{"id":49477,"date":"2021-09-21T10:48:03","date_gmt":"2021-09-21T02:48:03","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=49477"},"modified":"2021-09-29T10:55:15","modified_gmt":"2021-09-29T02:55:15","slug":"critical-illness-insurance-guide","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/critical-illness-insurance-guide","title":{"rendered":"Beginner\u2019s Guide To Getting Your First Critical Illness Coverage"},"content":{"rendered":"

In partnership with\u00a0<\/strong> \"\"<\/p>\n

Falling sick is no fun.<\/p>\n

But getting a major illness, like stroke or kidney failure? That could really take a physical and financial toll on you. Wouldn\u2019t it be a relief to have someone else take care of all the costs of falling sick, so that you could just focus on recovery? Well, here\u2019s where critical illness insurance comes in.<\/p>\n

<\/span>What is critical illness insurance?<\/span><\/h2>\n

This insurance gives you financial support if you are diagnosed with a critical illness, provided that the illness is covered by the insurance policy. This financial support comes in the form of a lump sum payout, which you can use to cover any expense.<\/p>\n

<\/span>Why do you need critical illness insurance?<\/span><\/h2>\n

Here\u2019s a grim reality check: critical illnesses are among the top causes of death in Malaysia.<\/p>\n

For example, heart diseases and cerebrovascular diseases were responsible for 15% and 8% of medically certified deaths<\/a> in 2019 respectively. They don\u2019t just happen to the elderly, either. Malaysians in their late 30s – or even younger – are being affected<\/a> by heart disease.<\/p>\n

Not only are critical illnesses common, their treatment can be expensive if you opt for private healthcare. A coronary angioplasty can set you back around RM30,000<\/a> at a private hospital.<\/p>\n

This doesn\u2019t account for the non-direct costs you might incur, such as the loss of income from taking leave from work, or paying for any long-term supplements needed.<\/p>\n

That\u2019s why having critical illness coverage can be helpful. It gives you a financial buffer so you can focus on recovery and not worry about whether you can afford the cost of falling ill.<\/p>\n

<\/span>How is it different from a medical card?<\/span><\/h2>\n

\u201cHold on a minute,\u201d you might think. Isn\u2019t this what your medical card already does?<\/p>\n

There\u2019s a common misconception that a medical card is the same as critical illness insurance, or that you don\u2019t need one if you have the other. It\u2019s an easy mistake to make – after all, they both cover health-related expenses.<\/p>\n

But these two types of insurance aren\u2019t the same. Here\u2019s how they differ:
\n\n\n\n\n\t\n\n\t\n\t
<\/td>Medical card<\/th>Critical illness insurance<\/th>\n<\/tr>\n<\/thead>\n
Applies to<\/td>Hospitalisation costs<\/td>Covered critical illnesses<\/td>\n<\/tr>\n
Type of financial support<\/td>Coverage for your hospital bills only<\/td>Lump sum payment that can be used for anything<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nFor example, consider someone who has been diagnosed with cancer. A medical card would be able to cover their costs of hospitalisation – this includes consultation, prescription drugs and treatment and surgery costs. But it doesn\u2019t cover the indirect costs of a cancer diagnosis, which could include:<\/p>\n