Whether you are in Malaysia for work or other purposes, having an insurance is important to ensure that you are well-protected against unforeseen circumstances. This is especially so if you are an expatriate living in Malaysia.
One of the most essential and crucial things to do is to obtain adequate insurance coverage that covers you not only in Malaysia but internationally as well. Since local insurance packages only cover individual locally, most expats decided to obtain global medical coverage that provides portable insurance.
Discover the types of expat insurance in Malaysia you should consider below!
Types of Expat Insurances in Malaysia
Health insurance and car insurance should not be unfamiliar terms to everyone. There are way more types of insurance apart from these standard ones. Let us take a look at what are the various types of insurance policies that you can consider.
Why Should Expats or Foreigners Purchase Insurance in Malaysia
Apart from the insurance mentioned above, there are many more things that can be insured. Now you may be wondering, why should you buy insurance? Well, it is better to be safe than sorry since none of us are unable to predict when an unfortunate incident may occur to us!
What if you already have an existing insurance in your home country?
- Ensure the extent of coverage includes when living in Malaysia
- Check with your insurer on various insurance plans available in Malaysia
Company Registration in Malaysia
While there are many reasons why you may move to Malaysia, registering for a company to start your own business is one of the top reasons. Here at Paul Hype Page, we specialise in helping global expats relocate to Malaysia through company setup and employment pass applications.
Many foreign investors chose Malaysia as companies here that can be 100% foreign-owned. Tech companies also enjoy tax benefits such as 5-year tax exemptions.
There are certain conditions that are not included in the medical plan known as Major exclusions. They include pre-existing illnesses, treatment or surgery for certain illnesses within 120 days of the plan and cosmetic surgery/corrective lenses, dental treatment unless due to accidental injury.
A medical card has to be presented at a Panel Hospital and get a doctor’s consent to be admitted in the hospital. This will allow smoother transactions and lesser waiting time and tedious paperwork.
There are a few reasons why your medical claims get rejected, namely:
- Claim withing the waiting period
- Except for accidental injuries, medical insurances will not cover for any medical costs charged in the individual’s name within 30 days from the date of activation of the insurance policy.
- Exclusion Clauses
- Having access to medical card will not protect an individual from every unimaginable condition especially pre-existing illness
- Unpaid Premiums
- Exceeded limits