<\/span><\/h2>\nLife\u2019s good today, a secure job, food on the table, quality time spent with loved ones.<\/p>\n
What happens when you\u2019re not there as a cover for your family and their needs? Bills need to be paid, so does the mortgage, and car(s), the education fund has to be topped up as it is being used to pay college fees for the older children.<\/p>\n
This is where a Family Takaful plan comes in. To offer protection for the family needs when you\u2019re no longer around. In terms of apportionment with a medical card and Critical Illness cover, the highest apportionment must be for family protection, which is recommended at 10 times your annual income.<\/p>\n
So the family does not need to remortgage the house, pawn the jewelry, borrow from friends\/family, sell the pets to be able to afford their existing lifestyle.<\/p>\n
There are different type of Family Takaful plans, from pure protection (with no savings element) to other types of protection plans with savings and investment elements. The most affordable plan would be the pure protection plan, with no savings along the way but rest assured, when the unfortunate happens, the coverage would be there to support your loved ones.<\/p>\n
<\/span>Medical plan<\/span><\/h2>\nLet\u2019s get the truths out first. We all know that our government hospitals have excellent medical experts and nursing care. However, because the public hospital system is over-crowded with so many people needing urgent medical attention, it may not be able to give us the comfort and urgency we seek, from both physical and emotional perspectives.<\/p>\n
Firstly, there may be others in the system who need more urgent attention than us, and so there might be a long wait should there be a need for surgery.<\/p>\n
Then there is the physical aspect we need that a government hospital may not be able to offer in terms of privacy and the desired level of comfort.<\/p>\n
This is the height of having peace of mind, more so when you are sick and the body and mind are weak. And we all know how private medical bills are on the rise globally and Malaysia is no exception.<\/p>\n
<\/span>Medical trend rates 2018 survey data<\/span><\/h2>\n\n\n\n\n\t\u00a0<\/th> | 2018 MEDICAL \nTREND RATE EXPERIENCED1<\/sup>(%)<\/center><\/th>2018 ESTIMATED INFLATION RATE2<\/sup> (%)<\/center><\/th>2019 PROJECTED MEDICAL TREND RATE1<\/sup>(%)<\/center><\/th>2019 FORECAST INFLATION RATE2<\/sup> (%)<\/center><\/th>\n<\/tr>\n<\/thead>\n\n\n\tGlobal3<\/sup><\/td>9.7<\/center><\/td>3.2<\/center><\/td>9.6<\/center><\/td>3.3<\/center><\/td>\n<\/tr>\n\n\tNorth America<\/strong><\/td><\/td> | <\/td> | <\/td> | <\/td>\n<\/tr>\n | \n\tCanada<\/td> | 8.5<\/center><\/td>2.6<\/center><\/td>8.5<\/center><\/td>2.2<\/center><\/td>\n<\/tr>\n\n\tAsia <\/strong><\/td>10.4<\/strong><\/center><\/td>2.5<\/strong><\/center><\/td>10.3<\/strong><\/center><\/td>2.6<\/strong><\/center><\/td>\n<\/tr>\n\n\tChina<\/td> | 9.7<\/center><\/td>2.2<\/center><\/td>10.2<\/center><\/td>2.4<\/center><\/td>\n<\/tr>\n\n\tHong Kong<\/td> | 9.3<\/center><\/td>2.3<\/center><\/td>9.1<\/center><\/td>2.1<\/center><\/td>\n<\/tr>\n\n\tIndia<\/td> | 8.5<\/center><\/td>4.7<\/center><\/td>9.3<\/center><\/td>4.9<\/center><\/td>\n<\/tr>\n\n\tIndonesia<\/td> | 11.0<\/center><\/td>3.4<\/center><\/td>10.5<\/center><\/td>3.8<\/center><\/td>\n<\/tr>\n\n\tMalaysia<\/strong><\/td>13.4<\/strong><\/center><\/td>1.0<\/strong><\/center><\/td>13.6<\/strong><\/center><\/td>2.3<\/strong><\/center><\/td>\n<\/tr>\n\n\tPhilippines<\/td> | 13.0<\/center><\/td>4.9<\/center><\/td>13.7<\/center><\/td>4.0<\/center><\/td>\n<\/tr>\n\n\tSingapore<\/td> | 10.0<\/center><\/td>1.0<\/center><\/td>10.1<\/center><\/td>1.4<\/center><\/td>\n<\/tr>\n\n\tSouth Korea<\/td> | 6.0<\/center><\/td>1.5<\/center><\/td>5.0<\/center><\/td>1.8<\/center><\/td>\n<\/tr>\n\n\tTaiwan<\/td> | 11.5<\/center><\/td>1.5<\/center><\/td>9.1<\/center><\/td>1.3<\/center><\/td>\n<\/tr>\n\n\tThailand<\/td> | 7.9<\/center><\/td>0.9<\/center><\/td>8.5<\/center><\/td>0.9<\/center><\/td>\n<\/tr>\n\n\tVietnam<\/td> | 14.5<\/center><\/td>3.8<\/center><\/td>14.2<\/center><\/td>4.0<\/center><\/td>\n<\/tr>\n\n\tPacific<\/td> | 6.0<\/center><\/td>1.8<\/center><\/td>5.1<\/center><\/td>2.0<\/center><\/td>\n<\/tr>\n\n\tAustralia<\/td> | 4.0<\/center><\/td>2.2<\/center><\/td>3.3<\/center><\/td>2.3<\/center><\/td>\n<\/tr>\n\n\tNew Zealand<\/td> | 8.0<\/center><\/td>1.4<\/center><\/td>7.0<\/center><\/td>1.7<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n 1<\/sup><\/small>The medical trend rates reflect insurer survey results and may not be MMB\u2019s view. \n2<\/sup><\/small>Sources for inflation rates include: \n-International Monetary Fund. World Economic Outlook Database, January 2019. \n-Inflation rate information is strictly for general reference purpose \n3<\/sup>Average of 51 participating countries with an acceptable number of responses. \nSource: Mercer Marsh Benefits: 2019 Medical Trends Around the World.<\/small><\/p>\nMedical inflation is no laughing matter, years ago, a simple appendicitis surgery cost RM 6,000, now, that figure has more than doubled to RM13,000. This is the reason a medical card protection without a lifetime limits is crucial to really and truly support you when you need it the most.<\/p>\n <\/span>Critical illness (CI)<\/span><\/h2>\nOut with it! You\u2019re wondering why is there a need for a CI plan when you already have a medical card right?<\/p>\n Let\u2019s clear the forest from the trees. The medical card covers hospital room, board and medical costs, surgical, including pre-hospitalisation and post-hospitalisation follow up treatment.<\/p>\n A CI cover on the other hand gives you a lump sum payment to tide you over the longer term where you need time to recover and may need extended time away from work. You can use the funds to pay household bills during unpaid leave of absence from work. In that sense, this works as an income replacement plan. The general rule of thumb on sum covered for CI is 3 times annual salary because it will usually take 3 years to recuperate from a critical illness.<\/p>\n The other increasingly pertinent need for CI plan is to cover the cost of alternative medicine and therapy. When you need a break from getting back into the rat race after suffering from the scare and weakness of having a life-threatening illness, you would be most grateful you opted for this cover.<\/p>\n No need to ask family and friends for financial help.<\/p>\n <\/span>Estimated treatment cost at private hospitals in Malaysia<\/span><\/h2>\n\n\n\n\n\tType of treatment<\/center><\/th>Estimated cost<\/center><\/th>\n<\/tr>\n<\/thead>\n\n\n\t<\/td> | 2018<\/center><\/td>2028<\/center><\/td>\n<\/tr>\n\n\tCancer<\/td> | RM18,000-RM300,000<\/center><\/td>RM62,000-RM1.05mil<\/center><\/td>\n<\/tr>\n\n\tStroke<\/td> | RM35,000-RM75,000<\/center><\/td>RM122,000-RM261,000<\/center><\/td>\n<\/tr>\n\n\tKidney<\/td> | RM150,000<\/center><\/td>RM523,000<\/center><\/td>\n<\/tr>\n\n\tHeart bypass<\/td> | RM80,000<\/center><\/td>RM279,000<\/center><\/td>\n<\/tr>\n\n\tAngioplasty<\/td> | RM40,000<\/center><\/td>RM139,000<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n Source: http:\/\/howtofinancemoney.com\/cost-medical-procedures-2018<\/small> \nLast Updated: 16 Aug 2019<\/small> | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |