Why Is Medical Insurance So Important?

Nobody wants or plans to get sick or injured. But sometimes, accidents do happen, and illnesses can strike without warning. No one - regardless of age, gender and background, and even those who lead a healthy lifestyle - is immune from the risks. 

While we can’t control the uncertainties to our health, we can take steps to reduce the financial impact, if and when a health emergency happens. 

This is where medical insurance comes in. These days, it is considered a necessity for the following reasons: 

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1. Medical inflation

Malaysia’s medical inflation was projected at 12% in 2022. In other words, healthcare is becoming more expensive. 

The rise in medical costs is due to an increase in the number of people needing treatment, brought about by stress, poor diet and unhealthy lifestyles. Malaysians are also living longer, which means the demand for long-term healthcare will also increase. 

Also, with advancements in medical technology, there is an increased need for qualified people to operate and maintain the equipment, and this will incur additional costs.

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2. Protection for your savings 

If you are hospitalised due to an accident, a medical insurance plan will shield you against heavy financial loss by paying for your hospitalisation and surgical costs. 

If you are diagnosed with a critical illness, you will receive a lump sum payment from your insurance company, which you can use as income replacement, or to cover the costs of your treatments, medications, home medical equipment, further tests and follow-up consultations. 

Without a medical policy, you will most likely end up having to spend most, if not all, of your savings on your healthcare needs. And this can take a toll on your future plans.

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3. To cover gaps in your employee insurance 

You probably already have medical protection from your full time job as part of your employee benefits. But coverage from company health policies are typically not comprehensive enough for your needs. Employee insurance coverage is also not permanent - it ends once you decide to leave the company, or when you retire.  

This is why having your own medical insurance plan is critical, to prevent any gaps in your health coverage for the long term. 

4. It protects your most valuable asset  

Medical insurance isn't just a shield for your finances. It ensures your health - your greatest asset - stays protected, so you can continue to work and make a living to fulfil your dreams. 

When a health emergency strikes, your medical coverage will be your ticket to the timely treatments you need which can help prevent any serious complications and allow you to focus on your recovery - without having to worry about the costs. 

Everyone needs healthcare, so it’s important that you and your loved ones have access to it when it is needed. Having a medical policy will make this possible. 

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So, don’t wait until a health emergency strikes to protect yourself and your loved ones. Set up your financial safety net today with a medical insurance plan that will grant you peace of mind.  

See the options we have available for you here.