just received a letter from allianz today (2 weewks before payment due!) that my medical insurance cost had increased this year



from previously rm2000 annually to rm2590 annually (29% rise!??)

my policy 1st started age 26, and this year im 32. the cost only start increase this year.



they can increase sesuka hati? then what's the motto of 'buy young so that cost less"

is that normal? im only looking for 36 protection. how come so costly.



what's my option here, can i switch to other ins company? im really fed up with allianz, my another saving plan from them also riddled with many issues.

thanks for advice

They claimed medical cost increase, so increase you lo...

now im waiting the reply on my brother's claim on the medical.
see what's their reply now. kinda upset now.

Cost of insurance always rise together with age one, no such thing you buy at 26, and then when 50 time, premium is cheaper.

The more correct motto is insurance cost you less when you are young. Not when you buy or start at young, then premium will stay the same , or will cost less when you are old, this is never the case.

It is a trend worldwide throughout, as more and more people getting sick due to modern life style, not so good life-style etc, that resulted people are getting sick more often.

Insurance works basically like a pool of fund, everyone pay premium to be in the pool of the fund, which is used to compensate those needed one (or you can call it unfortunate one).
When more and more people claims, then the pool of fund becomes not self sufficient, then insurance premium needed to be raised.

Insurance industry is regulated by BNM , they also cannot simply raise the premium become extra-ordinary high and making fat profit.

I received the same letter as well. From my understanding, it is not forcing you to increase your premium. They are "recommending" you to increase your premium (but you need to sign a form and return it to them). If you do not opt for the increase in premium, your existing policy will still be in-force. The only benefit if you choose to increase your premium, then you will get higher annual coverage and total coverage. I believe if you policy is the same as mine, then the coverage age will be increased from the current 80 to 100.

You can read from the comparison table that they are merely "recommending" you to opt for the increased premium. Not forcing.

May I know what is the plan name?

There is a table in your policy stating the increase by age. I think you just hit a certain road map in your age.

Not the same insurance company as yours.
I received a letter from Gxxxx insurance company recently, that notify my medical insurance is going to increase a couple of hundreds next year.

It's not just Allianz, another company (Great Eastern) is also increasing premium, up about 44%, but for older plans. Seems like the cost increases could be seen industry wide. See which other companies increase.

oh so good..
just "recommending" only

Mine No such thing. Straight increased.. saying that medical cost have increased...
seems like Industry wide increase..

i believe ur letter and mine probably the same, but i suggest u also go 1 round allianz and ask them calculate,

and note on the faq section that, if u opt not to increase the premium, your policy sustainability may have problem.



for my plan, every year my premium add into some 'rider', and it keep decrease until nex year i pay again, if i dont pay the require amount, it will not have enough amount to support and hence the policy eventually will gone in some times.

powerlink

I think the insurance also tipu orang One.

The agents earn over 30% of the premium for few years which are part of our premium

Correct, medical plan repricing does not force you to increase your premium, but if you don’t your cash value will finish up quicker

Can I know the medical card name ? Power link is the basic plan

Not tipu la, it’s widely known edi agents will take 6 years commissions from premium because they’ll have to service their customers

That’s why I hate ILP because the contract never address medical cost increase.
My friend who is an actuarial scientist for an insurance company says they only can assume 15% cost increase for the first 3-6 years, and from there they work out the premium charge. Which mean they are assuming zero increase from 6th year onwards, which is not going to happen.
But what’s certain is that the projection schedule that your lovely insurance agent shows you is fundamentally flawed and does take into consideration of a massive medical cost review.

The selling point of buy young to be safe is completely flawed.

Some insurance agent before 6 years...already quit the industry or change to another insurance company..let's say quit/changed on 3rd year....and you get referred to someone else..I assume the new guy don't get.the remaining of the commission, so face black black as they are they doing charity servicing you...

My assumptions true?

Unless the agent who took over is the manager of the previous/terminated agent. If is a very new agent, normally don't get commission, but insurance company can't force a new agent to take over (it's usually the upline who will get the commission of the terminated agent's cases), so face black black shouldn't happen unless is assigned by new agent's manager or customer problem.

Drop me a PM if you need any clarification with your insurance as I represent Allianz.

Best,
Jiansheng

I know powelink but what is the rider that u buy that increased in price?

I got a standalone medical card from zu****
Got a letter from them stated they are going to increase the premium around 60% starting next year

This post has been edited by epie: Mar 17 2019, 08:11 AM

Medical inflation is around 15% every year. So of course your insurance COI will go up as well. Insurance company will do repricing to reflect that medical inflation.

So who will take the remain 4th to 6th year commission? No one but still being "charged" in the policy?

Goes to the agency I guess, agency manager will decide who will take over the cases

A couple of hundreds? OMG! That is a hell of an increase!
Is this the first time your premium is increased by them? How many years have you held this policy?

Yup so we have the same plan. I did not delve further as it is not that important to me anymore now.
If the policy lapses once the cost overruns the premium, then so be it.
I have been paying the premium for nothing as I don't use the medical anyways.

This is so true. What is the point of buying early when we have low risk?
Wait until high risk age baru buy more worth it, save on all thee increments

Standalone medical card also will suddenly increase price due to medical cost increase right? Correct me if I am wrong.

Yay it is more like a top up and coverage will increase too when sum insured increased.

Damn..
So high increase...
Yours old plan?

this is my 2nd year
before this i got old plan with other company...terminate it bcos of low coverage
no regret also

Yes, both are the same.
Maybe I should rephrase to ‘I hate the way insurance agents selling ILP’

huh..
second year increase so high...
did u underdeclare anything previously to them

Nope..the increase affected all customers
I have consulted my agent...and she confirmed this
Now i need to change my policy again haha

Hehehehe changed to cheaper alternative..
Post update if u found one.. Because it seems like industry wide hike 😴🙅

Has been with the policy for decade+
Not the first time already.

Compared with first sign up, the premium next year will be nearly 3x the origin when the policy started time, this is inevitable as getting older.

Insurance company is a not charity or welfare organization.

insurance agents commission is from buyers.

Lol issue is when you sign up they promise you the sun and moon...later when you try to claim macam2 alasan cant claim...end up refer to GH also. Rather not buy which is rare...anyone no insurance here?

Standalone medical card
1 possibility:-
1. jump into the new age bracket
40-45=XX
46-50=XX

from 45 to 46 can lead to 60% increase

it is not because of age
i have the premium table with me bro

wa 60% ? where got so high o

I am with HLA and they increased twice in the last 4 years by 20% each time (if my mind recalls correctly). But I take it as inflation, if you buy stuff in other currencies you'll know RM is bad at the moment.

increased twice in the last 4 yrs at 20% each time....
MYR currency got drop so much meh?

Well use to be I can get mcd breakfast for rm4 with coffee,
Now cheapest also close to rm9-10.

I'm not sure why they increase it so much but I remember they sent me letter twice informing me of the increase.

Wow.....that is worrisone.

I can confirm what he told. I got one increase like 70% to 80% (couldn't recall precisely) many years ago. Standalone, from 3xx to 6xx annually.

This post has been edited by vanitas: Mar 19 2019, 06:52 PM

I just received the letter today. I am suppose to pay about rm850 a year until I am 35, currently 33 yo then only will increase to the next age group price.

But today letter came this year instead of paying rm850 I have to pay rm1050. That is a wooping rm200 increase. Guys this is outrages, how can they just simply increase SO MUCH like that? Is there a platform to let our voice be heard or everyone just diam diam and pay?

At least increase rm50 la, straight away rm200 from out the sky???

You are relatively new to insurance perhaps, it had been like that for many years, unless it is a traditional plan with fixed price to pay. And yeah, it is kind of hidden price / terms & conditions if you ask me, but your policy doesn't said the price won't rise, so by law it is still right, just how the agent deliver to you.

What you can do.. Rethink do you really need insurance given this fact...

This post has been edited by vanitas: Mar 19 2019, 08:05 PM

Im new too...is there still any traditional plan ins with fixed premium in the market?
What are the cons

I think those plans are only for life insurance, not sure about medical card.

COI or COT is normal la to increase....

just that u didn't use the medical service, then u wont get the idea...

if u don't want to pay the suggested premium, be prepared for policy lapsed after the fund exhausted (for ILP).

if u plan to change to other company, the waiting period will restart and bare in mind that your future claim with new company might fall under pay & claim.

No one claim COI is abnormal to increase, it is the percentage of increase.

And yeah most of us didn't use medical service (much / frequently), if you got the idea, can you tell us how does it justify for 29% to 60% increase for just one year?

Fixed premium? For Medical Insurance?
Good luck with that...

Please inform if u managed to find 🙏

Before sign up the broucher came with the cart how much I need to pay all the way till 70 years old. I had this plan for about six years now and now out of the blue it says price increase by rm200.
My worry is if they can simply do this, how many more times can they simply increase the price from out of the blue in future?? I sign up for a plan to suit my budget, increasing the price by 200 is outrages to me and this is the only thread I could find online where a few people are disappointed.

Yeah, you got a big table, with ages and premium to be paid, but for sure there is a small tnc under how much you need to paid in your policy wrote something similar to the following:
The renewal of premium rate for Your Policy is not guaranteed and We reserve the right to revise the premium rates applicable at the time of renewal.

Edit: Agent normally won't tell you the price could increase so much, they want commissions. Only trust those who get nothing on replying you.. At least you get the fact right now, to continue or not, it is up to you...

Off topic: Until now I still don't understand why there must be an agent attached to the insurance with hefty commissions fee, but not self service... When everything agent know / want to tell can be found online, and those info from official web is much more trustworthy than from agent...

This post has been edited by vanitas: Mar 20 2019, 12:34 AM

amount of contributions, amount of participants, amount of claims, amounts of coverage, and lots more.

If you want to save money on your medical insurance, go for a coinsurance policy. Only disadvantage is that you cannot claim 100%.

yea I would suggest to get deductible for your medical insurance, pay a small fee but save 10 - 20% on your yearly premiums

Coinsurance policy?
Meaning joined type? With another person?
Like husband wife?

This post has been edited by nexona88: Mar 20 2019, 03:23 PM

With insurance company, for example, insurance company paid 80%, you paid 20% of medical fee, after deductible (from zero to five digits or even more) which is 100% paid by yourself.

ooh like that..
okay.

👍

hi, Jiansheng,


can u help me take a look at my plan,

i just found out actually my medical plan is THE CHEAPEST 1, medisave 100, supposed rm667 annually


but how come my annual premium rm2000 (and now hike to rm2590!?)

did i just get conned or what?



1st pic, revise letter receive
2nd pic, policy originally cost table
3rd pic, policy full plan, (actually just found this, i dont understand existence of these plans at all!)

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

To those who think it's better to wait and buy only when you reach high-risk age, do reconsider. This is a risky move.
Once you are diagnosed with high blood pressure or diabetes, good luck finding a company that is willing to cover you, let alone getting cheap premium.

Those who think they don't need insurance because they can afford the medical fees, do ensure you have easy and fast access to the cash. You will be dead if you think you can refinance or sell one of your properties to pay for medical fee.
And do ensure you have enough balance to cover your living expenses after paying for the med fees.

This statement is good and it is the same across whether one has medical insurance or not or whatever kind of insurance.

Insurance is just one off compensation to help out based on circumstance happened within the insurance coverage, insurance is not a charity.

So even one has millions medical insurance coverage, one still needs to prepare some cash for post medication and living expenses needed.

take 6 years commission but serve you until you die

still want complain ar?

This post has been edited by Mr.Weezy: Mar 22 2019, 12:35 PM

well cannot directly say tipu one..
I think everyone knows the agents take 30%...

That's when the upgrading suggestions start to come.

Iinm, it's up to 60% for the first year.

I believe that with diligent savings and investing wisely, we will have enough to cover for medical expenses when the time comes. I think that the most common insurance policies would cover up to RM100k annually? If yes then I don't see a problem for one to come up with that money. After all, what are the odds that require one to come up with such an amount for medical services?

Question is, when will this "time" come? Before or after you are ready to cover the medical fees, with excess money to live on?

Insurance is a form of gambling, so to speak. Whether someone needs it or not is entirely his choice. You are betting against your own misfortune.

Question is, when will this "time" come? Before or after you are ready to cover the medical fees, with excess money to live on?

Insurance is a form of gambling, so to speak. Whether someone needs it or not is entirely his choice. You are betting against your own misfortune.

60%? haha then I will jump back into the industry

At most 35% for traditional plan, ILP lower %