I have many client from Petronas. Their medical coverage is the best which is unlimited. No matter how much your treatment cost , Petronas will cover them. So, they still need an insurance or not?
The answer is YES. Why?
The coverage will be ended upon retirement.As you are retired at age 55, whose gonna pay for your medical expenses? Now you are unemployed with no income. Maybe you are retired as millionaire but instead of using your own money, that would great if somebody else paying for you. Thus, you can save your retirement fund for something else.
The common answer I received from Petronas staff is I will take insurance from you when Im retired later. Now Im fully covered, dont want to waste money. Did you know how much the premiums charged for 55 years old person? From my experience, the premiums are at least RM650 per months. Can you afford to pay for this price later?
Are you eligible to have an insurance at 55 years old later? 80% of Malaysians, upon 55 years old, they diagnosed with various type of diseases. The most common are diabetes and kidney stone. When you are diagnosed various diseases , your application for an insurance will be rejected or you just wasting your money for an insurance as the diaseses you have will be not covered because it is pre-existing illness.
As conclusion, get an insurance when you are young and healthy. Never get comfortable with huge benefits from your company. I met many clients of at age 55, drop a tears when explaining to me how much he regrets not taking an insurance when he was young because he get too comfortable with company’s medical coverage.