What do you mean by this, MaxWealth?

Gathering your inputs here. Which would you prefer for medical insurance, and why?

Assuming the following factors are similar and static:
1) Basic sum assured
2) Monthly premium price
3) Lifetime Limit (RM1.5 mil)
4) Room & Board RM400

[Option 1]
Annual Limit: None
Co-insurance: 10% as charged
INPATIENT - min RM300 / max RM1,000
OUTPATIENT - max RM2,000
if exceed annual RM150,000, both IN & OUT max becomes None

No Claims Bonus RM500/year into your Cash Value
[Option 2]
Annual Limit: RM200,000 to increase 10% every 3 years if no claims
Co-insurance: 10% as charged
INPATIENT - min None / max RM500
OUTPATIENT - max None

+1% Additional Sum Assured annually irregardless of claims

hi sifu,

i have a doubt on my medical insurance. i bought the ING Life Insurance + Medical Insurance in year 2002 when I was 24 yrs old. Now my life insurance premium was revised to RM711.55 / year but I have no idea whether my annual limit was increased as well. From the policy, my coverage as below:

1) Annual Limit: RM60,000 (life limit: 3x which equals to 180k)
2) Room & Board: RM150 / day
3) ICU: RM250 / day

It was standalone insurance which doesn't link to any investment account.
As per my understanding, we should always continue the insurance as it is cheaper than buying a new one. I'm fine with the Life Insurance as it comes with the Cash Dividend. But for my medical insurance, i feel it was out-dated as expensive if compared to current market.

So should i terminate this ING medical insurance and buy a new one but my age is already 33 yrs old?

Please help to clarify my doubt. TQ.

Dear Sifu's...

Can i know what is the advantage and disadvantge of co-insurance?

I bought an medical card from GE for my son and last week, my son has been admitted into hosp. total damaged is 4.5k

I need to fork out RM450 for the co-insurance.

After that, someone told me that AIA do not have co-insurance unless the hosp fee is exceeding the limit.

Right now, i'm abit confused with this co-insurance thing...

Dear Sifu here, need your advise here.
I have existing GE life insurance and ING medical which bought 5 years ago and currently is still inforce. 2 years back, i was admitted to hospital for cervical spine surgery, to remove a tumor and i will say i'm with normal condition now. All check up is perfectly (MRI scan). May i know with my pass medical record, it is difficult to get additional insurances ? Pls advise or PM me. Thank you.

just for sharing..

I bought ING medical card standalone few years back. Last year they increased premium by 20%, which make me pissed off. That time i already displeased with the relatively low board rate and lifetime coverage (180 and 300k respectively). So when i was about to buy medical card for my wife n son, after shopping around i bought medical card under pruvantage. The agent told me on the co-insurance but up to 1k maximum.

ING products are design based on actual market needs and the cost is based on claim rate. If we provide you higher R&B and annual/lifetime limit, your premium will be higher. If you think it is too little, you can consider upgrade your plan to plan 3. However, the premium is higher.
Next, due to it is standalone medical card. And, the premium is based on the claim rate and cost few years back. But recently. they found that they can't sustain the inflation on medical as well as the bad claim experience, so, we need to adjust the premium. However, There is extra 10% increment in your annual limit or lifetime limit.

I was ok with that since there is maximum copayment there plus i can get 300/day allowance after including that add-on benefit with additional rm300 per annum which i think worth it. After receiving policy, i read all the fine print and found something which quite shocking for me. The max limit of 1k only apply for hospitalization which means for prehospitalization, posthospitalization, home nursing, kidney/cancer outpatient treatment all need to fork out 10% copayment of total cost. No ceiling 1k anymore. And the best part is the allowance only cover the hospitalization. I said best part becoz earlier the agent said no need to worry on copayment since the allowance can cover that part.

Yes. It is standard. Even for ING, we have investment-linked medical card. Life time limit is 10 times of annual limit and for the similar plan, the annual limit is RM 120k. However, the is min RM 300 co insurance and max RM 1k for hospitalization part. For the outpatient benefits, 10% no min/max is there. I beleive most of the medical card in the market workout almost the same on co-insurance.

Besides, you can check on the COI of the hospital income and justify whether it is worthy or not.

But, it doesn't mean the premium will not increase in future. In investment-linked, you can choose to pay the same premium even the COI is adjusted. But when your fund value is low or zero, then you need to pay the real cost. And this mostly happen during poor market performance or old age.

Heheh felt misinformed. Then i double check my ING policy seems no copayment for all situation, only need to pay rm50 per admittance. Or is there any? AFAIK if doesn't mention in the policy that means no have. After double check also realised they have increased my lifetime limit by 10% and coverage age to 85 from 65 i think. Pruvantage only cover till 70, if want to cover more if not mistaken must take prulink which come with very expensive premium relatively. Suddently i feel great with my current med card. Heheh

Yes. For hospitalization and day surgery, RM 50 self deductible only. Unless you stay more than the R&B limit, then you need to pay the excess. Others as per claim. We can't really compare a medical card with 70 years old limit and a 85 years limit because overall, the cost for a medical to cover upto 85 years old is higher.

but i still feel good with my wife n son's package especially the prupayor and pruparent thing which will waive the premium should something happen. If i were to choose to buy medical card for myself now i also dont know which i'll choose. Both also have own advantage..

For your info, for ever Investment-linked plan, you can choose for payor waiver or living waiver kind of benefits. But kindly check whether what is the limitation of the waiver? For ING, waiver for parent is up to age 25 while waiver for CI is upto 70 years old only.

Reason focusing on these 2 only:

- some other med card very good but has limited coverage for cancer/dialisys
- some other very good high coverage but has limited number of days of board, icu, etc..
- some other looks perfect but too expensive or attached to other package
- some have fine up to 20% of total cost if use board higher than daily coverage
- some very good, high coverage, low premium but dont have auto renewal such as sihat malaysia (still around!)
tq

hi maxwealth.. Thanks for clearing up few things.. Neway got some other bonus question if u dont mind..
Welcome

i) is it true ING standalone med card dont have copayment including outpatient treatment?
RM 50 self deductible only applies for hospitalization and day surgery benefits.
Others like "out ofhospital benefits" such as emergency accident outpatient treatment, Post hopitalization or day surgery follow up, Outpatient cancer kidney disalysis, no self deductible.

ii) if true then no need to upgrade to investmint link one since automatically will lost the no copayment benefit. Or can choose to stay the one without copayment even upgrading to invesment link? Can upgrade to plan 3 for higher R/B and lifetime..
Now you are in IMPLUS 2, if you need extra limit, you can choose
1) get another medical card (ILP-PRIME Mediplus), so you have 2 medical card. You can claim from ILP medical card first and the excess claim (exceed annual limit or life time limit or exceed R&B limit or ICU limit or 10% co insurance) from standalone medical card.
2) Upgrade to ILP PRIME Mediplus but the difference of ILP and standalone are, ILP has 10% co insurance yet with higher annual limit and lifetime limit.
3) Or upgrade from IMPLUS 2 to IMPLUS 3 upon policy anniversary. Subjected to approval.

iii) reason asking becoz currently have been looking around for investment link product due to some reason. But still doing the readings to understand the mechanism. Having said that, how to upgrade to ILP but keeping the med card which already enforced?
Just keep your existing medical card and get an extra medical card to top up your coverage? We don't really encourage switching medical card from one to another. Never.
by the way, what is the features of ILP that attracts you?
I am not sure i get your question or not

iv) should i dont want to upgrade to ILP and just want to upgrade the standalone med card to plan 3, is there any waiting period or other restriction await?
Yes. You can do it during POLICY ANNIVERSARY. No restart of waiting period. However, this is subjected to approval. And, if claim (small claim usually no problem, let say cancer claim) during the upgrade period, you claim for IMPLUS 2 and not IMPLUS 3 because it havent approved. Let say it is approved but claim for cancer in a very short period? This is very headache. This case will need to investigate. However, my answer is no absolute correct regarding the claim, because this is a grey area.

V) reason is the low R/8 and lifetime. Even only need to pay rm50 per admittance, but with R/B only rm180 will make me still need to pay few hundreds ringgit for the excess R/B. Nowadays very hard to find room below rm200 and very limited if any (at least based on my frens experience). So in the end even without copayment, i still need to fork own money whcih is getting worse the longer the stay. But problem reduced if i can get plan 3

thanks..

It depends on what kind of room and hospital you are looking for. Is single bed room, yes, possible RM 180 is not enough. If twin sharing, i think still possible in Klang Valley area.


p/s Already start reading this topic from 1st page to understand on the ILP things, found lots of great info discussion. And suddently found my old posting when start asking med card 6 years back ;P neway anybody knows where can i get comprehensive explanation on the ILP especially on the distribution n calculation?
You can get it from agent that know about ILP XD
Tq

Hi Maxwealth,

i'm kind of interested with ILP due to:

i) to extend the coverage - currently my term insurance(critical+life) only cover me for 20 years with less than 15 years left which i'll be 46 by that time. i would like to extend it to maybe 70

Ya.. the limitation of term plan is cover up to age 70 only. If want to cover more than 70, either go for whole life (up to age 85) or ILP (age 100, however, the cost of insurance is very very high..), However, tpd coverage is up to age 65*** only. (**ING)

ii) interested with the waiver thing. my critical illness cover me for 200k which could be drain later just to cover medical card for years to come (just in case)

am i correct that only ILP can provide above option? talked to my agent my term insurance can be extended but will be very expensive.

Hmm, actually you know what? actually waiver is a decreasing CI term. Usually waived up to age 70 only. That means, age 71, you still need to continue to pay for the premium. But suppose not a big problem...
Yes. so far, only ILP has this kind of waiver thing. However, you can consider decreasing term (death/tpd/CI) but the cost is higher than the cost of insurance of the waiver in ILP because it covers death and tpd as well. Waiver in ILP doesn't provide any benefits on death and tpd.
Let me see, your concern is, let say the insured utilize RM 200k payout from the CI as medical/ living fund due to XYZ reasons, when this insured pass away, he will not have any money left for his next kin and this is the purpose you want a waiver? Let say your premium is RM 3k per year. what if the insured pass away after 2 years?
He will get the fund value + extra 6k from waiver?
Why not increase the life portion to 100k or 200k extra.
Make it life RM 400k, CI 200k.
That means (example)
death,tpd: RM 400k+ fund value
CI: RM 200k first, upon death another 200k+ fund value.
I think this can settle his problem in a more effective way. However,  the relative cost is slightly higher.
Yes, a 20 years term and a term up to age 70 has big difference in the premium.
Because 20 years term, you are averaging the younger 20 years cost and calcualted it into premium
And if up tp 70 years old, you are averaging the total cost up to age 70 ( the older, the higher the risk (as well as cost).

Anybody can please quote me for below requirement:

i) life - 200k
ii) tpd - 200k (cover till 60-70 age)
iii) CI - 200k (cover till 60-70 age)
iv) medical card - R@B >300, annual> 100k (cover till >80)
v) PA - 200k (cover till 60-70 age)

any good rider please try to attach (waiver, hosp allowance, etc). If possible please provide me a complete proposal package. Budget around 500/month. Details:

age - 31
sex - male
job - manufacturing at chemical industry; supervisory level
smoke - no
p/s maxwealth~ ING medical card got this magnetic line at the back mean for swipe which i've never seen at other med card. is there any additional benefit for this swipe thing? can proceed faster than other medical cards?

Hmm, not so sure bro. Suppose can avoid typo error instead of typing the info one by one ?? Fast or not depends on the hospital and the doctor's report. If the doctor report is not complete, or not certain, then Insurance company need to verify with the hospital lo. After get it, then insurance company will issue guarantee letter and the patient can admit.

hi V12, thanks for the clarification. after many years only i know what the layer means for.. 
hi Max.. thanks for the reply..
No problem

i thought the waiver provide benefit for both tpd and life when u declared got CI and cover CI and death once u declared TPD. isn't it the it works?
Hmm, what i am going to mean is
If insured is death- No benefit payable under the waiver. The plan terminate.
If the insured is tpd- no benefit payable. Plan still inforced. Need to pay the premium (pay for remaining riders only and it is less premium as the the basic plan is claimed due to tpd).
If the insured is diagnosed with 36 CI except angioplasty etc- The premium up to 70 years old will be waived

true.. that is the reason
yups.. that is the reason i'm looking for ILP to give thorough study whether it really can solve my difficulty and worth or not. if i want to stay with my current protection but meet my new requirement, i can increase both the sum assured and extend the years but the cost is very expensive. so now i'm comparing this cost with the ILP for long term one. i know if comparing it with current time ILP will win definitely but how will it be after many years. i've never involved with this ILP thing so all things are vague now. need to study all the ILP plan to see whether i really need it and which plan suit me most.

anyway many2 thanks for ur input. gives me a lot of different ways to think about the options and clarify many doubt.
thanks..

True. It will win at this current time in term of COST. We can't tell which is better because ILP is depending on fund performance and most importantly, the future mortality/ claim rate. If higher, then the insurance cost will be higher. And also others variable such as policy fees, fund management cost etc.

Hi All,

My sister has been approached by an Prudential Insurance Advisor and she has taken up a plan for the entire family - Investment Linked - Medical

I am rather concern the plan for my niece/nephews which is at RM 110.

As I know a lot of things are pretty little
Basic Sum assured - RM 10,000
Medical Limit - RM50,000/P.A - RM1,000,000 lifetime
36CI
Accident Coverage

No any extra rider seems and I wonder why does 3 kids aged 4, 10, 16 are being insured so little?

I asked for the quotation/proposal to be sent to me to understand but it seems so hard for her to do it.

I just want to enquire what is the best adjustment should be done for kids at these ages base on your experience.

Will there be any hassle to increase the coverage?

What are the riders that in your experience is best to include in for kids at this age?

Thanks

Year born 2008 Feb.

I supposed age next birthday will be 5.

That was what my sister told me..... which maybe she was not too sure about it.... so I called up the agent and asked her to send me the proposal she drafted for my sis that been accepted.... But she did not..... and a lot of behind story....no point to think about it. Just hoping she would exercise her 15 days cooling off period..if miracle does happen

how is endownment plan look alike .?
Does it have medical benefit?

think of applying Buy term and invest the difference.

can get better result if i park the money in fd/bond fund/reits rather than paying high premiums 

since the payout for whole life n term is same,thus same protection

need some advise...

age 29 coming 30, businessman, single, medium risk taker, vested in property, share market.

life assured: 650k
CI: 550k
accident: 360k
medicard: pruhealth/400/150k/1.5mil

do you think this need to top up on trad life+CI before age 30 to enjoy better premium? or any other advise?

thanks for the advice..i had another question,when my 'senior agent' first approached me,he introduced me to a so called saving plan,where i need to pay yearly Rm3600 for 20 years(after that just wait for the capital to earn me some $$).something like forced saving where i cant withdraw the capital(but can withdraw the yearly interest).after 30th year,i will be able to get back all the money together with the interest gained..he said this is for those that doesn't have EPF..think of it as a retirement plan

when i told him that i couldn't afford to save that much money(3.6k a year means rm300 a month!)..he kindly offered me another saving plan (yearly Rm1800).same need to save for 20 year..and yet i declined again..

but the story doesn't end here.he offered me yet another saving plan..this one required me to save just rm1200 yearly..that means rm100 per month..

i felt like he's trying to cheat me and there's some drawback to this plan..is there seriously this kind of saving plan exists in Great Eastern.can someone from Great Eastern clarify this?really need an answer for this,,,

oh yeah,another question.if i signed for one of the plan, is there a grace period for me to cancel it?

MRTA rejected due to high BMI (45).  Otherwise, medical report very clean.  Anyone can help? Need urgent help for loan I am taking....haih... PM me if you can help...