Why do People Delay in Purchasing H&S Insurance?

Source/Credit To : http://www.malaysiainsuranceguide.com

Many people are aware the importance of H&S insurance, however, some common beliefs / mental barriers still hold them back from taking up H&S insurance. The common beliefs are:

Belief: I do not believe in H&S Insurance

The fact is: Everyday many people who thought they are healthy admitted to hospital. Ambulances that drove past you on the roads are not just out there practicing.

Belief: I cannot afford it

The fact is: We never heard H&S insurance policyholders who admitted to hospital complained about having H&S insurance. If you cannot afford the premium, you certainly would not able to settle the hospital bills.

Furthermore, there are various H&S insurance products ranging from basic coverage which is cheaper to comprehensive coverage which is more expensive.

Belief: I need to think about it

The fact is: Procrastination is one of the biggest enemies in our life. Many companies allow applicants to submit their application form without paying the premium. You only need to make a decision when the application result is out and proceed with the premium payment if you satisfy with the insurance plan.

Belief: Do not need it

The fact is: You need to have H&S insurance when you do not need it. If you wait until you get sick or injured, then it is too late to buy. You need to have good health conditions when applying for H&S insurance.

Belief: I will never failed sick / I am always healthy / Accident will never happen to me

The fact is: Nobody knows what is going to happen on us tomorrow. We seldom use the spare tyre in our car boot but it must always be there for emergency purpose.

Belief: Never ending comparisons

The fact is: It is worthy to compare plans from various insurance companies, however, give yourself a deadline. Without deadline, you will never make a decision.

Alert!

Source / Credit To : http://medicalhub.blogstarz.my

While we are privileged to live in a wonderfully rich, peaceful and beautiful country we call home, we are faced with worrying medical statistics. The number of Malaysian needing medical attention is increasing. Attributing to the sicknesses are mostly overeating, more people smoking and not exercising! Meanwhile, the cost of medical and hospitalization is also on the hike! Based on recent statistics, the Malaysian medical inflation is between 10% to 15% per annum!

In 2005, according to survey conducted by BNM, it is estimated that only about 15% of the total population have Medical & Health Insurance (MHI) protection. A Genuine Cause of Concern! ADMISSIONS IN GOVERNMENT HOSPITAL YEAR 2005 1,842,688 CASES 3.5 ADMISSIONS per minute !!! Sources: Planning and Developmet Division, Information & Documentation System Unit,Ministry of Health Malaysia, July 2006

On our part, we still can make a difference! As responsible individuals and family figures, we should seriously address these worrying facts. Within our own control, we can decide to do a couple of VERY IMPORTANT things ...

• Adopt Healthy Diet & Do NOT Overeat!
• Choose to Stop Smoking or Do NOT Start Smoking!
• Exercise Regularly!
• Go for Regular Health Check Ups!
• Ensure You & Your Family is Adequately Covered with Medical & Health Insurance! Transfer your Risk Away!

Health Insurance Coverage -Take care, take good health cover

Source/Credit To : http://www.creditcard2u.net

We all learn the hard way…especially when it comes to insurance cover. Many young people avoid buying any health insurance cover, thinking they are invincible and ‘nothing ever will happen’. While the positive attitude it perfect, it does help if it is padded up with some cover. Accidents and mishaps can happen anytime and body harm can change an entire life pattern for some. The only quantum of solace one gets is in some health insurance coverage. It is not a bad idea to look up some policies that can benefit not only the physical life but also earn some tax benefits. It’s this dual advantage that many customers gain from buying any health insurance coverage. Considering that so many health cover plans are available for people from all walks of life, ailments any cover should be done with some consultation. Policies are available tailor-made to suit individuals, groups, families and companies with flexible premiums. So it does not really tax one a lot to pick up at least one health insurance policy.

Health insurance works on the premise that medical expenses are cared for by an insurance company. This is a periodical renewable contract. Some health care policies are limited to a certain amount. The insured person is expected to pay any charges in excess of the health plan’s maximum payment limit for a specific service. In addition, some insurance company schemes have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach the benefit maximum and the policy-holder must pay all remaining costs. Health insurance coverage also depends upon kind of policy one opts for. Certain policies pay a certain proportion of the money each time there is a medical expense. For example, if your health insurance plan promises to pay 80% of the costs that will be incurred each time you visit the doctor, for getting the prescription or for any other treatment; you would bear just 20% of the cost each time. Other expenses are taken care the insurance company. Generally the insurance company sets up a fixed amount for particular health related issues. Also having a preferred list of physicians, experts and hospitals is another common practice.

Health insurance cover depends upon the treatment. In most cases, insurance policies cover physicians and specialist visit. Costs vary depending upon the kind of treatment needed upon hospitalization. But for serious or terminal illness the policy could have other terms and conditions. A comprehensive plan is also available to take care of every medical expense. These are generally very expensive ones and in most cases are obtained through an employer. Policies and plans for health insurance coverage vary in different places.

Save! Save! Save!

Nearing Retirement? Are You Ready for It?

Source/Credit To : http://kclau.com

Last year, the retirement age for Malaysia’s civil servants has been raised to 58 years old. This is a personal choice for those who want to work for a few more years. For some people, it is not a choice but a must as some really need the income to live on. This situation is quite common as even retirees in the United States are facing the same dilemma.

A survey conducted by the Employee Benefit Research Institute in the USA shows that only a small percentage of workers (13%) have confidence of a comfortable retirement. Only 20% of retirees believe that they have sufficient money for retirement which is down from 41% in 2007.

The above situation stems from the fact that more and more people have to depend on their own savings for funding their retirement. In the United States, the average amount saved by people in their 60s is only USD100, 000 in 2007. Do not be surprise to hear that people in this age group still have debts to pay where the median debt is USD50, 000 and 45% of them still carry balances on their credit cards.

In Malaysia, according to the Employees Provident Fund (EPF), the average savings of members are low. The average savings at age 54 is RM114, 402 as reported by the EPF in 2006. Members are encouraged to increase their retirement savings in order to have at least RM120, 000 in their EPF fund when they reach 55 years of age. This is sufficient to generate RM500 a month and would last for 20 years until the person is 75 years old.

The following ideas are gleaned from moneycentral.com for those approaching their retirement. These are tips to get your finances in order and ensure a happy retirement.

1. Set a target retirement date

Having a target retirement date will enable you to plan how much money you need and how much money you have to fund it. Be flexible as you may end up having to work longer, part-time or otherwise in order to boost your retirement fund.

2. Determine where you are going to live

Where you live will have an impact on your expenses and how much money you need to cover for it. Are you going to live in a mortgage-free house, a small apartment, an expensive condo or holiday home? If necessary, you have the option of moving to a cheaper abode which also allows you to free up your home equity for other purposes.

3. Get the proper insurance coverage

Before you reach retirement, get enough health insurance coverage. As you get older, your health will deteriorate and your insurance will help to offset part of the medical or treatment cost.

4. Settle your debts

Ideally, you should not have any debts to deal with going into retirement. You may be relying mostly on your pension, savings or retirement funds which may not be sufficient to repay any outstanding debts or loans.

5. Come up with a retirement budget

Draw up your retirement budget and actually practice using it before you retire to get a good feel about it. Eventually, you can design a budget that is suitable for you upon retirement.

6. Time to review your estate plans or living will

As you get older, the risk of getting seriously ill or being incapacitated increases. Hence, it may be the right time to draw up a will if you do not have one yet or to review an existing will or estate plan. This is to ensure that your loved ones are properly taken care off. At the same time, you may also want to update your beneficiaries on your retirement, bank or savings accounts, investment accounts, life or health insurance policies, etc.