Insurance 101

What You Should Know About Health Insurance in Malaysia and Why You Need It?

Health insurance is a crucial financial safety net, protecting you from financial burden in case of unexpected medical expenses.

A young Asian family consisting of a father, mother and a little daughter looking ahead, with the smiling mother pointing her index finger forward as if telling her family about the positive future ahead.

With the constantly rising prices of healthcare and the growing number of health insurance policies among Malaysians across all ages - including critical illnesses and non-communicable diseases (NCDs) - reported in Malaysia, especially after the COVID-19 pandemic, having a financial safety net would tremendously help in times of medical emergencies.

Although you can plan not to get sick, health risks know no boundaries, and uncertainties can be reduced when you prepare yourself financially. One of the ways Malaysians can be financially prepared against a sudden health scare is by getting health insurance protection.

What is health insurance?

Health insurance is a type of insurance coverage that pays for the medical expenses incurred from illnesses or injuries, whether paid directly to the healthcare facility you are admitted to or reimbursed for the expenses that you paid after you have submitted your claims.

Of course, there are different types of health insurance in Malaysia available in the market. They can cover you as an individual, cover the whole family, or just as protection against critical illnesses, buying a health insurance policy should become a vital part of our financial planning.

Besides providing a safety net against the rising costs of medical expenses, health insurance plans in Malaysia allow you to access better medical facilities and specialist hospitals so you can get better treatments and care. It is tremendously beneficial in reducing your financial burden from medical treatment inflation.

Health insurance vs life insurance

Not everyone is familiar with the types of insurance offered in the market. Some could potentially buy the wrong insurance plan because they could not differentiate between the benefits and coverage offered, or they may not understand the policy wording before making an informed purchase.

Among the common confusion when it comes to health and medical insurance protection is the difference between health and life insurance.

Health insurance in Malaysia is a policy that helps pay for your medical expenses like illnesses and injuries, hospital stays, daycare procedures, medications, clinic visits, tests, and many more. To simplify it, a health insurance policy is designed to cover the cost of medical treatments and healthcare services at private medical facilities for the insured.

On the other hand, life insurance is a policy that pays out a lump sum amount to the beneficiaries in the event of a premature death or the insured. This lump sum benefit should be sufficient to support the beneficiaries to replace the potential loss of income source from the sole breadwinner in the family.

If you’re looking for health insurance, consider AXA Hospital Care Insurance Plan

What is AXA Hospital Care?

This plan is a health insurance plan that provides daily hospital income coverage with four different coverage options that you can choose depending on your needs.

How does AXA Hospital Care work in the event of hospitalization?

  1. Pays the insured up to RM400 per day (on top of any other medical plans the insured may have) if the insured is admitted to a hospital for a minimum of 24 hours and stays in a normal ward due to any illness.
  2. Pays the insured double income of up to RM800 per day if the insured is admitted to an ICU (Intensive Care Unit) or admitted due to an accident.
  3. Insured can claim each medical condition up to 730 days per lifetime, not just in Malaysia, but also claimable for hospitalization in Singapore and Brunei.
  4. Coverage is applicable for pre-existing conditions with a waiting period of twelve months.
  5. Pays a lump sum Inconvenience Cash Benefit of up to RM3,500 when the insured is confined in the hospital for more than 5 continuous days for treatment.

The following table explains how much the insured will be paid when they purchase the Hospital Care health insurance plan.

A premium and benefit table for Hospital Care product

A quick example of how much the insured will get his/her income from AXA Hospital Care when he/she is admitted to an ICU for 10 days due to an accident -assuming the insured purchased Plan 300 based on the above table:

RM600x 10 days = RM6,000 (+ lump sum from Inconvenience Cash benefit of RM2,500) = RM8,500

There’s definite comfort in knowing that even if our health takes an unexpected turn, our family can breathe a sigh of relief for this financial safety net.

Who should purchase the AXA Hospital Care insurance plan?

Any selected AXA policyholders between the age of 21 and 65 can purchase this health insurance. If you are interested to learn more about AXA Hospital Care health insurance protection, click on the image below.

Click the image to request for a quote.


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