Who we are

MQ companies focus on assisting our clients since 1998 to excel in their wealth management. Our unique model has helped many entrepreneurs to embark on a strong footing in their line of business and life. It has successfully assisted many existing clients or affiliates to witness breakthrough improvement in terms of wealth management and life.  

What we do

You will find this one stop money quotient hub here in MQ with our areas of services to assist you.

Personal Financial Planning
Insurance planning
Retirement planning
Estate planning
Business Financial Planning
Business Funding
Guarantor Indemnity Plan
Keyman Compensation Plan
Business Succession Plan
Professional Value Plan
Group Employee Benefit Scheme
General Insurance
0
years
0
clients

Your reliable partner

MQ is committed to providing excellent service in wealth management of our clients and strive to be the central hub of financial services excellence with extreme passion to serve and share in personal or corporate level.

We love making positive impacts.

Thank you for taking great care of us on our insurance. You and your team at MQ Consultancy Sdn Bhd have been wonderful to work with. Just list out one of the friendly customer service that given, MQ’s staff is stationed in Ee-Lian café every Friday and ready to give professional insurance advice to our employees without extra charges. Jason has always been tried his best to provide the better coverage than the prior and save us in term of premium charges at the same time. I would recommend Jason to anyone without hesitation or reservation.

Dr Teoh Han Chuan
Group Managing Director
SWS Capital Berhad

Good,Affordable,Fast ; Products following market trend and demand; Feel personalized services provided by the MQ Team

10 years ago, MQ did my wife medical claim and handed the pay cheque to my house on my hand within 3 working days! Truly appreciated MQ founder Mr Jason Koeh efficiency in helping me to go thru my life most difficulties period. Mr Jason Koeh even think of the best on how to made claim for chemo therapy treatment on my wife using the medical card ( very lucky Mr Jason Koeh proposed the Medical Card to my wife as her first Insurance Policy). After all those sour and painful story we become very good friend and we treasure each other until today. Life is Great. I love u bro.

Ng Cheng Hoe
Director
Inno PDA Sdn Bhd

Friendly, reliable and efficient

MQ provides excellent service in many aspects since the beginning till now and the people in MQ has always been there for me like a family when needed. Hence, this is very important for me and as a customer as I felt MQ is reliable and efficient in providing their service.

Geoffrey Teoh
Manager
Financial Institution

Informative, latest update and financial newsletter

Dr Chong Yen Nee
Chief Executive Officer
Yayasan Penjaja dan Peniaga Kecil 1Malaysia

Quick response, competitive quote and comprehensive product info

Sheley Teoh
General Manager - Sales
Blu Inc Media Sdn Bhd

FAST,

EFFICIENT, 

HELPFUL!
Aster Lim
Group Managing Editor
Blu Inc Media Sdn Bhd

Professional advice on insurance, Effecient and effectiveness MQ team

I will recommend MQ due to the professionalism of the team. Look forward to see this organisation grow!

Eric Gan
Regional Sales Manager
MBNS (ASTRO)

Consult, Advise, Reference. Train all staff to implement same character.

Dr. Samsudin Wahab
Lecturer
UiTM

Service is professional and personalized. 

Efficient, competitive and attentive. Thank you for taking care of us and we look forward to many more years with you.

Aanear You Chee Chien
Executive Director
Yee Loong Engineering Sdn Bhd

Always updated service, knowledgeable consultation,

None of the financial company can provide such great service like they do!

Dr Shirley
Doctor
AOKlinik
ppl

Need professional advice on financial management?

Let our team assist you!

bino

Looking for something new to venture in your career?

Join our team and make a difference now!

Meet Our Partners

Our Corporate Social Responsibility

The most important objective of our company is to obtain profitability in the long term. Guided by its mission and values we seek to achieve profits without prejudice to society and the environment.

Latest Updates

Dinner is Better When We Eat Together 🥗 #Iftar

#IFTARGetTogether Dinner#GreatEasternTakaful#TopProducers#Q1#2019❤️
... Read moreHide

5 days ago

THE WEALTH MANAGEMENT CHALLENGES OF MILLENIALS AND FINDING SOLUTIONS THAT WORK

Time and time again, we realised that most of our middle-class clients lose an average of RM1.5 – RM3 millions of their wealth due to unnecessary financial mistakes which could have been easily avoided. In fact, we frequently find ourselves helping clients to undo mistakes made from keeping under-performing investments or unsuitable financial products that were wrongly purchased. A messy task most of the time, but nevertheless essential to put our clients back on track to financial freedom.

It is therefore logical that those who have 25 to 30 years to go before retirement are in a unique position to do something now and save themselves from future financial regrets and heartaches. But is it easier said than done?
The Millennial Paradox – a generation with the world in their hands but almost nothing in their pockets

Who are the millennial? According to Wikipedia, millennial (also known as Generation Y) are the generational demographic cohort born between the early 1980sand early 2000s. Now in their thirties, millennial are primarily occupied and driven by the following financial goals and concerns:

• The up keeping of their desired living standards,
• Starting or maintaining a young family,
• Purchasing their first home,
• Raising children and planning for their tertiary education funding, and
• Potentially preparing for longer retirement years as life expectancy has increased

Unfortunately, the millennial have a lot of uphill tasks ahead of them before they could realise their dreams. They face a slew of challenges from socio-economic factors that could potentially derail even the best laid plans. They have to contend with low income levels coupled with slow income growth for the past 10 years, escalating property prices and increasing inflation levels and living costs.

In fact, statistics show an unprecedented level of debt amongst the millennial generation. It is possible that social pressure, rise of consumerism (due to the convenience of e-commerce), and the culture of ‘instant gratification’ contributed to the bad outcome . According to a study by the Asian Institute of Finance (AIF), young people are experiencing significant financial stress early in their life with many spending beyond their means and trapped in a vicious cycle of paying debts with more debts.
It is no surprise that many income earners in their 30s are finding it hard to own their dream home; even double income families see their monthly budget eaten away by loans, credit card bills and childcare expenses – how would they begin to put aside money for the future? .It seems near impossible for this group of individuals to achieve some semblance of financial stability much less dream of financial freedom.

Start with the present to save the future
Throughout my years of wealth management advisory practice, I have noticed a lack of financial foresight as being the crux of the problem for millennial. Without possessing financial foresight, there will inherently be knowledge gaps when it comes to decision making. As a result, when millennial face financial challenges, they are unable to find a way out and the predicament is likely to perpetuate and snowball into even more serious consequences.

The crucial elements of financial foresight which every millennial should have but few do are:

Staying on course to ensure income levels increase – millennial are unable to visualise their income levels having the capacity to rise significantly to reach their peak income earning years. Often, they become impatient and tend to job-hop or pursue new ventures indiscriminately, resulting in a ‘back to square one’ situation over and over again. As long as millennial continue to stay on course and remain focused whether in their employment or in business, their income levels will eventually rise.

Be the early bird that catches the worm – Young children are taught to set aside savings right from a tender age, but why has this notion not caught onto the millennial? They do not seem to be able to save much nor do they value the importance of starting to save early. In fact, many do not see the point of saving even RM50 a month. However, did you know that by building the saving habit early in your careers, you’d become part of the “saver” group in society as opposed to being a perpetual “spender”. Starting small is fine, they will be able to save more when their income goes up and slowly, this should put them on track to financial freedom. However, without this habit, all the extra income you’d earn will end up being spent and you’d find yourself stuck in the rat race indefinitely.

Never underestimate the effect of compounding investment returns – Another lack of financial foresight on the millennial’ part is the inability to appreciate the power of starting investing early and letting the investment (and returns) continue to compound and grow. It would surprise them to know that an extra 1% increase in their average investable asset returns could translate into an extra million to their wealth by the time they are 60 years of age. The ability to acquire investment knowledge early to grow money steadily will eventually separate those who get to enjoy an independent, comfortable retirement from those who continue to depend on their children.

Avoid losing money unnecessarily – When you are young and still in your prime income earning years, you are less likely to feel the actual impact of losing your hard-earned money in the stock market, money games, bit coin and other high-risk investments. It is only when you are in your sixties and look back (with much regret) that you realise how much more money you would have accumulated if you hadn’t indulged in risky money-making schemes and made losses in the process. Millennial can prevent these losses from happening by being careful in their investment decisions. If you need guidance on investments, professional advice is the best way to go.

Delay purchases even if you can afford it – millennial fail to fully understand the benefits of delayed gratification, being confronted daily with lifestyle advertisements, peer pressure to live up to social expectations and ‘in-your-face’ promotions and offers that urge immediate action. It is hard not to act on impulse, especially if it is within your means. However, have you ever considered the potential options that can open up, if only you would put your purchases on hold and allow your money to accumulate longer? Rather than settling for a ‘nice’ dream home now, perhaps, you may afford an ‘amazing’ dream home a few years down the road. The same goes for other forms of major spending like car purchases, vacations and lifestyle-related expenditure.

It is entirely understandable that the vast majority of millennial sorely lacks the necessary financial foresight as it is not something that can be learned or gained overnight.

The right financial foresight can only be gleaned by having the big picture of your financial position. In order to achieve this, one would require a roadmap to financial freedom, in other words, a tailor-made financial plan based on one’s unique financial position. Through the roadmap, you will be able to see the impact of every financial decision, no matter how big or small, good or bad, on your financial future. As a result, you can immediately gain valuable financial foresight in your decision making, namely:

• you are able to estimate how income stability and growth over time can help meet your financial goals;
• you would be able to see in actual numbers how your savings can grow with compounding returns;
• you are able to see the potential of long-term investment when you start early;
• you are aware of risky investments that can adversely affect your roadmap and learn how to avoid them; and
• you can appreciate the benefits of your wealth accumulating, as opposed to spending.

Once you have your roadmap in front of you, any further financial decisions should be made in reference to the roadmap to ensure that it is in line with your overall financial goals. Financial service providers who sell you financial products without first referring to your roadmap should be viewed with caution as they may not have your best interest at heart.

Address the root cause not the symptoms
It is crucial for millennial to identify solutions which addresses the root of their problems rather than merely trying to deal with the symptoms. For example, when you find yourself unable to foot all your monthly bills on your present take home pay, what would you do? Moonlight as a Grab driver or do some freelance work on weekends just to earn enough to cover the shortage? It can only take you so far. Instead, what you really need to do is to find out WHY you are in the red. Doing so will enable you to have a clear idea how to plan for the long term, rather than put a Band-Aid to merely close financial wounds.

Despite the challenges, millennial need not feel disheartened or discouraged to think that you have to cut a lot of corners in order to survive. On the contrary, there is nothing to stop you from living the life you want, including enjoying holidays with friends and loved ones or even pampering yourself with the latest hand phone model.

What is important is that you do not short change yourself in the future by your lack of financial foresight. Take the initiative to look for a wealth management advisor who is able to help you develop your roadmap to financial freedom, and continue to guide you to stay on track. Advancement in technology and the connectivity of the internet has broken down a lot of barriers. That’s why, if you were to search wisely, you may be pleasantly surprised that you can tap into wealth management services which need not come at a cost of an arm and a leg.

Source: Whitman

www.mqbusinesswealth.com
... Read moreHide

2 weeks ago

THE WEALTH MANAGEMENT CHALLENGES OF MILLENIALS AND FINDING SOLUTIONS THAT WORK

Time and time again, we realised that most of our middle-class clients lose an average of RM1.5 – RM3 millions of their wealth due to unnecessary financial mistakes which could have been easily avoided. In fact, we frequently find ourselves helping clients to undo mistakes made from keeping under-performing investments or unsuitable financial products that were wrongly purchased. A messy task most of the time, but nevertheless essential to put our clients back on track to financial freedom.

It is therefore logical that those who have 25 to 30 years to go before retirement are in a unique position to do something now and save themselves from future financial regrets and heartaches.  But is it easier said than done?
The Millennial Paradox – a generation with the world in their hands but almost nothing in their pockets

Who are the millennial? According to Wikipedia, millennial (also known as Generation Y) are the generational demographic cohort born between the early 1980sand early 2000s. Now in their thirties, millennial are primarily occupied and driven by the following financial goals and concerns:

• The up keeping of their desired living standards,
• Starting or maintaining a young family,
• Purchasing their first home,
• Raising children and planning for their tertiary education funding, and
• Potentially preparing for longer retirement years as life expectancy has increased

Unfortunately, the millennial have a lot of uphill tasks ahead of them before they could realise their dreams. They face a slew of challenges from socio-economic factors that could potentially derail even the best laid plans. They have to contend with low income levels coupled with slow income growth for the past 10 years, escalating property prices and increasing inflation levels and living costs.

In fact, statistics show an unprecedented level of debt amongst the millennial generation. It is possible that social pressure, rise of consumerism (due to the convenience of e-commerce), and the culture of ‘instant gratification’ contributed to the bad outcome . According to a study by the Asian Institute of Finance (AIF), young people are experiencing significant financial stress early in their life with many spending beyond their means and trapped in a vicious cycle of paying debts with more debts.
It is no surprise that many income earners in their 30s are finding it hard to own their dream home; even double income families see their monthly budget eaten away by loans, credit card bills and childcare expenses – how would they begin to put aside money for the future? .It seems near impossible for this group of individuals to achieve some semblance of financial stability much less dream of financial freedom.

Start with the present to save the future
Throughout my years of wealth management advisory practice, I have noticed a lack of financial foresight as being the crux of the problem for millennial. Without possessing financial foresight, there will inherently be knowledge gaps when it comes to decision making. As a result, when millennial face financial challenges, they are unable to find a way out and the predicament is likely to perpetuate and snowball into even more serious consequences.

The crucial elements of financial foresight which every millennial should have but few do are:

Staying on course to ensure income levels increase – millennial are unable to visualise their income levels having the capacity to rise significantly to reach their peak income earning years. Often, they become impatient and tend to job-hop or pursue new ventures indiscriminately, resulting in a ‘back to square one’ situation over and over again. As long as millennial continue to stay on course and remain focused whether in their employment or in business, their income levels will eventually rise. 
 
Be the early bird that catches the worm – Young children are taught to set aside savings right from a tender age, but why has this notion not caught onto the millennial? They do not seem to be able to save much nor do they value the importance of starting to save early. In fact, many do not see the point of saving even RM50 a month. However, did you know that by building the saving habit early in your careers, you’d become part of the “saver” group in society as opposed to being a perpetual “spender”. Starting small is fine, they will be able to save more when their income goes up and slowly, this should put them on track to financial freedom. However, without this habit, all the extra income you’d earn will end up being spent and you’d find yourself stuck in the rat race indefinitely.

Never underestimate the effect of compounding investment returns – Another lack of financial foresight on the millennial’ part is the inability to appreciate the power of starting investing early and letting the investment (and returns) continue to compound and grow. It would surprise them to know that an extra 1% increase in their average investable asset returns could translate into an extra million to their wealth by the time they are 60 years of age. The ability to acquire investment knowledge early to grow money steadily will eventually separate those who get to enjoy an independent, comfortable retirement from those who continue to depend on their children.

Avoid losing money unnecessarily – When you are young and still in your prime income earning years, you are less likely to feel the actual impact of losing your hard-earned money in the stock market, money games, bit coin and other high-risk investments. It is only when you are in your sixties and look back (with much regret) that you realise how much more money you would have accumulated if you hadn’t indulged in risky money-making schemes and made losses in the process. Millennial can prevent these losses from happening by being careful in their investment decisions. If you need guidance on investments, professional advice is the best way to go.

Delay purchases even if you can afford it – millennial fail to fully understand the benefits of delayed gratification, being confronted daily with lifestyle advertisements, peer pressure to live up to social expectations and ‘in-your-face’ promotions and offers that urge immediate action. It is hard not to act on impulse, especially if it is within your means. However, have you ever considered the potential options that can open up, if only you would put your purchases on hold and allow your money to accumulate longer? Rather than settling for a ‘nice’ dream home now, perhaps, you may afford an ‘amazing’ dream home a few years down the road. The same goes for other forms of major spending like car purchases, vacations and lifestyle-related expenditure.

It is entirely understandable that the vast majority of millennial sorely lacks the necessary financial foresight as it is not something that can be learned or gained overnight.

The right financial foresight can only be gleaned by having the big picture of your financial position. In order to achieve this, one would require a roadmap to financial freedom, in other words, a tailor-made financial plan based on one’s unique financial position. Through the roadmap, you will be able to see the impact of every financial decision, no matter how big or small, good or bad, on your financial future.  As a result, you can immediately gain valuable financial foresight in your decision making, namely:

• you are able to estimate how income stability and growth over time can help meet your financial goals;
• you would be able to see in actual numbers how your savings can grow with compounding returns;
• you are able to see the potential of long-term investment when you start early;
• you are aware of risky investments that can adversely affect your roadmap and learn how to avoid them; and
• you can appreciate the benefits of your wealth accumulating, as opposed to spending.

Once you have your roadmap in front of you, any further financial decisions should be made in reference to the roadmap to ensure that it is in line with your overall financial goals. Financial service providers who sell you financial products without first referring to your roadmap should be viewed with caution as they may not have your best interest at heart.

Address the root cause not the symptoms
It is crucial for millennial to identify solutions which addresses the root of their problems rather than merely trying to deal with the symptoms. For example, when you find yourself unable to foot all your monthly bills on your present take home pay, what would you do? Moonlight as a Grab driver or do some freelance work on weekends just to earn enough to cover the shortage? It can only take you so far. Instead, what you really need to do is to find out WHY you are in the red. Doing so will enable you to have a clear idea how to plan for the long term, rather than put a Band-Aid to merely close financial wounds.

Despite the challenges, millennial need not feel disheartened or discouraged to think that you have to cut a lot of corners in order to survive. On the contrary, there is nothing to stop you from living the life you want, including enjoying holidays with friends and loved ones or even pampering yourself with the latest hand phone model. 

What is important is that you do not short change yourself in the future by your lack of financial foresight. Take the initiative to look for a wealth management advisor who is able to help you develop your roadmap to financial freedom, and continue to guide you to stay on track. Advancement in technology and the connectivity of the internet has broken down a lot of barriers. That’s why, if you were to search wisely, you may be pleasantly surprised that you can tap into wealth management services which need not come at a cost of an arm and a leg.

Source: Whitman

www.mqbusinesswealth.com

A good lesson from a wife to a Husband~ Appreciate Everything You Have. ... Read moreHide

3 weeks ago

5 Things You Should Know When Using Medical Insurance

Most of us already know that private clinics and hospitals aren’t cheap. That is why we need a giant invisible umbrella to prepare us from hefty medical bills. And, to those who already have medical insurance, you’d probably agree that dealing with medical insurance plans can be quite intimidating because you’re unfamiliar with the terminology and it can be confusing.

But, that shouldn’t stop you from knowing your rights as a policyholder so that you can avoid future conundrums. With that in mind, we asked Prudential what are things that you need to be aware of when using your medical insurance - here’s what we’ve gathered.

1. Understand what your medical policy covers

The first thing you need to do once you get your policy is to read through what is covered and what is NOT. Waiting until you are seriously ill or involved in an accident is a major mistake and can have a major impact on your health and financial life.

For example, there are certain things that most insurance companies do not cover such as vitamins or supplements to promote health or enhance bodily functions, as well as treatments that are elective, cosmetic and experimental in nature.

Apart from that, you should also know the maximum amount that you can claim for under your policy, whether it’s:
• room and board limit (the cost of your room per night),
• annual limit (the max. amount you can claim per year), or
• lifetime limit (the max. amount you can claim on your policy)

For instance, if your treatment costs RM30,000 but the annual limit of your medical plan is RM20,000, you would have to pay RM10,000.

You will also need to look at whether your insurance payment scheme is a fully insured plan or a cost-sharing plan like an annual deductible or co-insurance. For the fully insured plan, you will be insured against the full amount of your medical fees (subject to benefit limits) whereas for cost-sharing plans you will be bound to pay a fixed or variable amount before the benefits come into effect. In general, one would buy medical insurance for his/ her long term needs and when there is no need for immediate hospitalisation

Long story short, if you’re not aware of what your policy covers, you may end up facing more financial issues in the future. Also, this would also give you an idea if you’re getting the right plan for your needs and financial capability - something you should discuss with your insurance agent.

2. Get a second opinion before getting your treatment

Making decisions on medical care aren’t a walk in the park. You may have questions like: Is surgery the only solution? Do I really need to take that expensive test? Is it best to get treatment now, or should I wait and see? Just so you know, it’s normal to have these questions in mind.
To answer these questions, it's always a good idea to talk to more than one doctor. This is called getting a second opinion. And, don't worry about offending your doctor because second opinions are expected. Just ask your doctor for a referral to another doctor or medical specialist or discuss with your current doctor about other treatment options that are available.

Not sure what to ask? Take a look at below list.

5 QUESTIONS to ask your doctor before you get any test, treatment or procedure

1. Do I really need this test or procedure?
Medical tests help you and your doctor or another health provider decide how to treat a problem; medical procedures help to treat the problem.

2. What are the risks?
Will there be side effects? What are the chances of getting results that aren’t accurate? Could that lead to more testing or another procedure?

3. Are there simpler, safer options?
Sometimes all you need to do is make lifestyle changes, such as eating healthier or exercising more.

4. What happens if I don’t do anything?
Ask if your condition might get worse — or better — if you don’t have the test or procedure right away.

5. How much does it cost?
Ask if there are less-expensive tests, treatments or procedures, what your insurance may cover, and about generic drugs instead of brand-name drugs.

3. You don’t have to be hospitalised if it’s not necessary

Before you get yourself hospitalised for treatment, ask yourself: Does the procedure require admission or can it be done through a day-care procedure? Not sure what day-care procedure means? Basically, it’s a pre-planned surgery that allows you to be admitted to the hospital and discharged on the same day. In other words, you don’t have to stay overnight at the hospital. You can check with your insurer about this.

And yes, there’s a word of mouth out there saying that you can only claim for your medical insurance if you’re admitted/ hospitalised. This is NOT entirely true.

Some might say, “If my policy covers hospitalisation, why not use it?” Well, although the hospital is known for the best place to recover, it’s doesn't necessarily mean it’s squeaky clean. There’s still a risk for contamination and your recovery may take a longer time because you’re not mobile (put on bed rest). On top of that, this can also affect your insurance coverage limit. Whether it’s annual or lifetime limit, you don’t want to waste it on something that’s not needed.

4. Take a look at your hospital bill

Usually, we tend not to look at our hospital/medical bill because we know that our insurance has got it covered. If you have been in the hospital, you know that bills can be complex and confusing. While it may seem hard to do, it’s time to make it a point to check your bills for questionable charges e.g. medicine you didn’t take, services you didn’t use or overpriced treatment.

Although your medical insurance is covering the bills, you shouldn’t take it lightly. Looking closely at your bill can help you save money because overpaying your bills can affect your annual or lifetime limit.

5. Know how to claim

If you have no clue how to go about it, here’s a guide to help you make a claim with as little hassle as possible! Before that, do understand that claims procedures tend to vary depending on the insurance provider and policy features.

For example, even though you have a medical card, the hospital will request a deposit to cover non-coverable items (see point #1). This will be refunded to you by the hospital when you are discharged if you did not utilise any non-coverable items. Prior to hospitalisation or if you need to make a claim, just call your insurance provider or agent to inform them of your situation.

Meanwhile, reimbursement policies will require you to pay the medical bills first and then make a claim for reimbursement later on. Be sure to file your claim as soon as possible because if you wait too long, the insurance company may decline the claim. Most reimbursement policies will require you to submit your claim within 30 days of the incident.

And don’t worry as most insurance providers will state their claims procedures on their website. So just log on and follow instructions.

Whichever claim type you have, don’t forget to notify your insurance provider or agent when you plan to get treatment or if hospitalisation is imminent to prevent delays or confusion.

All in all, be familiar with your medical insurance coverage and be a smart consumer

So now that you know the important things to take note when using medical insurance, we hope that you’ll make good decisions for your physical and financial health. Also, don’t forget to review your medical plan at least once a year as medical inflation continues to outpace general inflation rate. Chances are, the plan you that bought previously may not be enough to meet your future and long-term needs.

Source: loanstreet
... Read moreHide

3 weeks ago

5 Things You Should Know When Using Medical Insurance

Most of us already know that private clinics and hospitals aren’t cheap. That is why we need a giant invisible umbrella to prepare us from hefty medical bills. And, to those who already have medical insurance, you’d probably agree that dealing with medical insurance plans can be quite intimidating because you’re unfamiliar with the terminology and it can be confusing. 

But, that shouldn’t stop you from knowing your rights as a policyholder so that you can avoid future conundrums. With that in mind, we asked Prudential what are things that you need to be aware of when using your medical insurance - here’s what we’ve gathered.
 
1. Understand what your medical policy covers 

The first thing you need to do once you get your policy is to read through what is covered and what is NOT. Waiting until you are seriously ill or involved in an accident is a major mistake and can have a major impact on your health and financial life.

For example, there are certain things that most insurance companies do not cover such as vitamins or supplements to promote health or enhance bodily functions, as well as treatments that are elective, cosmetic and experimental in nature.

Apart from that, you should also know the maximum amount that you can claim for under your policy, whether it’s:
• room and board limit (the cost of your room per night), 
• annual limit (the max. amount you can claim per year), or 
• lifetime limit (the max. amount you can claim on your policy) 

For instance, if your treatment costs RM30,000 but the annual limit of your medical plan is RM20,000, you would have to pay RM10,000. 
 
You will also need to look at whether your insurance payment scheme is a fully insured plan or a cost-sharing plan like an annual deductible or co-insurance. For the fully insured plan, you will be insured against the full amount of your medical fees (subject to benefit limits) whereas for cost-sharing plans you will be bound to pay a fixed or variable amount before the benefits come into effect. In general, one would buy medical insurance for his/ her long term needs and when there is no need for immediate hospitalisation

Long story short, if you’re not aware of what your policy covers, you may end up facing more financial issues in the future. Also, this would also give you an idea if you’re getting the right plan for your needs and financial capability - something you should discuss with your insurance agent.

2. Get a second opinion before getting your treatment

Making decisions on medical care aren’t a walk in the park. You may have questions like: Is surgery the only solution? Do I really need to take that expensive test? Is it best to get treatment now, or should I wait and see? Just so you know, it’s normal to have these questions in mind. 
To answer these questions, its always a good idea to talk to more than one doctor. This is called getting a second opinion. And, dont worry about offending your doctor because second opinions are expected. Just ask your doctor for a referral to another doctor or medical specialist or discuss with your current doctor about other treatment options that are available.

Not sure what to ask? Take a look at below list.

5 QUESTIONS to ask your doctor before you get any test, treatment or procedure

1. Do I really need this test or procedure? 
Medical tests help you and your doctor or another health provider decide how to treat a problem; medical procedures help to treat the problem.

2. What are the risks? 
Will there be side effects? What are the chances of getting results that aren’t accurate? Could that lead to more testing or another procedure?

3. Are there simpler, safer options? 
Sometimes all you need to do is make lifestyle changes, such as eating healthier or exercising more. 

4. What happens if I don’t do anything? 
Ask if your condition might get worse — or better — if you don’t have the test or procedure right away.

5. How much does it cost?
Ask if there are less-expensive tests, treatments or procedures, what your insurance may cover, and about generic drugs instead of brand-name drugs.
 
3. You don’t have to be hospitalised if it’s not necessary

Before you get yourself hospitalised for treatment, ask yourself: Does the procedure require admission or can it be done through a day-care procedure? Not sure what day-care procedure means? Basically, it’s a pre-planned surgery that allows you to be admitted to the hospital and discharged on the same day. In other words, you don’t have to stay overnight at the hospital. You can check with your insurer about this. 

And yes, there’s a word of mouth out there saying that you can only claim for your medical insurance if you’re admitted/ hospitalised. This is NOT entirely true.

Some might say, “If my policy covers hospitalisation, why not use it?” Well, although the hospital is known for the best place to recover, it’s doesnt necessarily mean it’s squeaky clean. There’s still a risk for contamination and your recovery may take a longer time because you’re not mobile (put on bed rest). On top of that, this can also affect your insurance coverage limit. Whether it’s annual or lifetime limit, you don’t want to waste it on something that’s not needed.

4. Take a look at your hospital bill

Usually, we tend not to look at our hospital/medical bill because we know that our insurance has got it covered. If you have been in the hospital, you know that bills can be complex and confusing. While it may seem hard to do, it’s time to make it a point to check your bills for questionable charges e.g. medicine you didn’t take, services you didn’t use or overpriced treatment.

Although your medical insurance is covering the bills, you shouldn’t take it lightly. Looking closely at your bill can help you save money because overpaying your bills can affect your annual or lifetime limit.
 
5. Know how to claim

If you have no clue how to go about it, here’s a guide to help you make a claim with as little hassle as possible! Before that, do understand that claims procedures tend to vary depending on the insurance provider and policy features. 

For example, even though you have a medical card, the hospital will request a deposit to cover non-coverable items (see point #1). This will be refunded to you by the hospital when you are discharged if you did not utilise any non-coverable items. Prior to hospitalisation or if you need to make a claim, just call your insurance provider or agent to inform them of your situation. 

Meanwhile, reimbursement policies will require you to pay the medical bills first and then make a claim for reimbursement later on. Be sure to file your claim as soon as possible because if you wait too long, the insurance company may decline the claim. Most reimbursement policies will require you to submit your claim within 30 days of the incident. 

And don’t worry as most insurance providers will state their claims procedures on their website. So just log on and follow instructions.

Whichever claim type you have, don’t forget to notify your insurance provider or agent when you plan to get treatment or if hospitalisation is imminent to prevent delays or confusion.
 
All in all, be familiar with your medical insurance coverage and be a smart consumer

So now that you know the important things to take note when using medical insurance, we hope that you’ll make good decisions for your physical and financial health. Also, don’t forget to review your medical plan at least once a year as medical inflation continues to outpace general inflation rate. Chances are, the plan you that bought previously may not be enough to meet your future and long-term needs.

Source: loanstreet

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