"Is it enough if I already have a medical card?"
Most people are aware that the main function of a medical card is to cover the costs of treatment when you are admitted to a hospital. For common illnesses such as a broken arm or dengue fever, a medical card is enough as is. But what about critical illnesses?
Yes, you can use a medical card to cover high treatment costs such as hospitalization or chemotherapy treatment. But there are other hidden costs that come with critical illness.
Critical illnesses such as cancer, stroke and kidney disease usually require a long period of treatment and take many months, and there are even cases that take years to undergo complete treatment.
Due to this, the cost of treatment for critical illness as a whole is very high compared to non-critical illness. Not only for the cost of hospital treatment, but because typically when going through a treatment, your movement is limited, which will force you to take unpaid leave or quit work to undergo further treatment and rehabilitation sessions.
For instance, in the case of a heart attack, a patient needs surgical treatment for a clogged artery. Gladly, the patient has no problem paying the cost of surgery because they have a medical card.
Upon completion of the surgery, the doctor advises the patient to rest at home for a period of 3-4 months. The patient will most likely have to take unpaid leave. So, how will a patient find income to cover the cost of his daily expenses and financial commitment in those 3-4 months?
This is a situation where the patient needs to rest during the recovery period. What if they are afflicted with an illness that requires care from someone else? Their significant other will have to take time off to care for patients or need to hire a special nurse at home. Who will bear these costs?
You may have savings, but can your savings last for at least a year?
Whether you like it or not, you will need a new source of finance to cover your daily living expenses when you suffer from a critical illness.
Here, a critical illness takaful plan is able to help you. They serve as a replacement for income in order to continue to survive. What is a takaful for critical illness?
It is a protection plan that provides compensation payment benefits if you are diagnosed with one of the critical illnesses listed in the Takaful Certificate.
For example, the i-Additional Lifetime Critical Illness Term Rider & i-Lifetime Critical Illness Term Rider plans cover 56 critical illnesses for children and adults.
What is the sufficient amount of compensation?
The formula for critical illness compensation is equivalent to 3 years of income. This is because patients usually need a period of 3 years to fully recover. If your salary is RM3,000 per month, the amount of compensation required is RM108,000.
Why do we need the compensation money?
1. Purchase additional medications that are not included under the hospital bill.
2. Cover the cost of daily expenses due to taking leave or stopping work.
3. Pay the cost of the nurse/caregiver if you need home care services after the treatment period.
4. Purchase of additional treatment equipment at home such as special beds.
5. Alternative treatment if necessary.
You can also use this calculator to calculate the amount of compensation required.
Now you are aware that critical illness has a huge impact on your financial situation. Having a medical card alone is not enough, you also need other financial resources to cover other hidden costs.
If you can afford it, take out critical illness takaful as soon as possible. Diseases know no age. More and more young people are suffering from critical illnesses such as heart disease and cancer. Always practice a healthy lifestyle as a preventative measure and make sure you are adequately protected.