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Comparison Between Local and International Medical Insurance For MM2H Participants

Writer's picture: Chng TGChng TG

Updated: Oct 29, 2024

Applying for MM2H means that you plan to stay in Malaysia long term, so it is best to get local medical insurance. Malaysian medical insurance offers many great features:

  1. Some policies offer guaranteed renewal with unlimited lifetime claims.

  2. Cashless hospitalisation.

  3. The option to add riders to maximise returns, enhance health benefits, or include other features to suit your preferences.

 

In my personal opinion, local medical insurance has good underwriting standards. This means:

  1. Unreasonable and unjustified premium increases are unlikely.

  2. If you have pre-existing conditions like high blood pressure, loading may be imposed on you (i.e. higher premium). If you have other more serious pre-existing conditions like diabetes, there is a chance they may not want to insure you.

  3. The insurance industry in Malaysia is tightly regulated.

 

The cost difference between local and international medical insurance (IMI) is extreme. Here are some important points to take note:

  1. If you have pre-existing conditions and are already on IMI, it’s best to continue with it.

  2. If you don’t have pre-existing conditions, opt for comprehensive local medical insurance.

  3. Pair it with good travel insurance to get IMI-like coverage. If you fall ill abroad, you can return to Malaysia for treatment.

  4. Malaysia is renowned for its healthcare, attracting many foreigners for treatment. If you plan to stay in Malaysia long-term or for life, local medical insurance is the most cost-effective option.

  5. Cashless admission in Malaysia is a major advantage. This is a big issue if your hospital bill amounts to RM500,000 and you have to pay first and claim later. What if the claim is slow or rejected?

 

If you have children, it’s essential to buy Malaysian medical insurance for them because:

  1. They typically have no pre-existing conditions.

  2. Being young, their premiums are low.

  3. Most medical plans for children offer unlimited lifetime limits and guaranteed renewal.

  4. Coverage can continue until they are 79, 80, 90, or even 100 years old, depending on the chosen policy.

  5. When they work (outside of Malaysia), they buy their local emergency room medical insurance. If there is an emergency, they will be stabilized in that country and then repatriated to Malaysia for further treatment. That is the cheapest way.

  6. If you decide to buy IMI for them, you have to ensure that they can pay for their IMI in future, which can be extremely expensive.

 

Moving forward,  healthcare systems in developed countries are expected to decline due to funding shortages, lack of expertise, or overwhelming bureaucracy. It is a fact that IMI will be exorbitantly expensive in future (inflation in developed countries is significantly higher than in Malaysia). Those who are still on IMI and with no pre-existing condition will be disadvantaged. If they have a medical incident and later declared as "pre-existing" (i.e. suffered from a heart attack), they will not be able to buy local medical insurance. If the IMI provider refuses to cover or if it is too expensive, then the MM2H participant will not have medical insurance anymore. We have seen many cases in our line of work.

 

Our clients have asked for assistance with insurance. Although we were not involved in insurance before COVID-19, we now offer support.  We can assist with general insurance through CHUBB (including basic medical, property, vehicle, and travel insurance) and life or medical insurance. Please work with us on a solution that is good for you and your family.




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