Actually, Co-insurance is a good thing to have, as it may reduce the abuse of insurance, that may lead to overall increase of premium.
(when someone abuse the insurance claim, then the whole pool of policy owner need to bare aka premium increase)

Eg.
No-coinsurance, (cashless or everything paid by insurance), the policy owner doesn't care how much the medical cost or room rate is, just max out the best room, even may undergo unnecessary medical check etc. (which I had seen before on a friend cited already bought insurance, must utilise it kaw kaw.

Co-insurance, policy owner needs to pay out a portion, so may be a bit cost minded.

Well, looks like it is time to relook at these costs then. If it keeps increasing like this while I have never used the medical card before, I think it is time to cut down on the expenses.
From the savings of the annual premium, I think I could manage to pay for my own medical services when the time comes.

Care to explain how does the depreciation of MYR affect the cost of our medical insurance?

Policy owners with coinsurance is in different pool (on how actuary calculate risk, or even how company manage the fund) with non coinsurance?

If it is same pool, those in non-co abuse, the co still need to paid for them...

It is good that one needs not to use medical insurance, best is until we died.

If one has ability of self-insured (aka one has enough money to pay for it), eg ABC medical insurance has annual limit of 100K and overall 500K, and one has more than 500K at his/her disposal easily, then the medical insurance doesn't seem too important already, especially for older age people, whereby the premium can easily near 5 digit.

While for not so wealthy one, then the high premium at older age may be a big burden to swallow, or not economically to do so.

The simple answer is that the premium increase is due to the extended coverage.

Also, let me know:

- at what age did you convert to PowerLink (start paying RM2000/year)

- what's the sum assured for healthcover+, PA, and manguard

How technical do you want my explanation to get?

Best,
Jiansheng

This post has been edited by Holocene: Mar 20 2019, 05:56 PM

Personally feel some basic insurance is still needed, eg for critical illness. Don't need to get the most "comprehensive" packages that some agents may recommend, but something is better than nothing.

Depreciation of MYR affects cost of medical insurance because cost of medical procedures increase? Medicines and equipment may be imported.

your snapshot doesn't show other riders, seems like there might be other insurance coverage that you're getting which impact the premium that is payable.

I just realised you can online buy medical card now... Price is quite cheap compared with those with agent.. those who are interested can take a look... As low as RM 37 per month..

Axa https://www.axa.com.my/buy/online-medical-c...aysia/purchase/
Quick link to count cost for Axa https://www.imoney.my/medical-insurance/axa...dic-online-plan
Manulife https://www.manulifenow.com.my/ManuEZMed.aspx

This post has been edited by vanitas: Mar 20 2019, 06:54 PM

wow... which one is better?

Coverage wise - manulife, price wise - axa.. unaware got any company else offering online buy medical card...

mainly is because your medical plan is revised to have better coverage, hence the increase of premium to ensure the policy is able to sustains another 30 years from the stated date in the picture.


didnt know about the actuarial part, thanks for sharing that! something to take note then. the point of buying young... i will rephrase it as "buying it while your health is still eligible". cost of insurance wise, it is not guaranteed and also not up to agent to determine how much will the increase be in the future. so if from financial planning perspective, managing personal cash flow first then only look into all these (in the case of if premium is increased somewhere in the future, or increasing coverage due the need of it, etc.)

the manager of the agent.

yea you are right.

yeap, premium will be roughly 10%~15% lower.

yea, still the premium shown in the table is subject to change and not guaranteed.


depending on individual needs and concerns.


what's the situation?


the commission for the agency force is clearly stated in the policy contract document. anyway, there will be an adjustment regarding on what you mentioned that will be done by BNM to benefit the policyholders. prolly after this quarter or 2nd quarter.


depends on the agent that serves you. very subjective.

This post has been edited by ckdenion: Mar 20 2019, 09:45 PM

i start paying at age 26, 1st year straight rm2000 already, never know what the rest of those coverage, i just wanted good medical protection, did the agent just quietly force all that on my plan ?


are those other plan life insurance?

what can i do now if found some part of it are not wanted by me.


thanks

Well technically you would have sign off, before the company would have offered you the coverage. So check out your policy if there is actually such cover.

They are critical illness riders.

If they are really not what you wanted, you can fill up a form to request it's removal.

Alternatively, you can buy me Starbucks or Chinese tea and I'll review your policy in detail.

Best,
Jiansheng

Cost of living has gone up and as one commentator also posted: your coverage has been revise to new coverage rates which only means that medical cost has also gone up.

In other words, your ringgit worth less than before.

The higher the deductible (the portion that you pay to the hospital), the lower the premiums.

Deductibles can be something like RM5,000, RM10,000, RM15,000 etc. Maybe also in percentages in some cases.

Those who consider coinsurance are mainly worried about the big bills. It is far more affordable.

If one day, especially when one becomes very old and the premiums gets too high, one can apply to increase the deductible to lower the premiums. Not sure if all insurance companies would allow the change though.

Thanks..
Understand it now...
Its quite good... At least for us..

Nah, done already. Thanks for the concern.

yes, no problem.

thank for your help, contacted u through whatsapp