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Health insurance when applying for residency (Malta)

As a Danish national and thereby EU citizen, I have just relocated to Malta and would now like to apply for residency. After looking into the various different schemes available for doing so, I decided on going for 'Economic Self-Sufficiency'. For that, the three pieces of documentation I have to provide along with the application forms are:

1) Copy of passport / foreign ID card,
2) documentation proving sufficient means of subsistence (e.g. copy of bank statements), and
3) documentation of sufficient health insurance.

Now 1 and 2 are straightforward, but with regards to the health insurance, I am not so sure what is required. At first I thought that as an EU citizen, the blue EU health insurance card would suffice, but recently I was told that it does not. Does anyone know if I will need to establish some other form of health insurance in order for my application to be approved? And if so, does anyone have recommendations as to where to go and what to get?

I am hoping someone has been through this before me and have time to share their experience. Any input would be much appreciated.

Best regards,