1.    What does medical and health insurance (MHI) product cover?

Medical and Health Insurance (MHI) product covers reimbursement of medical expenses, such as the charges of the room and board during hospital admission, treatment, laboratory fees, use of facilities, nursing care and medicines and supplies.

With MHI, your medical cost will be covered up to a certain limit, protecting you from high and unexpected medical expenses.
 

2.    If I need to be admitted to a hospital, what shall I do?

Call the dedicated hotline listed on your medical card; OR

Refer here for step-by-step guide on how to submit your MHI claim.
 

3.    Will my medical insurance premium / cost of insurance (COI) be higher as I get older?

Yes, it is common for medical insurance premium/ COI to increase with age, insurance premium / COI collected will be pooled together in a common pool to pay for policyholders’ medical expenses, your premium / COI may be reviewed annually based on individual risk profile such as age, medical history, occupational risk and lifestyle factors and to reflect changes in the cost of medical treatment.

Higher risk policyholders pay relatively higher premiums / COIs to reflect the likelihood and severity of potential claims. Hence, your premium / COI will increase as you age, as older individuals tend to have higher healthcare needs and are more likely to make claims. Insurers will adjust medical insurance premium/ COI based on the age of the life assured. This should be clearly outlined in the terms and conditions of the policy.
 

4.    Why is my medical insurance premium / COI revised periodically?

Medical insurance premiums/ COIs are revised periodically because of the rising cost of medical care and increases in the number of policyholder going to hospitals, resulting in increases in claims. As such, insurance companies need to adjust premium to ensure claims can be paid, so they can continue to provide you with the coverage You need.

5.    What if I cannot afford to pay my medical insurance premium / COI?

If premium/ COI are becoming unaffordable, you have options:

a. Switch to a lower plan: This reduces your premium/ COI but provides less coverage. Consult your agent to ensure it still meets your needs.

b. Opt for a plan with co-payment option, which could include a deductible/ co-insurance or both: You agree to pay a specified percentage of the hospital bill to reduce your insurance premium.
 

6.    Will my policy lapse if I cannot afford to pay the premium?

If you fail to pay your premium for standalone or a premium paying medical product, your insurance policy could lapse, resulting in the loss of coverage. However, you may have a grace period during which you can still make the payment without losing coverage. If the policy lapses, you may be able to reinstate it, though this could involve additional fees or higher premium. To avoid policy lapses, it is crucial to stay on top of payments and discuss with your agent if you face financial difficulties.

For investment-linked policy, your medical coverage will stay in-force as long as there is sufficient cash value in the policy to cover the COI deduction for your coverage.
 

7.    What is co-payment?

Co-payment is a cost-sharing arrangement between policy owners and insurers, where both parties split the cost of medical services. There’re two types of co-payment arrangements.

i)     Deductibles: You make an initial payment for your medical care before your insurance coverage kicks in.

ii)   Co-insurance: You pay a percentage of medical expenses and your insurance plan covers the remaining amount.