Coverage?

Given the scenarios of Andy and Brian, critical illness and medical emergencies can happen to anyone of any age at any time. From a financial standpoint, it’s better to be prepared for that eventuality – especially if you’re the breadwinner of your family.

Both medical and critical illness insurance are equally important but are not the same in terms of coverage and protection. Think of critical illness coverage as a second layer of protection. In the event of an illness, death or disability, it’ll serve as a safety net for you and your family.

The lump sum payout received from a critical illness plan can be used for anything you need, such as living expenses, lifestyle adjustments, or alternative treatments. Most importantly, it can help cover any loss of income if you are unable to work during your recovery – which can take a great burden off your finances and your loved ones. This allows you to focus on recovery without depleting your life savings and to continue providing for your family.

So yes, you should consider getting critical illness coverage! Choosing the right critical illness coverage is also crucial as it depends on your gender, age, health, the scope of coverage and how much premium you can afford to pay.

i-Protect & i-Protect Plus: Affordable CI Coverage for Every Malaysian With No Medical Check-Up Required

Get protected with Gibraltar BSN’s i-Protect and i-Protect Plus from RM7.60 a month! Affordable critical illness plans with coverage of up to RM500,000 (double the coverage than most CI insurance plans available through direct channels), i-Protect Plus covers you for cancer, stroke, heart Attack, coronary artery by-pass surgery, and kidney failure while i-Protect covers you for cancer, stroke and heart attack. Offering coverage up to the age of 70, these plans offer a 100% pay out upon diagnosis with yearly auto renewal term policies for those aged 18 to 60 years.

Focus on recovery while supporting yourself and your family. Get protected with Gibraltar i-Protect today and have peace of mind while you live your best life. For more information on the i-Protect plans, just visit here to find out more and apply online.

This article first appeared on RinggitPlus.com on 4 August 2020.