{"id":41619,"date":"2020-01-06T09:49:57","date_gmt":"2020-01-06T01:49:57","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=41619"},"modified":"2020-03-09T13:55:53","modified_gmt":"2020-03-09T05:55:53","slug":"insurance-best-medical-care","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/insurance-best-medical-care","title":{"rendered":"Is Your Medical Insurance Giving You The Best Possible Medical Care?"},"content":{"rendered":"

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Going through life without medical insurance coverage is like walking on a tightrope without a safety harness.<\/p>\n

Here\u2019s why: healthcare costs a lot<\/em>.<\/p>\n

A procedure like a coronary bypass surgery can set you back RM3,000 to RM5,000<\/a> in a government hospital like University of Malaya Medical Centre (UMMC), or up to RM7,030 at a private hospital. However, after taking into account ancillary costs (like room charges, diagnostic charges, and consultation fees), your total cost for a coronary bypass surgery could balloon to around RM60,000<\/a> at a private hospital.<\/p>\n

These costs are rising year by year. This year, Malaysia\u2019s forecast medical inflation<\/a> stands at 16% per annum, an increase from 15.3% in 2018.<\/p>\n

Many Malaysians are already struggling to keep up. UMMC reported<\/a> that half of its patients who are obligated to pay for treatment can\u2019t afford it, even though costs are heavily subsidised by the government. In 2015, 14.3%<\/a> of the debt default cases solved by the Credit Counselling and Debt Management Agency (AKPK) were due to high medical costs.<\/p>\n

This is where medical insurance comes in. Having adequate coverage means that your insurance policy will cover the costs of treatment and hospitalisation. This allows you to take your mind off the financial burden of illness and concentrate on recovery.<\/p>\n

<\/span>Your medical insurance may not ensure quality of treatment<\/strong><\/span><\/h2>\n

However, while your medical insurance can give you a financial safety net to fall back on, it may not be able to ensure the quality of treatment you receive.<\/p>\n

When it comes to serious illnesses, overdiagnosis and overtreatment is a global problem<\/a>. Federation of Malaysian Consumers Association (FOMCA) CEO Datuk Paul Selvaraj told the Star in 2014<\/a> that overtreatment is a \u201cmajor concern in Malaysia as it was widely practised but extensively denied\u201d.<\/p>\n

Overdiagnosis<\/a> happens when a patient is diagnosed with a medical condition that would never have caused harm or symptoms. There are many factors that contribute to overdiagnosis, including doctors\u2019 fears of missing out on a diagnosis, overzealous use of new diagnostic technology, and even financial incentives. This could lead to unnecessary treatments (or \u2018overtreatments\u2019).<\/p>\n

This could cause:<\/p>\n