The change to the HLMT Medical Card, which takes effect from August 15, 2024, is a result of a new requirement imposed by Bank Negara on all takaful companies in Malaysia. This means that new applicants who plan to use the HLMT medical card for hospital admissions after the specified date will be subject to a deductible fee.
This development may come as a surprise to many, particularly those who have enjoyed the benefits of a 100% hospital admission coverage under the HLMT Medical Card. However, it is important to note that such changes are often necessary for insurance and takaful providers to continue offering sustainable and affordable plans to their customers.
If you are among those who are yet to obtain a medical card with a coverage of 1.12 million from HLMT, you may want to consider applying for it as soon as possible, before the new rule takes effect. By doing so, you will be able to enjoy the existing benefits of the medical card without having to pay any deductibles for hospital admissions.
Of course, it is also crucial to understand what a deductible is and how it works, so you can make informed decisions about your insurance and takaful coverage. In simple terms, a deductible is the amount of money that you agree to pay out of pocket before your insurance or takaful coverage kicks in. For instance, if your medical procedure costs RM 5000, and your deductible is RM 1000, you will need to pay the first RM 1000, and your insurance or takaful provider will cover the remaining RM 4000.
While deductibles may seem like an added burden, they can also help you save money in the long run. This is because plans with higher deductibles often come with lower premiums or contributions. By choosing a plan with a higher deductible, you can lower your monthly or annual payments, which can be a more cost-effective option if you are generally healthy and do not require frequent medical services.
In conclusion, the new deductible rule for the HLMT Medical Card may require some adjustments and considerations, but it is ultimately designed to ensure the long-term sustainability of the plan. By understanding the changes and making informed decisions about your coverage, you can continue to enjoy the benefits of the medical card and protect your health and financial well-being. So, if you have not yet applied for the HLMT Medical Card with a coverage of 1.12 million, now may be the best time to do so. Remember, the key is to choose a plan that fits your needs, budget, and lifestyle, and to review and update your coverage regularly as your circumstances change.