Since when medical insurance got locked in premium?

Medical insurance premium always follow your age.

You buy at young time, it is cheaper, because you were 18, and the premium is based on yo 18 table.
Now if you are 50, then premium is counted based on 50 yo table.

No such thing of buy when young, then become old time, the premium stays the same or cheaper.

So this mean they can just increase whenever they want? Like this could be a yearly thing now?

Ya what is you mention is what I fear also. That 50% rise was made in 2 years but now it is still in my budget what happen if I get older and they decide to increase another 50% then???

Ya bro the rant we having now is they increased massive amount at your age group. Example 18 year old suppose to pay 800 when sign up, but now they saying bcs of high cost of living the 18 year old now got to pay rm1300.. That is too much of an increase right???

So far I have MSIG & Pacific medical card past 10 years no increase.. thank god no claim also.

agreed. The premium table for your age group will increase every 5-10 years but the table never change for my insurance. It follow day 1 when I sign up after 10 years follow chun chun.

This post has been edited by ahwai: Mar 16 2020, 01:06 PM

I see thanks, will have a look at those company medical plan. Been using mine for 5 years and already been increased twice.. May i know how much you paying a year for the standalone medical package???
Don't know is it only my package that effected by this high increase bcs i dont see anyone else complaining...

I asked my friend who used to be an insurance agent. She told me that the premium will never increase according to age unless we add new riders or upgrade policy. She said her premium remains the same since baby until now

buy young cost less? Nope.

It depends on risk/chance of getting sick and current cost for associated hospitalization. Will increase as age increase and with pandemic higher change policy holder to get hospitalized. So justify cost rise.

yes i also fed up with my AIA Excelcare, start RM3k, then up and up till last yr RM6k+! i gave up.

reasonable cost increase with time is ok

But the case now is "who cares, just whack while you can!"

Customers whack-
Sikit sikit masuk wad and claim, pain in butts, but want to scan whole body. Dr say can no problem.

people should know the more you claim unnecessarily now,
later not just you have to pay back, me who dont claim also kena.

Insurance companies whack.
See Panel hospitals all got connection, none? cannot join.

Lower cost at smaller centres they dont want. make it difficult for you to claim, must pay cash first lah, ask agents fill so many forms, agents fed up tell you better go big Hospital, flash insurance card only, no work required but get slaughtered they dont care.

Simple operation eg D&C can be done at RM2k no frills maternity hospitals becomes RM6-8k at Panel Big Hospitals. And Insurance company itself likes it at Big Hospitals, why?

Add in the clause, not stay overnight can be difficult to claim or cannot claim,is like encouraging increased cost. Why?

Smaller hospitals - cheaper cost of treatment -not their Panel,
they discourage make it difficult even if you want treatment there.
Many 1st hand stories from my relatives and friends

Big Hospitals are panel, easy, can simply hantam the bill , if people go check the itemised bills and check how many items have been over included or double tripple charged ,you would be shocked!But who is going to know unless you are inside there.

Feedback from friends who secretly scrutinised itemised bills are shocked how extras have been added by mistake or intentionally.
Perhaps each dept has sales target, so staffs must do the "needful"?

I wonder when would the insurance company do their due diligence... or they prefer the i scratch your back you scratch my back who cares the insured pay to the roof?

That is 100% increase is cost.
I don't really understand your part where customer sikit sikit pain in butt and claim
I thought insurance company will be very careful in customers claim?

i assumed that you are referring to ILP since you mentioned about riders here. there's a little misleading there mentioning premium will never increase. if you look at your policy fine prints, in ILP it is always stated that premium isn't guarantee. reason being is

1. non-guaranteed COI (cost of insurance). company will revise the cost of insurance when necessary.
2. non-guaranteed fund performance. the cash value is a projected figure 10, 20 , 30 years down the road. so if fund performance is lower than the projection, there is a chance that company will increase your premium to cover future COI.

Some blames must be put on the doctors/private hospital as well. Greedy bunches. One time my nephew demam only and they insisted to admit him. Cost 8k at the end. Only demam, what if you got heart condition etc?

yes premium increased yet coverage decreased (kids grown up no more covered)

i meant abuse of medical insurance by both insured, company,hospitals, drs also

Sorry if this is personal, but may I know what age group do you fall into? My parents are in their 50s and they recently received the dreaded letter from Manulife, more than doubling their premiums.

I am also paying parents aia medical. 6k per year.

Btw, fyi... insurance companies is losing money because of hospital profiting from the insurers. Dont misunderstand

50s abit high cost ba.

If you want to cut cost, find some agents willing to sell you cheap medical plans with either of the following
1) deductible of about rm1000 and above. This means you fork out the first xxx amount.

2) co-insurance of 10% or 20% or more. This means from the moment masuk hospital, 10% or 20% fork out by you.

Either these 2 will reduce the cost of your insurance and less likely of reprice. My own policy is the 1st version. Sadly i didnt get that for my mother. Paying theough my nose now for it.

doesnt matter it will go up, just wait see

they wont lose, they just increase our premiums easy we have no say .
my grudge why no concerted effort to curb abuse and leakages.
audit hospital itemised bills find out why cash payment so much cheaper.
make it easier for cash paying patients to claim, same operation their bills are much cheaper.
penalise the cut throat hospital, dump "connection factor" to get into insurance panel list

received letter from GE telling me about revised insurance charges.
it was a surprise to me because wasn't expecting the premium to increase and wasn't inform by the agent when I sign up policy 6 yrs ago.

current rm3000/yr and they now suggest increase to rm3240/yr.
I am in my early 40s

Not sure what plan you had,.... Read many postings here before,... Some plans will hv premium increases according to age ranges of probably every 5 yrs... Thus be prepared.

Premium around your age is only 1.2k for a 1 mil coverage.

Probably when you sign up 6 years ago, the projection was sufficient. Current changes may have affected the initial projections, needing to increase the premium. Get the agent to review on what action can be taken.