Guys how to know will the insurance company 1 day in future will increase the price again by a few percent?

as normal consumer you won't know. but it doesn't really matter where you buy it from. most companies do reprice every 2 to 3 years.

Those whose insurance plan that don't reprice so frequent are usually those with co-insurance or deductible.

hi Larry, there will be news about medical healthcare cost in Malaysia from time to time. just need to watch out on news. when you see news like that highly likely what follows after is the increased of medical insurance cost.

Hi guys, as you all know from this thread last year medical insurance cost sudden increase 29%. Today i found out for this year it have another massive increase, on my side it is up for another RM300. How come 2 massive increase for 2 years straight? Anyone experience the same thing???

mind sharing which insurance company and which plan?
from that,...hopefully related person with info from that company could chip in to help seek answer?

company is great eastern
plan is great medicare 2

thanks for sharing...
not an expert here, but just kay poh till sifus come to make responses....

from their site....
there is this statement,
"Annual premium chargeable in any policy year depends on the attained age next birthday of the life assured at renewal".

Great MediCare II
https://www.greateastern2u.com/great-medi-care-gmc/

thus I am just guessing, maybe bcos of this?....is it stated in your policy?

no they increase the price. Like mine when i sign up according to the chart i have i had to pay 800++ a year since i was in the 30-35 age and then 36-40 price will increase to 1000++. Last year i was 33 years old but go a letter they have to increase the price due to cost of living so instead of rm800++ it became 1059 then now this year i am 34 but i have to pay rm 1338. The chart i had when i sign up was the one in your link...

This post has been edited by JustcallmeLarry: Mar 15 2020, 06:55 PM

geee, that is BAD......

if you quit now, you loss more (in terms of getting new insurance due to possible health issue), if you continue, next time increase may be more and or more frequent.

while continue to wait for value added responses.....to weight your options.....
i think tis is an open option until really cannot tahan anymore ....

"If you face any discrepancies or dissatisfaction from your insurance company or takaful operator, there are different avenues where you can lodge a complaint to resolve the problem ...."
http://www.insuranceinfo.com.my/help_and_a...g_complaint.php

This post has been edited by MUM: Mar 15 2020, 08:49 PM

May I know what do you mean by if I quit now I will lose more?? Bcs I really was going to quit bcs this was not what I sign up for. I see on their website there are cheaper options.

If quit means... Terminate or surrender the policy...
Loss more in terms of the $$ placed there against the RM300 increase.
not applicable , as pointed by Wayton...this is not a saving plan.



This post has been edited by MUM: Mar 15 2020, 08:45 PM

Don't understand what loss. Medical insurance is yearly renewal.. You don't lose any.money when opt not to renew.

Just get another medical insurance from another better plan or company at the expense of risk of pre existing illness and first 6 months.

Medical insurance is not saving plan whereby you lose saved amount if premature surrendering.

This post has been edited by wayton: Mar 15 2020, 07:59 PM

Waiting period now is 6 months? Not 3 month???

Why don't u buy ILP?

no price increase for ILP??

I have both.

ILP always price increase.

General insurance medical card always follow premium schedule not simply increase but sometime can loading +25% / 50% once you got claim before.

But I have never made any claim since I sign up???
I had back to back year increase for the past 2 years....
Your company didn't increase?

This post has been edited by JustcallmeLarry: Mar 16 2020, 12:19 AM

If you read the fine print, it probably would read 'cost of insurance is not guaranteed' meaning, the company reserves the right to increase it future. It also has to do with medical inflation and the company's claim records. I believe the link above is to an outdated brochure.

I think the below posting by Cyclopes may helps you decide the next course of action faster.....

that increase is really steep, (rom 900 to 1350)..that is about 50% in a few years...this is during the healthy age range,....
just wondering, what will the % of increase will be and at what durations it will be if you are nearer to 45~50 age and above range?
if stated in the fine prints gives them the "absolute" right ....then it is really

agreed that the compulsory prince increase is really bullshit from consumer point of view.

when i first bought insurance many years ago one of the main selling point mention by agent , is to buy when we are young because the price will go up when we are older

and now i find out that the original price i bought at isn't actually locked in .