if you kena increase you cannot say all kena to this question ""Can you just let me know that is there any person whose medical premium not increase in this year?"

This post has been edited by MUM: Nov 30 2020, 03:57 PM

sorry i cannot confirm, but looking at these articles, i can pretty sure and place my bet in "YES, all" even before the implementation of the new guidelines things. (the increase may not be every year but i would bet every few years)

Why do my medical, health plan premiums/contributions keep increasing?

"All medical plans in Malaysia are priced carefully by qualified actuaries. Using the best available data and experience on the expected frequency and severity of potential hospitalisation, premiums/contributions are set according to your age and gender.

These premiums/contributions are drawn up based on a variety of assumptions including the probability of a yearly medical inflation. The pricing is then reviewed periodically. If actual claim volume differs from the assumptions, insurers would then consider to revise the premiums/contributions charged.

Medical inflation is often higher than other goods and services due to improvements in technology and treatments, new drugs, people living longer and requiring more medical care, etc. Insurance companies/takaful operators might reasonably price an inflation rate of six to eight per cent to cover medical inflation.

But with Malaysia having experienced one of the highest medical inflation rates in Asean in recent years, the expected increase in claims for 2019 is 13 per cent. As a result, insurance companies/takaful operators have had to revise their premiums/contributions upwards."

https://www.nst.com.my/lifestyle/heal/2019/...13%20per%20cent.

DID YOU KNOW?
We're likely to experience an increase in medical costs every year due to medical inflation
The inflation rate of medical costs is expected to be double-digit (estimated to be 12.7% for 2017), in constrast to the 2-4% annual inflation of general consumer good prices in 2016-2017
Our medical inflation is third highest among Asian countries after India's at 14% and Indonesia's at 13.1%

https://www.aia.com.my/en/what-matters/fina...ffects-you.html


Medical insurance premiums rising at an unsustainable rate, says LIAM
https://www.theedgemarkets.com/article/insu...-rate-says-liam

What causes a drastic increase in health insurance premiums in Singapore?
For Singapore, the CAGR of premiums from 2009-2017 was 8.66%. From this figure, we can see that inflation around 10% per year would be more normal.
In fact, we believe that health insurance premium inflation from 0% to 20% for many plans, and up to 30% for plans with maternity coverage, is within normal limits for Singapore.
https://www.pacificprime.sg/blog/health-ins...iums-increased/

since the normal system quoted price can be "up sized" by 11 from 189 to 200,.....can the same normal system quoted price be "downsized" by 11 from 189 to 178 too?...(like reduced future savings).?

This post has been edited by MUM: Dec 5 2020, 09:12 PM

There is also a concern of pre existing medical condition when you get it at 60 too...

i googled and found this...

according to this site.

Bid offer price

Offer Price
The price at which the policyholder buys the units in a fund.

Bid Price
The price at which the policyholder sells the units back to the fund.

https://www.greateasternlife.com/my/en/corp...nce-scheme.html

This post has been edited by MUM: Dec 11 2020, 11:47 PM

to help shorten the responses...
mine telling more?
what type of insurance?...medical or life?
standalone or ILP?
age?
occupation?

your budget per month?
any special coverage/benefits you wanted?

while waiting for value added real sifus response, i kay poh and to just have a thought which may not be relevant to you...

current age 44, policy can only sustain till 58, that means another 14 yrs....
at 58 years old,...that is where the start of time to start claiming medical expenses....
at 58, most probably retiring or out of work......
at 58, how to generate more to pay for premium increases if need it to sustain to longer ....

some of the claim FAQs from FI life

https://fi.life/help/

found this....
"When a new policy is issued and a previously existing policy on the same life has been terminated within one year before or after the issue of the new policy, no Commission or other benefits will be allowed on the new policy."

https://www.aia.com.my/en/bealifeplanner/to...t-contract.html

What are the types of waiting period and what if the Policy Holder is diagnosed with a condition during the waiting period?

Less than 30 days from the policy/certificate’s commencement date
The medical benefit is not claimable and HAS facility is not available unless the admission is due to injuries caused by an accident. Any Pre-Authorisation Letter (PAL)/Guarantee Letter (GL) request for such accident cases during this period may require the submission of supporting documents to exclude any underlying pre-existing and chronic disease(s). E.g. knee pain or backache could be a prolonged condition and the request may be subjected to additional questions to determine the actual cause of the condition.

30 to 90 days from the policy/certificate’s commencement date
The medical benefits may be claimable after 30 days subject to review. PAL/GL facility is not available.

Up to 120 days from the policy/certificate’s commencement date
The medical benefits are claimable except for the “specified illnesses” which are outlined in your policy document under Exclusions clause.

Beyond 12 months from the policy/certificate’s commencement date
Maternity complications benefit is now payable under PRUValue Med, subject to terms and conditions of the policy. Please review the Table of Benefit here. The policyholder is required to pay and make a claim where the reimbursement will be subject to review.

More than 24 months from the policy/certificate’s commencement date
The medical benefits may be claimable for conditions/illnesses requiring surgical intervention, acute conditions, chronic illnesses and specified illnesses.

Major medical conditions are payable subject to benefits limit, policy exclusion and general exclusion. If the medical condition(s) is pre-existing or was not disclosed prior to the policy being issued, Guarantee Letters will not be issued. The policyholder is required to pay on his own and make a claim where the reimbursement will be subjected to review.

Please take note that the policy shall be indisputable after it has been in force for more than 24 months from the Commencement Date. However, the policy may be voided if we are able to show that there is misrepresentation /pre-existing/nondisclosure or that the customer has suppressed a Material Fact.
https://www.prudential.com.my/en/we-do-puls...and-exclusions/

This post has been edited by MUM: Jan 3 2021, 09:24 PM

per this for year 2019....page 21
F17
Education and medical insurance
A deduction not exceeding RM3,000 is available on insurance premiums in
respect of education or medical benefits for an individual, husband, wife, or child.
The total deduction in respect of premiums paid for insurance on education
and medical benefits is restricted to RM3,000 for an individual and
RM3,000 for the wife who has source of income. If the husband or wife
elects for joint assessment, the deduction allowed for the total of premiums
paid for insurance on education and medical benefits is restricted to RM3,000.

http://phl.hasil.gov.my/pdf/pdfam/Explanat...es_BE2019_2.pdf

looks like you need to be the policy owner and also it did not mention "Life insurance",...

but per F15 it did mention..."* Deduction is NOT allowed on premiums paid for life insurance policy contracted on the life of the child."

This post has been edited by MUM: Jan 8 2021, 01:52 PM

as the quotation may varies....thus it will be best to minimize the variance if you can provides some added info like,...coverage amount, and types of benefits requires...

what about when "My insurance already matured for about 6 years."....like ts posted?
is it same "will get back Net Surrender Value. Net Surrender Value would have factored in both Survival Benefit and Cash Bonus to date. ?"

like total of all these?
Net Surrender Value: 50200.20

Survival Benefis Balance: 14040.20

Cash Bonus Balance: 18010.00

abt 82k?




This post has been edited by MUM: Jan 23 2021, 09:21 AM

for that ..... in return of
Cash relief upon diagnosis of COVID-19 & hospitalisation: RM1,000
Death benefit due to COVID-19: RM8,000 lump sum

Allianz Non-Customers may have willing surrenders the data unknowingly...for something that may have a possibility of happening....
(number of m"sian population vs the cases diagnosed...what are the %? for RM1000 or number of m'sian population vs the number of death,...what are the %? for Rm8000)

https://www.allianz.com.my/we-care/non-customers

just an added note...

the use of the term "financial adviser" will be restricted to the holders of a Financial Adviser licence and exempted entities under the Insurance Act.
The restriction on the usage of the term "financial adviser" will instill consumer confidence that the financial advice is from an entity that is licensed by Bank Negara Malaysia.

Introduction of Financial Advisers
https://www.bnm.gov.my/-/introduction-of-financial-advisers

from what i read from past postings,...not only Prudential,....and some is even higher than 20%

there is an active thread about it in lyn
medical insurance cost sudden increase 29%, normal !?
https://forum.lowyat.net/topic/4753108


This post has been edited by MUM: Jan 29 2021, 07:23 AM