When you are considering to get insurance or if you already have insurance then you will know that there are important things you need to know about medical card in regard of the terms used. In fact, there are a whole lot of terms that you just don’t understand, and even if you understand a handful, there are still so much out there that you just can’t remember all of them. So to help you understand these complicated medical card terms, this article has been created with the important things you need to know about medical card in regard to those foreign terms!
This article narrows down to the most important things you need to know about medical card in regard of terms and jargons, so you absolutely understand what the terms are, instead of just nodding to whatever your agent tells you. Some may be pretty straightforward but some might be a little harder to understand for those who are not familiar with the commonly used insurance terms. So without further delay, here are the top important things you need to know about medical card.
First we have the lifetime limit, this is basically the maximum amount your insurance company will pay out to you for medical claims during your entire lifetime. Once your claims have reached the lifetime limit, it will be exhausted and your medical cost will no longer be covered, then you will have to start paying your really expensive medical bills yourself instead of having the medical bills covered by your insurer. This is one of the top important things you need to know medical card in regard to terms!
This is almost like the one you read previously but instead of lifetime, it is annual limit. This is the maximum amount you are entitled to claim for any medical bills but only within one policy year. It can be as low as RM10,000 to millions a year. So if you have exhausted this annual limit, then you will need to start paying for your medical bills and it is going to be relatively costly now because it is not being covered.
Insurance premiums are the payment that you as the insured person has to pay for an insurance plan that you have. These payments are usually made periodically such as every month, every 3 months, and yearly. Of course you can always make payments earlier than to required date, so you can pay in advance. Premiums are for sure top important things you need to know about medical card in regard of terms.
Deductible is the amount that you will have to pay for your medical treatments bill before your medical plan will begin to pay. For example, if your medical bill is RM500, then you will need to pay with your own money, if your deductible is RM1000. If your medical bill is RM 3000, then you will pay only RM1000 and the rest will be covered by the insurance company that is insuring you, so take note of this.
This is the amount, usually in percentage like 10% or 20% of the total medical cost, which you have to pay on your own. The insurance company does not pay 100% of the total cost, so you will have to pay the 10% or 20%. In example, if you had broken an arm, the operation cost is RM3,000 but since you have to pay 10%, you will pay RM300, the insurance company will pay the rest.
Your medical card will come with a list of hospitals that are working together with your insurance company. Having this collaboration means easier and faster admissions and in most cases, cashless treatments. So with that being said, it is incredibly important for you to make sure that your medical plan of your choice has a list of panel hospitals that you can easily access so you can benefit from this.
Before you get insured, you will need a medical examination or check-up but this is something that might or might not be required. A low health risk 25 year old applicant ma not require to submit a medical report because he would probably be healthy, but a 55 year old may be required to do so because he or she is at a higher risk of health problems and complications, when doing this medical examination, it is important to be honest with your health condition.
So depending on the type of medical insurance, some may require the insured to renew annually. While rider medical plan does not require renewal but will terminate itself once the maximum lifetime limit has been reached and paid out completely. So you will need to check this with your insurance agent to know the conditions of your medical card.
No Guaranteed Renewal
There are also cases where the renewal of your insurance by your insurer. This can only be said if that particular insurance provider have the right to reject the request to renew a medical plan from an existing customer, especially if he or she has been diagnosed and treated with a certain illness while he or she was still being covered.
Waiting period is also known as qualifying period, is the number of days that you, the insured person needs to wait before you can get covered by your insurance medical benefits. For medical costs due to newly diagnosed diseases, it will usually take 3 to 6 months after the policy inception.
The free-look period will be the number of days you can wait before deciding to cancel your policy after its inception and you will also receive a full refund of your premium but of course, after deducting administrative and other expenses.
One of the other important things you need to know about medical card in regard of terms is the full disclosure, to apply for medical insurance, you first need to provide full personal details relating to the risk involved. This may include pre-existing conditions, past illnesses, occupation, habits such as smoking, hobby and family medical history. If inaccurate information is discovered, the insurer has the right to reject any claim made.
There you have it, all of the top important things you need to know about medical card in regard of terms and jargons. Now that you know all these terms and their meanings, you can consider getting a medical card, one of the most recommended medical card out there is AXA eMEDIC’s medical card. AXA eMEDIC is offering medical card from the price of RM 32/month, it is one of the cheapest in the market today, visit PolicyStreet.com to find out more.
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