Malaysia Health Insurance Premiums
Malaysia health insurance plan's premium fees are typically calculated by the policyholder's age and the geographic coverage area of the plan. In some cases, some policy premiums are adjusted (usually increased) due to claims made for coverage and reimbursement, this is often called “experience adjustment”.
As price is usually a significant factor for many when consider insurance coverage in Malaysia, most providers offer a wide array of plans that range from very affordable for basic coverage, while extremely comprehensive coverage will usually be more expensive. Each person should look at their own situation and healthcare needs when selecting the appropriate level of coverage for themselves or their family.
Malaysia Health Insurance Renewals
Because age is a major factor in calculating the insurance policy premium, you should be aware that almost all premiums will usually increase as the years pass since a person's health gradually declines with age, even if the policy is renewed every year. Typically the price increase schedule will be published by the insurer so that their insured are aware of the price they will face in the future and can adjust their coverage accordingly so as to fit their budget.
In general, premiums are estimated using a “community average”, which means that all insured in a particular location and age bracket will be charged the same rate for the same coverage. This means that you will not be charged more than your neighbor for the same coverage from the same company, assuming you are the same age. Adjustments due to adding optional coverage such as a chronic condition, dental, alternative medicine, maternity coverage, or vaccinations will also affect the premium amount.
Many plans offered in Malaysia are renewable for life, so long as the policy is never terminated.
Malaysia Health Insurance Payment
Since everyone has their own circumstances, insurance providers offer several options for premium payment. Often, numerous currencies can be used to make cash payment, additionally credit cards, bank transfers, and in some cases cheques are also accepted.
While some people prefer to pay their coverage premium for the entire at the start of coverage, others may find semi-annual, quarterly or monthly payment to be more convenient. Usually however, the incremental payment will incur a small surcharge for allowing multiple smaller payments for coverage.
Contact Malaysia Health Insurance
To learn about a specific insurer's premium payment options, speak to one of our advisers who have access to dozens of insurers policy schedules and other related information. Reaching us is easy, just complete the information request at the top of this page and an adviser will contact you soon, or for faster help, click here to talk to someone immediately.