Which Medical Plan Should You Choose?

Accidents and illnesses can happen to anyone, regardless of age. This is why having a medical plan is beneficial. In fact, with healthcare costs continuing to rise, medical insurance has become a necessity. 

There are several types of medical plans in the market, so how do you decide which one you need? This quick guide can help:

1. Consider the life stage you’re in

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If you are a young, single adult just starting out in your career and have no dependants, this is the best time to purchase a medical plan. As we mentioned before, young = cheaper premiums. 

Ideally, your health policy would cover hospitalisation & surgery, as well as critical illness. But at this stage, you are most likely limited by your budget, so start off with a basic hospitalisation & surgery plan such as Gibraltar BSN's i-Med. 

As you move up the career ladder and start a family of your own, you should upgrade your health plan to include critical illness coverage and also look into medical protection for your children.Consider a plan such as Gibraltar BSN’s Smart Health Cover. For ladies, you should also consider getting maternity coverage if you plan to have kids. For ladies, you should also consider supplementing your health plan with Lady Plus, which provides coverage for facial reconstructive surgery due to an accident. This benefit is typically not included in regular medical plans.

2. Consider your needs based on your lifestyle and medical history 

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Do you smoke, consume alcohol regularly and lead a mostly sedentary lifestyle? Does your family have a history of significant health issues? 
    
If you answered yes to any of those questions, then a critical illness policy should be essential for you, in addition to a hospitalisation & surgery one. Having health conditions such as heart disease, stroke, diabetes or the predisposition of certain cancers ‘run in the family’ can be a sign you are at increased risk, especially as you get older. For ladies, you may want to consider boosting your coverage with a women’s only policy like the above-mentioned Lady Plus, which covers female-specific illnesses like breast and ovarian cancer, which are not included in regular health plans.

Does this mean you won’t need medical coverage if you have good genes and already practise a healthy lifestyle? Not really.

Health conditions can still develop, even if it doesn’t run in your family. Remember, no one is immune from accidents and injury. So a medical plan is still highly recommended, even if you are already making all the right choices for your health and lifestyle. 

3. Choose a plan you can afford

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A medical plan is for the long-term. So be sure to select one with a premium that you can comfortably pay or when its due so that your policy remains in force.  

The good news is, there are many options available these days to suit different needs and budgets. Gibraltar BSN offers a range of medical plans from as low as RM5 a day! Check it out here.

4. Consider your existing insurance plan coverage

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If you have purchased any policies in the past, check if it includes any type of medical coverage and see if there are any gaps that need to be filled to fit with your current requirements. 

For example, if you have an existing investment-linked policy, chances are it may already include hospitalisation & surgery but lacks critical illness coverage. Or it may already have both, so you can consider topping it up with a hospital income insurance. 

Your health is your most important asset, so it’s important that you look after it. These tips serve as a starting point in helping you decide or think about which type of medical insurance you need.  Check out the various medical plans that Gibraltar BSN offers to assist you in your choice here.