How Much Medical Insurance Coverage Do You Need At Each Stage Of Life?

We all know that medical insurance coverage is important to reduce the financial impact, if and when a health emergency happens. See why it’s considered a necessity these days in our article here.  

With rising medical costs, it's important to ensure you're adequately covered. Here's a guide on how medical insurance can benefit you at different stages in life, to financially protect against medical bills. 

Young Working Adults 

You’ve just started on your career and may already have some financial monthly expenses/commitments e.g. servicing your student loan or car loan, giving your parent(s) a monthly allowance, or helping out with your sister/brother’s education expenses.  

This stage is an excellent one to consider your medical insurance coverage, when you are in the pink of health and premiums are lower. It’s always a good idea to have a mix of employer-provided and personal medical insurance coverage. After all, you may not be in this one job forever. 

And as your income level and financial commitment change, you should review the coverage. 

Want a medical insurance plan that’s suitable for young working adults? Starting from only RM44.70 a month, i-Med has cashless and hassle-free admissions. Get an instant quote here. 

Married couples (without children) 

When you get married, you have a spouse who may rely on your income, share expenses with and have financial goals together. The right medical insurance coverage can ensure that you can focus on recovery in the event of a health emergency, and not on the medical bills which can saddle you or your spouse with debt.  

Here are some questions to ask before finalising the right medical insurance coverage: 

• Does your spouse have an existing medical insurance plan? 

• Does your existing medical insurance plan(s) cover you and your spouse as well? 

• What are your preferred hospital/medical providers and their estimated charges e.g. government or private hospital? 

Married couples (with children) 

Your primary concern is now not only your spouse but also your children’s well-being and security. If you want your children to have the best chance to achieve their dreams, that comes with important costs such as healthcare, education, and comfortable housing. An important part of that is financially protecting you and your spouse so that the finances allocated for your children are protected. 

It’s also important to explore medical plans that can cover your children. Medical insurance may not be something that’s at the top of mind for new parents, but the truth is, a child’s medical needs can be costly. Medical insurance for your child also ensures they have access to the best quality healthcare and locks in premiums at more competitive prices. 

With an eligibility age starting from 14 days, FWD Medi First has up to RM5 million annual limit. Check out the medical plan that also protects your future needs here. 

As responsibilities increase, you may also be subject to the different stressors that come with this stage of life.  

Planning For Golden Years 

As you approach retirement, your focus will shift as you may have fewer expenses and financial commitments if your debts are paid off or paid down. Your children may already have their individual medical insurance coverage and do not need to rely on you. You would have more knowledge of financial needs that come with medical care. 

At this stage, you would want to ensure that certain concerns are covered e.g. a high annual limit, inpatient and outpatient treatments, and room & board. 

Although applicable to every stage of life, it is especially important to review your medical insurance policy at least once a year in your golden years. Ensuring the right medical coverage that includes post-hospitalisation treatments is important when the likelihood of a medical incidence is higher. 

Medical insurance coverage needs evolve at different stages of our lives. Determining the exact amount of medical insurance coverage depends on several factors, including your life stage, health status, and financial situation. 

With medical costs on the rise, ensuring you have adequate medical insurance coverage can provide financial security, and the peace of mind that you and your family will be protected from the financial burden of unexpected medical expenses. FWD offers medical insurance coverage for all stages of life which you can explore here. And if it’s all too much for you to browse, leave your contact details for our experts to get in touch with you and help.