Hi all sifus,

Anyone experienced their medical card premium increased?

Am using Great Eastern, today I received an email that my premium will be increased.

However, I have 2 options: either to Accept or Reject the increment.

My question is, if I choose to reject the increment, will it affect my coverage in the future?

Thanks!

#hidupsusahsekarang

Reject. Now economy bad invest stock market.

When economy recover you buy insurance still not late o.

I already have medical card coverage.

The increment actually not to say a lot, RM 40.

But, I just want to understand the effect on my policy if I reject the increment.

This post has been edited by GTA5: Oct 29 2020, 10:27 AM

Which stocks is good to buy

My biggest regret in lifd is get scammed by insrance. I bought it when i am agr 23. Scammer product

The insurance i am selling increase every 5 years. So far the price still follow brochure.

Why I also bought at 23

insurance doesnt cover infectious diseases.

like COVID

Me same as you

Same company. I receive 2 months ago

How much they ask increase?

Do you purchased standalone medical card? Its best to purchase ILP plan medical cards where your premium will be fixed until contracted period.

Forgot liao. I don't care haha.

But my card is old d.

I think is time to review

Using investment linked (ILP)? If it is ILP and you choose to not increase the premium, then basically you just reduce the investment amount. The insurance charges still increase whether you increase the premium or not. Less investment = possibility of less profit/cash value.

Yes it will increase,
Every year increase,

I scared I anyhow spend money

So I bought big insurance for my kids and me...

30 y.o kids can received big amount.. Just ngam. For them to decide do business or kahwin..

I think mine must be ilp then coz they sent letter few months back to increase rm600.
I don't think I want to pay, crazy amount. If RM40 like ts I am OK.

If you decide not to increase your premium, your policy might not be able to sustain until a certain age and will lapse.

time for sunset oren to appear liao.

quote for the lol

Same here but mine increased by 25%. PruBSN Takaful.

Don't BS lah. Which agent told you that?

I think mine is ILP, it has Lion Fund invested.

Got the message this morning too. Sigh just accepted

Insurance is a legal scam. You pay a premium of RMx under the assumption that your chances of having to use it is so minimal that the insurance company probably only pays out to less than 5% of it’s total clientele. Despite such fat margins they still see it fit to increase pricing whenever medical costs go up and even actively do their best to deny claims.

While economic is in bad time, they should reduce the premium instead of increasing . Can be bring this up to BNM or goverment?

Mine from Great Eastern, ask for RM370 revised increment

Like that lo.

I worried if I (touch wood) suddenly get sick, at least the medical card will cover hospitalisation expenses.

Yala. Increase at this critical period.

It's like smacking your face when you are already down.

I think there will be a number of insurance policies that will lapse due to unable to service the premium.

Damn, that's a lot.

Per month?

I left mine at the previous rate. Most companies have medical. Touch wood if something happens the plan is to max out the company medical before using my personal one.

Wen selling to u, agent promis d sky. Wen wanna claim, single dust oso hard to get.

I guess rm370/mth is new premium after increment, not the increment amount

-

This post has been edited by Quang1819: Oct 29 2020, 10:08 AM

Ask ur farking agent la

Thats why u pay them comm right?

its so funny, can cum k and rant but cant spend time to read the terms and conditions of a policy! you buy car also will understand the specs and price of the car first what!. yawnzzzz

This is patently untrue.

If the investment goes south and there isn't enough to cover your premium, they'll ask for a top up.

Haven't yet received any letter on increase.
But when I do, I'm just gonna cancel my insurance.

Only my youngest daughter, 1 year old policy kena. Add rm20 per month. I choose to accept.

You can let it be without adjusting. It will impact your final payout if everything goes well, at the end of your policy. Thats because part of your plan is invested to beat the inflation. What happen is, they will allocate more from investment back to medical to cover, hence impacting the final payout. Unless, yours is pure medical card. In that case, im not sure.

So depends on how much your increase, and hows your financial especially during covid

My dad bought life insurance for me while I was in school. Until today they keep changing payout. I doubt we will get much as 10% of what we sign up.

So many poor and stupid don't like and don't understand the purpose of insurance lol... Just reject. No need insurance. That way your children will stay poor and stupid like you.

Aiya, you know la, agent of course will ask you accept the increment.

Soemtimes ktard can give me better info ma hehe

I no rant la boss, just asking ktard opinion oni

my biggest regret is spending money on takaful/insurance.

i came from a very healthy family, low risk lifestyle, but paid so much for medical card which every 5 years will increase. plus the ILP is outright scam. i will get better return if i invest the money somewhere else.

the bonus part is the agent ran away and ask me to settle with his previous supervisor.

now i'm advocating ppl to not get medical card + ILP, enough with life/hibah takaful.

yea...when you get sick stock market will give you treatment money!

Everytime read about insurance.
Sunset orange come to mind.

How healthy ur family oso u will never know when something will happen. Anything can happen in life la

Accident, disease, etcetc. There is no guarantee in life wan la..

When it happens, its too late.

This post has been edited by kevin23: Oct 29 2020, 10:31 AM

its good to review your insurance policy to keep up with latest changes.

Lol....I wasn't directing at you rather than those said that their grandfather bought the policy for them and they will cancel it ! Lmfao! Roti prata now is Rm1.30 a piece and 10 over years ago , it was at Rm 60 cents! Staff salary, increase in medical cost no need to factor in la!

gila how come naik so much?

dont know why u got scammed.
u probably bought the wrong product. don't generalize all insurance are scam.

i bought an insurance policy 17 years ago. breakeven at 15 years. now i dont have to pay for anything, using the dividend to cover it.
if i surrender, i can get back more than what i paid.

Dont buy lo if u think scamm. Any hospital bill u pay urself lah.

This is what we call penny wise pound foolish.

Wanna jimat 200/month which is 2400 a year . In 10 years its only 24,000

Sekali kena hospital bill , 50k-100k easily.

Cannot understand Malaysian mentality. But when got new rtx , new iphone, new samseng, they dont blink an eye and immediately buy.

Topkek

honestly I rather read the car specs that the thick policy

average joe wont understand shit what is written there

even loyar gonna have some hard time deciphering some clause and terms lol

Young age still can cope any illness. If getting old like the 40+ years old uncle still not too late to buy.

🤭🤭

Mine Prudential. Increased the same

My Pru medical policy also kena naik harga starting Jan 2021.

Increment is normal for participating in insurance.

Because they are doing business.

Things that u need to know is the sustainability of ur policy.

Increment came when the policy finds ur policy cant sustain due to its increment in terms of medical cost and riders.

Meaning, let say here every month u contribute 200;

Maybe ur policy use 170 to keep ur policy running and the balance goes to investment fund. Now, ur policy need to use 210, so the monthly cant coup with the amount that ur policy need.

To combat this, ur policy requires u to topup. Let say u dont topup, ur policy still ok, but the fund will be exhausted.

I have a clients who are didnt topup but the policy still running, this is because his fund size already big, so the policy can just deduct the money from the fund.

This is case to case basis.

This post has been edited by hafiez: Oct 29 2020, 10:40 AM

Yes, lucky i ask all my fam members take takaful. Some already use it. Upon using u feel the relieved. This feeling cant share with others. Need to experience by ownself.

Pay yearly 2400, but can cover bills up to 50k.

Health issues came without warning.

yes, better take your money and run.

sign up for online medical insurance like Axa Emedic or Etiqa takaful. 1/4 of the price and more coverage.

Cut out the middle man.

you buy insurance for old age.


medical fees inflation is about 7% a year.
so it's best to buy it when you're young so that it can pay off by itself

but dont get involved into stupid investment linked that BS.
you probably wont make more than 7% a year

Are you insurance agent? You comment is improper and cursing people doesn't make you more intelligent.

I haven’t bought any insurance for myself

Currently covered by my company only

Hope I don’t regret in the future

Insurance is not an investment. If you want to invest, there are alot other better options.
Insurance is to insure yourself or your family, so you dont have to pay hefty sum if there is something happen to you later. Of course, you might be healthy and nothing happen, but that doesn't mean scam since you are already insured mah.

same... i choose to invest in good food.. and take care of myself much.. but ppl will say a lot if not take it bla bla bla but who cares. life is an option

Kena increased 16%, time like this kena cut throat. Celery also no 16% increment.

This true.
Seeing the words and comments spewed from insurance agents in this tered.
Better cut out these middle men.

I am also fully covered by my company but I have bought it myself as I am fully awared that I won't have any coverages once I Kena retrench or retired form the company! To get a policy at age 60 is farking expensive premium !

Yours likely an old plan which is a participanting plan which shares profit from insurance company every year
Nowadays all ILP in the market is non participating plan which don't share profit from insurance company every year and yet have to pay management fee to them every year which is much much more profitable to them compared to traditional plan like yours which has been discontinued from market

This post has been edited by bryon: Oct 29 2020, 10:52 AM

No I am not insurance agent. Poor and stupid tend to see only the pennies in their pocket so they die poor leaving their children also poor.

Even if u’re covered till age 60 since u buy young, does not mean it’s cheaper

This post has been edited by taiping...: Oct 29 2020, 10:55 AM

This is how GE con you.

1st they promote u with more rider
1. unlimited lifetime amount
2. increase in annual amount
3. increase coverage years to 99

All this cost $$$, and your consultant will con you and said this is free , just sign.

In the end your cost of medical card RM100 then will explode to RM300.

Then your monthly investment in the policy cannot sustain all the incremental cost.

There boom, and you get the letter.......your premium is not enough to cover your policy , please increase premium
approve or reject.

Approve - all goes well until the n years
Reject - until certain years your investment go kaput like now , share market kaput. then until exhaust your investment the bill come when u are old and no jobs and retired.

Premium increase, no holiday and no cover in the end bcos cannot afford to pay
\


This post has been edited by wufei: Oct 29 2020, 11:01 AM

wait till u get terminal illness and no private hosp wanna take u

To each of its own la! Do u think your company's policy is enough to cover your mishap? E.g u Kena cancel of any kind during your tenure with the company? If yes then u work for s good company! Mine is just average and I don't think can take care of my needs should anything happen! Your money and your call, just my two cents!

Don't understand, how is that not cheaper?

it will not be cheaper....
average monthly payment is cheaper because u pay early and u earn bonus and profit and kept in the account.
Then they use part of the investment to subsidise your premium

I agree with you, that's why I asked him why is it not cheaper.

Ya, I have an old share profit plan from 25 years ago, when my parents applied for it.

Total value at least 100k right now, with 70ringgit per month. Which is insane, considering how much value it keeps adding. I will continue to add to the plan until the day I reach 80 years of age, another 47 years to go. Let's see how much that plan is worth then. lol.

Must consider, paying for almost 20 years... Never claim once, but keep ask increase contributions

Mine GE medical card... Paying RM240 and GE asked for RM50 increment taking effect in June 2021. Increase of RM50.

What audacity to link insurance-less to perpetual poverty and stupidity.

How much the premium cost for 60 y.o vs 24 y.o?

mine is similar to Red_rustyjelly

I didnt know the current ILP is liddat




really kasihan the current gen working fellas lah. ILP also kana, rumah pigeon hole also expensive like F

Wise move. Apart from retrenchment and retirement, you have to think of insurability. Nobody knows when we will be diagnosed with high blood pressure or heart problems, for example.

Takaful or insurance?
It will not effect the coverage
Tapi dia akan tolak dpd beberapa contribution yang lain
Aku dah lupa apa benda yang ejen aku cakap dulu
Reject je

boss, can calculate how much should I pay monthly in order to leave my kids rm100 millions each ah?

Beg to differ bro. Before suggest anything you need to know the person’s financial status
Then suggest based on their need
Stand-alone med card is not increase every year
Sometimes within 5years. 5years in future probably the salary has increase vice versa.
Bajet kecil better ambil stand alone dulu

What if u take the amount to invest urself

Refuse to participate in this scam industry. Like me. The only insurance forced on me is vehicular insurance.

Malaysia's medical inflation is ~15% a year for the last few years.

In future if covid +ve once . Insurance will reject new application nor policy upgrade

TS, when GE planned on the increase, it was last year before Covid19 was even visible.

Optics doesn't look good but the staff just following what was planned earlier - GE has postponed the implementation of the increase for 2 months but that's hardly enough.

Ok enough background.

Depending on your age and also how long ago you bought this plan:-

If you reject the increment - it shouldn't affect your coverage for the near-term since the premium should be enough to cover your current insurance cost - the increase is to plan for future.

Mid- to longer- term, if the cost of insurance (the cost of individual riders in your ILP plan) could exceed the premium you are paying, then GE will cover the difference by utilizing the unit trust units/cash value. As some has said it will affect the sustainability of your policy or the projected cash value of the policy. This is the purpose of unit trust/cash value to cushion the effects of inflation/increase in rider cost, or allow you to get premium payment holiday during times of hardship (loss of job) and give you the buffer to either catch up later in premium payment while not terminating the policy.


Summary:-
TS, if you can afford it, sign up for the increase, there is also another option, you can choose the amount of increase that's more comfortable for you if the amount recommended if too burdensome.

If you don't agree to the increase, just ignore the letter. Premium remains the same, coverage remains the same. Only sustainability of the policy/cash value will be affected.

GE has released a new medical card that addresses the recent cost increases (meaning slightly cheaper and more sustainable) and have more modern features that matches some of the competitor's features but is only currenly available to new ILP plans, the existing ILP plans will need to wait until next year before the system is able to accept upgrade applications.

TS age increased , so premium increase , normal la

huh can reject?

i tot its mandatory

A good papa.

Well done.

Hope your kids won't be char siew in the future

I used to think this way, but this is another alternative thinking, at 30 years old ----->

a 150medical + 150 investment = total RM300 per month

don't count the first 150 because it's supposed to be "utilized"

"invest" at 10% compounding annually over 35 years, u get 518K

at 120th months (40 years old, 10 years later) your own investment portfolio value is RM30kish

if you get sick or get into motor accident, stay private 1 week, use 15k? half of your investment gone. worse, if major operation.

sure, there are public hospital and sometimes they are better in terms of equipment, but can you wait the queue? if motor tumbang, now covid time go in, feeling worry? family members come to take care or visit still need to rampas parking. Penang GH situation.

remember, at 10th years, u paid a total 300 X 120 = 36k premium, half of it is in your investment. and you already get to utilize rm500k minimum medical or even more if u are young, I don't know

outside agent will use second year kena accident to scare you.. but I think my example is moderate..

at 150 per month, "invest in yourself" in out in out bursa how many supermx only can cover 1 time sick ? insurance is not to earn money leh.. the Investment link policy here is also not for earning, is to cover shortfall or times when policy increase price like TS mentioned.

just my opinion. tq bro


edit : my 518k is derived from financial calculator app or online webpage, you may find it to calculate..

This post has been edited by hahakat88: Oct 29 2020, 12:10 PM

Cost of insurance for the medical rider will increase, but premium can remain the same, since premium is usually higher that the sum of all the cost of individual riders - the difference will be put into the unit trust account (that is why ILP seldom, if ever gives you +ve returns since the money that goes remains in UT portion after deducting the rider costs usually cannot cover or exceed the total premium paid.

Topup a bit, all in and buy glove stocks for them.

They will be millionaires by the time they hit 30.