Does Insurance Cover Cancer Treatment Malaysia? – Cancer can strike anyone at any time in life. While early detection and treatment is important to give you the best chance of recovery, it’s also comforting to know you have the financial security to manage the cancer if it comes back at a later stage. GREAT Multi Cancer Care is a comprehensive coverage plan that you can depend on to help you at every stage of your fight against cancer. From early to intermediate and advanced stages, GREAT Multi Cancer Care provides you with a financial safety net in your time of need, whenever it happens. With coverage up to 85 years of next birthday and a total payout of up to 360% of the basic sum assured, you can continue your journey with your loved ones safe in the knowledge that you are protected at every stage of life.
This plan provides comprehensive coverage from the early stages of cancer till the next birthday up to the age of 85 years.
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Does Insurance Cover Cancer Treatment Malaysia?
On diagnosis of Advanced Stage Cancer, you will get Recovery Benefit of 50% of Basic Sum Assured along with Advanced Stage Cancer Benefit. Further, an additional 50% of the basic sum assured will be payable after one year from the date of diagnosis for advanced stage cancer.
Breast Cancer Survivorship
If you undergo complete surgery for a suspected malignant tumor from covered organs or sites or anatomical locations, an additional 10% of the basic sum assured will be paid, subject to a maximum of RM25, 000 per life.
In case of death, your loved ones will be provided a lump sum death benefit of the higher of the total premium paid or the cash value, and also, an amount in addition to the basic sum assured as a bereavement benefit.
The application process is made easy as eligibility for this scheme only takes into account your medical condition and family history related to cancer.
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Please take note below to ensure you fully understand what this product does and does not cover. If in doubt, contact your Great Eastern Life Planning advisor or have us call you back.
1 Terms and Conditions apply. 2 The policy will then be cancelled. 3 Maturity benefit will be paid as per the entry age of the insured on the next birthday. 4 One percent of the basic sum assured will be paid as bereavement benefit as per the policy year.
GREAT Multi Cancer Care is a non-participating whole life plan that matures at age 85 on the next birthday. Premiums are payable until the next birthday is 85 years of age, or advanced stage cancer or until claimed on termination, whichever occurs first. You should satisfy yourself that the plan will best suit your needs and that the premium payable under the policy is an amount you can afford. You are given a free-view period of 15 days to review the suitability of the plan. If the policy is returned to the company during this period, the full premium will be refunded to the policy owner after deducting the expenses incurred for medical examination, if any. If you change your policy from one company to another or if you exchange your current policy with another policy within the same company, you may need to submit an application where your acceptance of the offer will be subject to applicable terms and conditions. At the time of policy change or replacement. The policy will not have a guaranteed minimum cash value at termination unless you have paid premiums for two years. If you surrender your policy early, you may get back less than the amount you paid. If you stop paying premiums before the end of the premium payment period, an automatic premium loan will apply under your policy to pay future premiums as long as the cash value exceeds the total loan. The company will charge interest on the above loan at the rate of interest determined by the company from time to time. The prevailing interest rate is available on the official website of the company. Termination of premium payments before the end of the premium payment period may result in early termination of coverage. The above is for general information only. This is not a contract of insurance. You are advised to refer the sales illustration, product disclosure sheet and sample policy documents for detailed important features and benefits of the plan before purchasing the plan. The exclusions and limitations of benefits highlighted above are not exhaustive. For further information, reference should be made to the terms and conditions set out in the policy issued by Great Eastern Life. The terms “Great Eastern Life” and “the Company” refer to Great Eastern Life Assurance (Malaysia) Berhad. Information correct as of 21 March 2022. Home › Latest Articles › Insurance › Critical Illness › Is Your Medical Insurance Plan Enough for the Big C?
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We may only be at the beginning of the third month of 2016, but sadly, we’ve already seen enough celebrity deaths. From David Bowie on January 10th, to Alan Rickman and Rene Angel on January 14th. Cause of death? Cancer.
Cancer doesn’t just affect celebrities. Almost all of us know someone who has lost their battle with cancer.
In 2012, there were more than 37,400 cancer cases and 21,700 cancer deaths in Malaysia, with one in four Malaysians expected to be diagnosed with cancer before the age of 75.
Medical And Health Insurance
The National Cancer Society of Malaysia pointed out that Malaysians lack awareness and do not go for regular health check-ups. By the time they are diagnosed, the disease has reached stage 3 or 4. In stage 4 cancer, the survival rate is only 60%. Those detected early have an 80% chance of survival.
In addition to the physical and emotional toll it takes on the patient, there are also significant financial risks that come with fighting the disease. Diagnosing cancer at a later stage makes treatment more expensive, less likely to be successful, and less likely to survive.
According to the Ministry of Health’s survey on cancer, the top five most common types of cancer in Malaysia are breast cancer, followed by colorectal, lung, cervical and nasopharyngeal. Here is how much treatment for each of these can cost in a private hospital:
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In public hospitals or under the National Cancer Society of Malaysia (NCSM), fees for cancer treatment are 50% to 70% lower than private medical institutions.
According to the ASEAN Costs in Oncology (ACTION) study by the George Institute for Global Health in Sydney, 51% of cancer patients in Malaysia suffer from “financial distress” (where medical costs exceed 30% of household income) 12 months after diagnosis. Due to high treatment and medical expenses. Patients face high out-of-pocket costs for cancer-related health services such as:
These costs reflect the average collected from cancer patients seeking treatment from some of the prominent cancer private hospitals in the Klang Valley – mainly Sime Darby Medical Centre, Gleneagles Intan Medical Center and Pantai Hospitals.
Great Multi Cancer Care
With medical inflation in Malaysia estimated at 12% per year, these costs will add up to millions in just ten years.
The combination of late detection and treatment costs is the greatest economic concern among the low-income and underinsured. Health insurance is the most visible means of minimizing treatment costs, offsetting the risk of catastrophic costs due to disease and encouraging patients to adhere to ongoing treatment.
Cancer is an expensive disease and the medical care needed to fight it is only part of the economic impact. There are many unexpected costs that can add up quickly, including:
Generali Life Malaysia Online Critical Illness Plan
Cancer treatment can be inefficient and time consuming as recovery time for surgery can be extensive while chemotherapy/radiotherapy is often given for months. Patients often take a long time to recover from each drastic treatment. During this time, many patients are unable to work full-time, or may require a full-time caregiver, often a family member, to care for them.
With the loss of income for patients and/or caregivers, many find themselves financially shattered as months go by, and dual-income families must make do with one income indefinitely.
This can turn into financial stress as there will be other financial commitments to take care of such as home loans, car loans or school fees. This means draining their savings (if any) or tapping into lines of credit to cover these fixed monthly expenses. Some may even consider giving up certain assets, such as selling their car or house for less than a favorable price.
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The reality is that a person with cancer and undergoing treatment requires extra care. More often than not, it is financially impractical for a family member to quit their job to care for a cancer patient.
Therefore, a domestic helper or a trained, professional nurse will be needed to help with their daily activities or with the patient.
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