March 7, 2012

Comparison of Deductible Medical Cards

This article intends to compare some of the main features of the deductible standalone medical cards offered by some of the leading life and general insurance companies in Malaysia, such as Hong Leong Assurance and Tokio Marine. For the purpose of this article, we will assume that a non-smoking male with the next birthday of 30 years old wants to purchase a RM10,000 deductible medical card with a room & board rate of RM 200 per night.

Here's what he will get from the deductible medical card mentioned above:

NOTE: To open Google Spreadsheet in a separate tab, click here.

From the comparison table above, the boxes highlighted in Yellow are the advantages of the features of each deductible medical card if compared to the same feature of competitor medical cards.

As you can see, every deductible medical card has similar features with differentiating amount of coverage. It is important to note that there is no such thing as the "best" deductible medical card in the market, but rather the "most suitable" deductible medical card for you. When i mean the "most suitable" deductible medical card, i mean that the coverage offered is within your comfortable zone and within your budget.

If you compare these two deductible medical cards, the two main differentiating factors are the annual & lifetime limits, and the claiming method. Hong Leong Assurance (HLA) Major Medi has much higher annual and lifetime limit but at a slightly higher premium, where as for Tokio Marine Medic Plus, you can claims for medical bills as charged.

Another point worth noting is that for HLA Major Medi, out-patient cancer treatment and kidney dialysis are not subjected to deductible, i.e. HLA will fully pay for the cancer treatment and kidney dialysis, subject to reasonable and customary charges. As for Tokio Marine Medic Plus, you will be subjected to deductible per disability per year. For instance, you need 6 chemotherapy shots over the period of 6 months and each shot cost RM10,000. For HLA Major Medi, you can claim up to RM60,000, where as for Tokio Marine Medic Plus, you can only claim RM50,000 since you cannot claim the first treatment cost due to the deductible nature of these deductible medical card.

To get the details about each deductible medical card, please follow the links below:

Disclaimer: The information published is for your reference only. Please refer to your insurance agent for the most up to date information.

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