In Malaysia, employee medical coverage is mandatory. This may lead most of us to believe that if we fall sick or meet with an accident, the costs are safely covered by the company’s insurance. So we skip buying our own insurance and think we’ve saved money.
Unfortunately, people often underestimate the importance of buying their own insurance. Many think that buying personal medical insurance is because they get coverage from employers. But depending solely on your employer’s insurance coverage has its risks.
1. You May Find Your Illness Isn’t Covered
Some companies are great – their group insurance policy provides good coverage, while others cover the basics. It’s better to be prepared for the worst; check with your HR the extent of your company insurance and evaluate if the employee insurance will be enough.
On the other hand, personal insurance gives you full confidence of your coverage and the peace of mind. You’re able to choose the extent of your coverage, and select extra features to cover obscure diseases. Having a personal insurance also serves as a backup in case your employer’s insurance doesn’t cover you.
2. What Happens When Your Company Decides To Let You Go?
If for some reason your company decided to let you go, you’re no longer covered by your employer’s insurance. If you decide to leave the company and have a time gap between jobs, you’ll also be without insurance. If something were to happen during a gap of unemployment, you don’t want to risk having to use up your savings or search for funds from relatives and friends.
Getting your own insurance keeps you covered at all times, whether or not you’re employed.
3. Buying Later Means Higher Premiums
The rate of your insurance depends on several factors such as your gender, age, lifestyle, and health. The younger you are when you start your insurance policy, the more affordable the premiums are. Every birthday puts you one year closer to your life expectancy, which makes you more expensive to insure. The later you decide to buy, the more you’ll have to pay – and the higher chance that your insurance premiums will stretch your budget.
Purchase your personal insurance as early as possible to avoid paying more for your insurance.
The information contained in this blog is provided for informational purposes only, and should not be construed as advice on any matter. Etiqa accepts no responsibility for loss which may arise from reliance on information contained in the article. This information is correct as of 10 October 2019.