What is Medical Insurance?
The cost of healthcare can be unpredictable and expensive. Medical insurance helps mitigate these costs, ensuring you receive the care needed without financial strain. It also provides peace of mind, knowing that you are protected against unforeseen medical expenses.
Medical insurance covers medical expenses, whether due to illness, injury, or preventive care. It is a financial safeguard, ensuring access to necessary medical treatments without facing overwhelming costs.
How does medical insurance work?
Medical insurance plans typically cover a range of healthcare services. When you have medical insurance, you pay a regular premium to your insurer. In return, the insurance company covers the cost of your medical care, either fully or partially, depending on your plan.
For example, if you need to be hospitalised, your medical insurance will cover the room charges, surgical fees, and other related expenses as long as they are fair, standard and necessary. Some plans also offer coverage for outpatient treatments, such as consultations with specialists or diagnostic tests.
Medical insurance plans Malaysia
Medical insurance is typically offered by most insurance companies. For instance, Prudential's PRUHealth offers comprehensive coverage, including hospital stays and critical illness protection, while PRUValue Med provides flexibility with its cashless and hassle-free claims process.
Others, like critical illness policy, offer coverage for a total of 190 illnesses, such as Prudential's Total Multi Crisis Care. Others, like PRUMy Critical Care, provide benefits for various stages of the illness, including re-diagnosis and coverage for specific conditions like diabetes or joint problems.
In addition to these, Prudential also has an active pricing medical insurance plan. The PRUMillion Med Active allows you to pay less without compromising on your medical coverage. With this plan, policyholders enjoy up to an instant 15% discount on insurance premiums, and continue to do so if no claims are made. Premiums may increase if you do make a claim but you will once again enjoy the discount if you’ve recovered and make no claims for the subsequent year.
The PRUMillion Med Active coverage can be enhanced with Active Booster for additional benefits, such as unlimited Room and Board/Intensive Care Unit, and extended post hospitalisation treatment. It also provides comprehensive cancer protection.
Medical insurance claim process
The claim process for a medical insurance is straightforward. Present your medical card at the hospital or clinic, and the insurer will handle the payment directly with the healthcare provider. Ensure that you understand your policy’s terms, such as any co-payment requirements or coverage limits, to avoid unexpected costs.
Prudential offers a diverse range of plans designed to cater to various requirements, providing comprehensive coverage and peace of mind in the face of unexpected medical expenses. In light of rising medical inflation, a robust medical insurance plan is more crucial than ever.
Further reading
Explore our expert articles to learn more about medical insurance and how it can safeguard your finances: