Insurance plans are vital in ensuring you and your family’s financial well-being, especially in the event of emergencies, illnesses, and accidents. However, with the ever-changing health care laws and increasing costs, it has become more and more challenging to choose a suitable medical insurance plan for your family.
Selecting the right family medical insurance plan can be confusing and challenging, but it doesn’t have to be. If you’re looking to commit to an insurance plan for your family, fret not! We are here to sort out some of the best family medical insurance plans in Malaysia. By utilizing the tips and guidance in this article, we are confident that you will choose a policy that suits your family’s needs.
Choosing the Right Family Medical Insurance Plan
As mentioned, selecting a suitable family medical insurance plan can be made easier by utilizing the following guidelines. These tips ensure that you make informed decisions while you shop for family medical insurance plans.
1. Changes in the family
Healthcare issues are often unpredictable, as they seem to occur out of the blue. However, this doesn’t mean that the healthcare needs of your family are unknowable. In fact, you can clarify most of the needs by identifying the potential changes in your family.
Are any of your family members experiencing health issues? If so, the medical insurance of your choice needs to cover the needs of the family member. You should also take into consideration whether those health problems are recurring or on-going when choosing a plan. You want an insurance plan that will consistently cover prescriptions.
On the other hand, if you’re looking to give birth to another child, the family’s medical insurance plan requires more and different coverages altogether. You may face additional surcharges and costs if you add a family member to your insurance plan. Your financial ability is of the utmost importance when it comes to selecting an insurance plan.
2. Doctors in Insurer’s Network
Medical insurance plans usually connect doctors in their network. It is worth exploring which doctors are included in the network, as it will help identify which plan suits your family’s medical needs.
Let’s consider the two scenarios mentioned above as examples. A family member with on-going or recurring health issues requires frequent visits to certain hospital departments. Therefore, the specialists or doctors concerned must be included in your insurer’s network. Similarly, if you are expecting a child, your insurer’s network should connect with pregnancy care departments in the hospital of your choice.
3. Deductible Costs
The deductible is the amount of money you have to pay upfront before the arrival of your insurance. A family insurance plan concerns several members. Hence, the odds of someone encountering an illness or accident are higher. In events like multiple family members are ill or injured, you will need to pay higher costs if deductibles are high. That being said, an insurance plan with lower deductibles is more suitable for a family.
Insurance Plans and Company
Now that you are aware of how to choose the right insurance plan for your family, it is time to explore the family medical insurance plans available in Malaysia. As promised, we have sorted out some of the best family medical insurance plans that might suit your needs. Let’s check it out!
1. eTiQa
The insurance plans proposed by eTiQa usually covers various medical needs of different family sizes and age groups. Besides physical illness coverages, there are also coverages for accidents, disabilities, mental health issues, and death. Listed below are some of the famous family medical insurance plans offered by eTiQa. For more information, visit eTiQa’s official website.
- AafiahCare Takaful
- This affordable plan covers 68 critical illnesses which include mental illness, angioplasty, and diabetes mellitus. Critical illness care benefits require a cash payout of 5%. There are also Khairat benefits of RM5,000.
- I-DoubleSecure Takaful
- In the events of death or total permanent disability caused by accidents, this insurance plan promises to double the benefits. You can choose from three coverage sums for this plan, and it is eligible for family members who are 17 to 55 years old.
- Prisma Takaful
- For as low as RM50 per month, this insurance plan provides coverage for you and your family without breaking the bank. The eligibility entry age ranges from 19 to 60 years old. This plan is highly customizable, as you can choose between 6 riders. Besides, if you have made no claims, you are eligible for cash backs.
2. Great Eastern
Great Eastern offers family medical insurance plans that mainly cover illnesses and accidents that involve family members of different age groups. This insurance company is known to provide highly customizable plans to suit the diverse needs of its customers. While the two insurance plans are common choices among many Malaysians, you can discover more plans by visiting Great Eastern’s official website.
- GREAT Family Care
- This is an insurance plan that covers multi-generational critical illnesses, deaths, total and permanent disabilities, and terminal illnesses. Upon commitment to this plan, your children are eligible to enjoy free protection against Juvenile Conditions and Critical Illness.
- Besides, you can also improve the medical coverage of your parents by having the Parent Protect rider in your plan. The GREAT Family Care promises to protect three generations of your family by covering all the medical and healthcare needs.
- Family Protector
- Unlike the plan explained above, the Family Protector is a personal accident insurance that protects not only you but also your family. Your medical expenses will be covered up to the insured amount. Besides, there are also coverages for hospital admission, funeral expenses, ambulance services, and the purchase of prostheses.
- This plan also protects your children by offering reimbursements for examination fees and air tickets. Furthermore, if your child is admitted into the hospital, you will receive the guardian’s allowance of RM200 on a weekly basis and up to 15 weeks. Other useful coverages for a family include car loan repayment, long marriage bonus, and compassionate subsidy.
3. AIA
AIA is known to provide a wide selection of insurance plans to meet the different needs of individuals and businesses. Some of the protections offered by AIA involve life, savings and investments, properties, accidents, and employment benefits. We have sorted out two of the best family medical insurance plans in AIA. To know more about AIA’s insurance plans, visit AIA’s official website.
- A-Life Medik Famili
- This affordable family medical insurance plan has no lifetime limit. A lifetime limit refers to the maximum amount of money that you can claim throughout your lifetime. With no lifetime limit, there is no limit to the amount of money you request each year.
- The plan provides lifelong medical protection for all family members up until 100 years old. If you’re expecting children, you can easily extend the coverage of your initial insurance plan. There are also annual surplus benefits that have eligible participants and AIA PUBLIC share the excess Takaful risk funds.
- A-Plus BabyCare-i
- This insurance plan is suitable for those who are planning to expand their families. It is an optional rider that protects you during your pregnancy, as well as your child during his or her early years.
- The pregnancy care benefits include coverages for pregnancy complications and the loss of a baby in the womb. Meanwhile, the childcare benefits involve coverages on your child’s admission to the Intensive Care Unit or High Dependency Unit. Your child’s fees for incubation, phototherapy treatment, and hospitalization are also covered.
- A-Plus BabyCare-i is also the first plan in Malaysia that covers children’s Autism Spectrum Disorder and Attention Deficit Hyperactivity Disorder (ADHD). Similar to the program above, the annual surplus benefits allow participants to share excess Takaful risk funds with AIA PUBLIC.
4. AIG
Better known for its travel insurance, AIG also provides medical insurance plans that cover a wide range of healthcare concerns. In the section below, we will elaborate on AIG’s general medical insurance plan that suits a family. The policy can be customized to suit your family’s healthcare needs. For more information, visit AIG’s official website.
- AIG Medical Insurance
- This insurance plan allows individuals or families to select any specialist, hospital, or clinic of their choices, be it in Malaysia or abroad. Upon commitment to this plan, you and your family will receive comprehensive medical coverage, ranging from pre and post-hospitalization benefits to outpatient benefits.
- One of the best features of this insurance plan is the hassle-free sign-up process. There is no need to go through medical examinations to sign-up for this insurance plan. Besides, the policy covers 36 critical illnesses that allow you to receive a one-off payment if you’re diagnosed. Financial assistance will also be provided for hospitalization, home nursing, and surgeries.
This sums up the best insurance plans and companies for young families in Malaysia. It is advisable to utilize the guidelines and suggestions provided when you shop for your family’s medical insurance plan.
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