As healthcare costs continue to rise, choosing the right medical insurance or Takaful plan in Malaysia has become increasingly important.
In 2024, the variety and flexibility of policies available make it possible for individuals to find coverage that best suits their needs and financial situations. So here are the top 5 medical insurance and takaful options in Malaysia.
#1 Prudential PRUValue Med Medical Card
Limits
Annual Limit: Not Applicable
Lifetime Limit: Not Applicable
Coverage and Benefits
Based on their brochure,
Coverage Age
18 gestational weeks - 100 years
Number of Panel Hospitals
93
Investment-Linked Plan
Yes
My Review
I think this health insurance is quite an all-rounder. It covers most medical expenses more than adequately and has an investment-linked plan which is good for those who have a hard time saving on their own and a relatively broad network of panel hospitals.
The “not applicable” lifetime and annual limit is also quite reassuring because it means that the policy offers unlimited coverage for medical expenses, subject to other terms and conditions of the policy.
#2 AIA A-Plus Health Medical Card
Limits
Annual Limit: From RM500k up to RM2m, depending on chosen plan
Lifetime Limit: No Limit
Coverage and Benefits
Based on their brochure,
Coverage Age
14 days - 100 years
Number of Panel Hospitals
94
Investment-Linked Plan
Yes
My Review
Similar to the Prudential PRUValue Med Medical Card, this insurance is also quite an all-rounder. However, a really cool addition that AIA offers is their Health Wallet which rewards policyholders with additional benefits if they stay healthy and essentially go without claiming anything in a year.
One thing to note is that there are four plans you can consider and if you choose their lowest plan, Plan 150, your annual limit and certain coverages will be lower – which is expected.
So, it’s best to understand what kind of plan would be best for you in terms of coverage and budget.
#3 FWD Insurance Medi First by BSN
Limits
Annual Limit: From RM1m up to RM5m, depending on chosen plan
Lifetime Limit: No Limit
Coverage and Benefits
Based on their brochure,
Coverage Age
30 days - 100 years old
Number of Panel Hospitals
184
Investment-Linked Plan
Yes
My Review
This insurance policy by BSN covers the standard medical expenses, although not by a lot but still a pretty good amount. One thing that I especially like is the Government Hospital Daily Cash Allowance of RM200 which should be able to offset the cost of a regular doctor’s check-up.
Among all the medical insurance and takaful on this list, this policy has the most number of panel hospitals (possibly because it’s BSN and has some ties to the government) which is a great thing, especially if you’re living on the outskirts of town.
#4 Manulife Health Saver Benefit + MHSB Booster
Limits
Annual Limit: From RM1m up to RM2.2m, depending on the chosen plan
Lifetime Limit: No Limit
Coverage and Benefits
Based on their brochure,
Coverage Age
30 days - 99 years old
Number of Panel Hospitals
93
Investment-Linked Plan
Yes
My Review
This insurance policy has a really high annual limit even if you choose the lowest plan which is pretty amazing. However, the coverage is not as comprehensive as the previous ones above.
With that being said, I think if you’re considering this policy, it’ll be a good idea to sign up for the MHSB Signature plan as the benefits are notably higher than the other three plans. Of course, this is if it fits your budget.
#5 Takaful myClick MediCare Medical Card
Limits
Annual Limit: From RM50k up to RM100k, depending on chosen plan
Lifetime Limit: Not Applicable
Coverage and Benefits
Based on their brochure,
Coverage Age
From 30 days
Number of Panel Hospitals
98
Investment-Linked Plan
No
My Review
This medical takaful policy covers the very basic medical expenses at a relatively low cost. And since it’s a takaful plan, 38% of the contribution is deducted upfront as the Wakalah fee and it’s not an investment-linked plan.
Personally, I think this policy is good enough if you’re young or just started working but as you get older, getting a more comprehensive plan would be best as the risk of falling sick is higher.
Which Medical Insurance or Takaful Is The Best For You in Malaysia?
Ultimately, choosing the best medical insurance or takaful in Malaysia depends on six factors:
Budget and Affordability
Determine how much you can comfortably spend on premiums and consider plans within your budget.
Healthcare Needs
Assess your healthcare needs based on age, health conditions, family history, and lifestyle.
Coverage Scope
Look for a plan that covers essential medical services you might need, including hospitalization, surgery, outpatient services, and any specific treatments.
Network of Hospitals
Consider the network of panel hospitals and whether they are accessible and meet your standards.
Additional Benefits
Evaluate any extra benefits like health screenings, wellness programs, or international coverage.
Policy Terms
Understand the terms, including limits, exclusions, claim processes, and renewal conditions.
Personally, I think the best choice for you is one that will balance cost, coverage, and convenience according to your circumstances and preferences.
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