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The Insurance Ordinance 2000, governs insurance in Pakistan. It is broken down into three types of insurance: affordable medical insurance policy malaysia, general insurance, and life insurance. To handle matters pertaining to the insurance business, the Pakistani government formed the Department of Insurance in April 1948. It was a division of the Ministry of Commerce. Insurance makes up 24% of the service industry in Pakistan. Which accounts for 54% of the country’s GDP together with transport, storage, communications, and banking.

Comparatively speaking to other countries in the region, Pakistan’s insurance market is modest. In comparison to other countries, the penetration and density of insurance remained quite low, and the insurance industry’s development lagged behind its potential.

Why Pakistanis Find Insurance Unimportant

Overall, in Pakistan, they have lower wages but a high workload. They barely can survive daily on their wage, they have no money to spare for the insurance policy. It is a sad condition but that’s the reality for the Pakistani. 

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Life condition in Pakistan is different from other countries. Probably, it is different for the people who live in the city or more developed areas. They might have more wages and better living conditions that could afford the insurance policy. 

However, most Pakistani don’t have this privilege. 

How Medical Insurance Works?

Insurance in general will need you to pay monthly to the insurance agency. The amount of payment is according to your type of policy. The more you pay monthly, the more benefit you can enjoy from your insurance company.

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Medical insurance is a specific insurance that will cover the cost when you require medical bills. This insurance pays off your medical bills when you go to the clinic. It also paid for your hospital bill when you need to ward in. 

Before you buy any medical insurance policy, make sure to read all the terms and conditions in the agreement. Some words in the documents can be confusing. Make it clear by asking your insurance agent. Don’t ever get shy to ask! 

Reading the agreement is also important so you know what will you benefit from your insurance policy. The different companies have different types of diseases they covered. It is best for you to check your and your family’s medical history before buying. So that you could check if the disease is covered by the company or not. 

Never act recklessly when buying an insurance policy!

Importance of Medical Insurance Policy

The major reason you need to buy a medical insurance policy is money. When an accident happens, you will need a big sum of money as soon as possible. Especially if surgery is needed. The hospital will need your or your family member’s consent and payment quickly to save you or your family member. 

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When you have medical insurance, you would have nothing to worry about payment. Everything will be covered by the insurance company. Well, technically speaking it is your own money from the monthly payment to the company, but at least they will cover the amount that is not enough. 

Furthermore, with having medical insurance, you can segregate your savings. Of course, you have your own bank account specifically to save your money for the future. But, having medical insurance is like saving your money more specifically for your health. You are able to save more money in a month without you realising it. 

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Medical insurance payment will be deducted from your monthly salary automatically every payday. You will not have to wire the money manually every month. It is simple and easy. 

Having medical insurance not just protects yourself but also protects your family. With a family plan, you would not need to pay for several insurance plans. You can pay once but the whole family could benefit from it. 

Practically, you would pay more than the normal medical insurance. Well, the beneficiaries are also more than one so it is logical for it to be expensive. But, think about the benefit that you can enjoy in the future. That is the important part. 

How To Purchase?

Through Agent. If you know any insurance agent, you may discuss the plan that is suitable for you and your family. The agent usually will come from a specific insurance company. However, be careful about getting scammed by these agents. It is better if you know them personally, among your peers so that if anything happens, it is easy for you to find the exact person. 

Insurance Company’s Website. Most insurance companies have their own website that you can visit. Through the website, you can browse the types of insurance that they offered. You also be able to compare the benefit that you could receive from different plans the company have. On the website, you will need to fill up an online registration form and the company will reach out to you through the email that you provided. 

Usually, this is a faster way to register for medical insurance. However, make sure you are sure and confident about the company before you register. Once you give your email, you will always get promotions and newsletters from the company in your inbox. 

Claiming Your Insurance

Provide your medical insurance card when you are admitted to the hospital. Make sure you have the doctor’s letters or any related documents that can act as proof of your accident or hospital admission. This also will be provided by the nurse when you are admitted to the ward upon your request. 

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The insurance company will examine the letter provided by the hospital. Upon approval, the company will notify the hospital to proceed with the treatment. If ever your request is declined, the treatment will also be continued however, you will need to pay for everything by yourself. 

It is very important to understand the process of claiming your insurance so that your request would not get declined. Confirm it with your agent or the person in charge if you need more clear instructions. 

Having a medical insurance policy is the best for you and your family in protecting your health. For a better future, go and sign up for your medical insurance policy now!

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