What is health insurance? Critical illness insurance worth it? - Ini Adalah Bellarina Natasya | Bella Jamal What is health insurance? Critical illness insurance worth it?


What is health insurance? Critical illness insurance worth it?

Health insurance is a contract or policy that provides you, the insured, with financial protection to assist with meeting your medical demands. The insurance provider covers your covered medical expenses in accordance with your policy. You pay a premium or fee each month to the insurance company.

what is covered by critical illness insurance

No matter where you live in the world, your provincial or territorial health plan already covers a portion of your medical expenses. But it's possible that the price of your future medical, dental, and other health care won't be entirely covered by government health insurance. You can subsidize these expenses with health insurance.

Many people all over the world have seen firsthand how rapidly a health crisis can cause financial troubles because of the COVID-19 epidemic. Having health insurance coverage from an insurance provider can help you avoid having to pay out of cash for: 
  • Various healthcare expenditures
  • Asking friends and family for help
  • Depleting your funds to pay for an illness or injury.

Individuals without a group insurance plan should opt for private health insurance

You might have group insurance, depending on where you work. If you have access to insurance through your employment, it will reduce some of the additional costs you might incur. However, what if you don't? Private health insurance can help in situations like these. Private health insurance works similarly to a group insurance plan to defray the cost of medical expenses, making it the best option for people and families that want to pay as little as possible out of pocket for medical care.

How does health insurance work?

The way your house or auto insurance operates is quite similar to how health insurance operates. A particular amount of coverage is given in exchange for a monthly premium that you pay for a policy. In return for your regular payment, the insurer covers the agreed-upon amount of your medical expenses. People in diverse situations may find this type of medical insurance to be ideal.

term life insurance policy

One advantage of having health insurance is that you can alter the policy to suit your own requirements. You and your family can select the level of coverage or spending that works for you. All you need to do to get going is agree to request a quote. You will be required to complete a form with some basic data that the insurance company requires.

Depending on the plan you applied for, your coverage could become effective as soon as the following business day if you are accepted. However, it can take a few weeks before your coverage becomes effective if more medical information is needed as part of your application.

Why do you need health insurance?

Access to quality medical care should be available to everyone. There is, however, a rising need for people to look into and compare individual healthcare plans since fewer jobs offer group insurance.

Supplemental health insurance plans are turning out to be a more sensible choice as more people choose to work for themselves and as more people retire over the course of the next ten years. A supplemental plan protects you from having to pay for all of your medical bills upfront and guarantees that you will be taken care of in the event of an emergency or unanticipated medical issue. It's impossible to predict when you might require additional health insurance coverage, even if you are in perfect health.

What does health insurance typically cover?

Everybody's health insurance plan is different in what it covers. You may be covered for the following services depending on the type of health insurance you purchase:

Provincial and territorial universal healthcare
  • Appointments at a family doctor's office
  • an emergency room, an outpatient clinic
  • Hospitalization and surgery
  • Diagnostic exams,
  • blood work, scans
  • genetic testing;
  • medications you take as part of your inpatient care;
  • radiation therapy
  • Prescription pharmaceuticals
  • cancer support services provided by hospitals such as dietitian, counseling, and physiotherapy
  • medications infused or injected at an outpatient clinic (e.g., chemotherapy, hydration)
  • Prescription drugs.

Workplace benefits
  • Prescription medications
  • dental treatment
  • vision care
  • prescription eyeglasses
  • paramedical services like physiotherapy and chiropractic
  • ambulance services

Private medical and dental insurance
  • Prescription medicines
  • Dental treatment
  • Prescription eyewear
  • Vision care
  • Paramedical services including massage and chiropractic
  • Ambulance services are just a few examples of what is provided.
  • Hearing aids
  • Medical equipment
  • Emergency travel medical treatment
  • Major dental work
  • In-home nursing and health aide services
  • Accidental death and limb amputation
  • Hospital lodging and funds

Health insurance or life insurance is perfect for people who travel frequently for work or pleasure, as plans can also include travel insurance to guarantee you receive the right care wherever you are in the globe.

For whom personal health insurance plan be beneficial?

what is a deductible in health insurance

You would profit from having your own Personal Health Insurance Plan as an individual or family if:
  • You are employed, but your company does not offer an employee benefit plan
  • Your employee benefits have been lost or are in the process of being lost
  • You are a small company owner, self-employed professional, or entrepreneur
  • You are a part-time employee who is not eligible for your employer's benefit plan
  • You are retiring
  • You are a student or an overage dependent
  • You are a surviving spouse or divorcee

What are the different types of health insurance?

Even while health insurance is among the most widely used types of protection, there are other options for coverage that are worthwhile to take into account. Not all coverage options may apply to you depending on your age and current circumstances. Three additional coverage options are listed below that you might wish to think about:

• Disability insurance: A variety of income replacement strategies created to make up for income loss as a result of an unanticipated accident or severe sickness.

• Critical illness insurance: Everyone should have this kind of insurance since it protects them in the event that they are diagnosed with a serious illness.

• Long-term care insurance: Prepare for the future by purchasing long-term care insurance, and receive medical attention at home or in a long-term care facility.

What’s the difference between life insurance and critical illness insurance?

At a very basic level, both products essentially do the same thing, they provide a tax-free lump sum amount of money to protect you and your loved ones should the worst happen. The key difference between life insurance and critical illness insurance, however, is the stage at which a payout is made.

A life insurance policy pays the benefit when you die, whereas a critical illness insurance policy will pay the benefit when you fall ill, providing that you have fallen ill with one of the critical conditions covered by the policy, which as standard will include cancer, heart attack, and stroke.

For both products, you will need to choose how long you’d like to be protected for and how much coverage you want.

What is Term Life Insurance?

Term Life insurance is a very common form of life insurance and provides a lump sum payout if you die in the course of the policy duration or if you suffer from a Total Permanent Disability.

Known also as pure life insurance, it is priced affordably so that anyone can apply for it at any life stage, and with this policy in hand, you can stay assured that you and your family will be protected in the occasion that something unfortunate happens to you.

For instance, let’s say that you’re a term life insurance policyholder, you will make payments called premiums to an insurance company or bank. In return, you will receive a fixed amount of money (lump sum) amount of coverage as the key benefit.

The benefit will be paid out to you or the beneficiaries of the policy as a lump sum in the event of death. In addition, you can extend the coverage to also include terminal illness, critical illness, or total permanent disability.

Best Term Life Insurance Policies

You also can customizable life protection plans with affordable premiums and flexible coverage terms. You can check here > https://ringgitplus.com/en/term-life-insurance/

Insurance company list in Malaysia

Insurance company list in Malaysia
  1. FWD Takaful
  2. Prudential BSN Takaful Berhad (PruBSN)
  3. Great Eastern Life Assurance & Takaful (M) Bhd.
  4. Etiqa Insurance & Takaful
  5. Syarikat Takaful Malaysia
  6. Sun Life Malaysia Assurance and Takaful
  7. Hong Leong Assurance & Takaful
  8. Manulife Malaysia Berhad.
  9. AmMetLife Insurance & Takaful
  10. Gibraltar BSN Life BerhadTakaful Ikhlas Berhad
  11. QBE Insurance (M) Berhad
  12. Allianz Malaysia Berhad
  13. Tune Insurance Malaysia Berhad
  14. AXA Affin Insurance
  15. Zurich Takaful Malaysia
  16. Lonpac Insurance
  17. Img insurance
  18. MSIG Insurance (Malaysia) Bhd
  19. MPI Generali Insurans Berhad
  20. Prudential Assurance Malaysia Berhad
  21. AIG Malaysia
  22. AIA Berhad & AIA Public Takaful
  23. RHB Insurance Berhad
  24. HSBC Amanah Takaful
  25. Zurich Insurance Malaysia
  26. Tokio Marine Insurance
  27. Progressive Insurance Bhd
  28. Berjaya Sompo Insurance Bhd
  29. Chubb Insurance Malaysia Berhad
  30. Liberty Insurance
  31. MCIS Insurance Berhad
  32. Pacific & Orient Insurance Co. Berhad
  33. Great Eastern General Insurance (Malaysia) Berhad
  34. Pacific Insurance
  35. HanHan

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Bella Jamal

Hi! Bella Jamal is a part-time blog writer of Ini Adalah Bellarina Natasya. A long time ago graduated from the National University of Malaysia with a degree in Bachelor of Chemistry, now working as a Social Media Professional for Telco company. For any opportunities, can contact me at jbella8868@gmail.com

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