If you have a job that takes care of your medical needs, consider yourself lucky as medical costs are only getting more expensive and unaffordable by the day!
Just recently, a RM346K hospital bill of a Covid-19 patient admitted to ICU for 46 days made rounds on social media, shocking netizens with some saying that they could get a house with that amount!
But since you’re already covered by your employer, there’s really no need to get worried. Right?
Not really.
Here are 3 reasons why you still need personal medical insurance:
1. You may not stay with your company forever
You’re only covered for as long as you’re with your company. That said, as soon as you leave the company for good, poof – the benefit is gone!
Even if your company is your ride or die, and you pledge to stay with it forever, sorry to break this to you, but there’s no obligation on their side to keep you forever. So what would be your plan B?
2. Your group medical insurance may not be sufficient
Compared to personal plans, group medical insurance plans generally have a lower annual limit i.e. the maximum amount that an insurance will cover in a year. This means that group medical insurance coverage amount is usually lower, and therefore may not be sufficient to totally cover your medical bills.
Scenario: You’re admitted to a hospital for a minor knee surgery. When the hospital bill totalling RM20,000 gets to your hand, you’re stunned by the amount but relieved that you’re covered under group medical insurance. But little did you realise that your group medical insurance annual limit is only RM10,000!
If the above were to happen to you (touch wood!), what would be your plan?
In that unfortunate case, you may have to pay the bills out of your own pocket…
3. (Bonus!) You can enjoy RM3,000 of income tax relief
If you’re earning an annual income of RM34,000 a year or roughly RM2,833.33 a month (after EPF deductions), it’s mandatory for you to file income tax.
Since you’re gonna have to pay taxes anyway, getting a medical insurance will just mean that the money that’s supposed to just go into the taxes will be ‘reinvested’ into protection for yourself. So it’s a win-win!
To get or not to get personal medical insurance, that is the question
There are 1,001 reasons why you should get personal medical insurance. You’ve probably been approached (hopefully not harassed!) by insurance agents who keep harping on the need to get medical insurance.
Take your own sweet time in considering medical insurance. Do make an informed decision. But if you ever need help, our non-commissioned insurance experts at Bjak are always here to help. You can get started here: https://www.bjak.com/life/
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