A recent issue posted on freemalaysiatoday.com by someone who is very disappointed with his policy he took from an insurance company. This guy also sent an open letter to the Bank Negara to voice out his disappointment and received numbers of attention from the media as well as insurance company representatives.
i would briefly summarise this case so that we can all learn form it.
What happen actually?
a guy own a life insurance policy 12 years ago. He is paying RM1,400 per year for the policy.
recently he was diagnose with prostate cancer.
After consultation, Doctor gave him two options.
Option 1: Undergo radiotherapy and hormone treatment which cost him about RM33,000. (non surgery type of treatment)
Option 2: To remove the prostate glad which cost a lot more then option 1, and comes with higher risk. ( which the insurance will covered full amount )
His doctor told him Option 2 might not be the best option to take.
The guy would like to choose for Option 1, but to his surprise his insurance only cover up to RM10,000 (lifetime limit) for outpatient treatment, which means he has to fork out RM23,000 from his pocket.
My thought on this:
The guy insurance coverage:
a) outpatient treatment: Maximum RM10,000 per lifetime ( apply for option 1)
b) inpatient treatment: up to RM400,000 (apply for option 2)
1) Most medical card offered today don’t segregation between inpatient and outpatient limit. if your medical card have this please discuss with your insurance agent. we know that there are few company out there that offer this kind of medical card.
2) Please do annual policy review with your agent to get the latest info regarding you life insurance protection because insurance company always come out with new product enhancement from time to time.
3) Get a medical card that has the same limit for inpatient and outpatient.
The reason we get insurance coverage is for peace of mind and also to protect out wealth. imagine what would happen if you have accumulated a sum of money for your retirement fund just found out that your need to take out your own retirement fund to pay for medical fee. you can avoid this by choosing a right product.
knowing this simple fact would save you lots of in a long run.