Malaysia Health Insurance Deductibles
Every insurer in Malaysia treats their policy deductible options differently and it is even possible to purchase a plan with no deductible at all, but the majority will have some form of deductible associated with their coverage as outlined in the policy conditions.
Simply put, a deductible is the amount of financial responsibility any person, family or group has toward their own healthcare treatments within a specific period or for a specific condition.
Listed below are the most common types of deductible available with coverage plans in Malaysia. To fully understand all the deductible stipulations for an insurer's coverage, always speak to a qualified adviser prior to purchase.
Type Of Deductibles For Malaysia Health Insurance
Co-Pay or Co-Insurance is the policy agreement wherein the insured agrees to pay a percentage of the needed treatment, medication and all related costs for covered healthcare they receive. To illustrate this; assuming the policy outlines a 20% co-payment for all medical treatments, this means that a for a treatment that costs 1000RM, the insured would be required to contribute 200RM of their own money toward the treatment bill, while the insurer would pay the remaining 80%.
An Annual Deductible does not use a percentage to calculate the amount of financial responsibility toward their own health the insured bears, but instead sets a minimum amount that must be paid for all covered treatments before the insurer will begin to cover all subsequent expenses for treatment. This means that if the policy has a 2000RM annual deductible then the insured will pay that amount for their healthcare in a policy year, and if any other cost is incurred above that amount it will be entirely paid for my the insurer.
A Per-condition Deductible is the most specific type of deductible commonly found in Malaysia because it outlines a specific amount of financial responsibility to be bore by the insured for each individual health situation. As an example; if an insured breaks their right arm and their pre-condition deductible is 500RM, then they will pay that amount toward their treatment and all other associated costs for the broken right arm will be paid by the policy, but if they break their left arm six months later in an unrelated accident then they will again pay 500RM for the next condition.
Contact Malaysia Health Insurance
Because everyone has their own needs and specific considerations when purchasing insurance and since the type of deductible selected can have a large bearing on the amount of money an insurance plan actually costs per year, it is best to fully understand how your decisions will potentially effect you, your family or group. To reach an adviser with the information you need to help you understand your options, simply complete the information request at the top of this page and we will contact you soon, or click here for instant access to the answers you need.