No bro, a real one.

Boh bian. It's an industry-wide phenom.
And we're quite fortunate that AIA Vitality is showing its effect on the hike.
We're experiencing a relatively stable and palatable revision.

Don't just take it from me, I may be biased.
Check around from among your friends with other insurers.

Banyak bro.
The total claims paid out in 2022 was RM4.07b. Which is double what was the norm since the beginning of the last decade, and also what triggered the latest round of medical rate hike.

That being said, we might also want to consider the value of the risks (sum insured) that insurers have on their backs on top of these premiums collected.
Which then presents our medical insurance provisions among the most generous in the world.

But all that is taking a macro view of the industry.
What this thread aims to achieve is for us as individuals to take advantage of the tools and options made available to us to manage our risks.

Private hospitals are investing in the direction that Malaysians continue to "think" that they are "enjoying" the treatments and services that they can provide.

I am personally really sold on the idea of enjoying my health, despite my knees and left Achilles tendon starting to cry for help.

This post has been edited by JIUHWEI: Mar 25 2024, 02:27 PM

For those who are thinking that it makes perfect sense that an epiphany/brain fart could outsmart an ultra regulated industry, by all means, nobody is stopping you from enlisting into becoming yet another case study.

On the other hand, those who are still thinking if insurance is worth it...
I personally would advice to take a trip to get away from it all, for as long as you need to, to think about what is it that you actually want.
Don't be a lalang or a pushover, easily swayed by what other people think.
What do YOU think?
What do YOU want?

That's exactly why all of us are pushing for FHC.
Yet you call us all sorts of names.
Macam mana mau kerja lidat?

Another alternative is to consider Life Insurance.

The family can pool their funds together to shoulder the medical bills.
In the worst case, at least those that help foot the medical bills gets their money back.

It's not the best way.
But it's one way to look at it.

Firstly wanna thank @lifebalance for helping with a quick and accurate response.

So at the time of purchase, it's natural that whichever proposal with the "best value" wins the business kan?
Nothing wrong with it, just human nature.

So here's where how we approach to the issue of rate hike differs.
As a consumer, of course I want to "win". And by "win" I mean coming out on top, hopefully with the least outflow from my pocket.
All the monies are "my money", one bag with everything in it.

But people like @lifebalance, @denion, @Holocene, and myself are not just mere consumers. I like to think we're a little more than that. Sebab people act on their advice (I cheapskate didn't maintain my license).
Just like running a business, you need budgets for different intents and purposes.
At least I do it that way.

Let's then jump in on the issue of budget.
Like everything else we do, we budget for it.
So you are being presented with a few proposals for medical insurance (ILP), ranging from RM250-RM350/mo.
You need to keep in mind that these are the lowest ticket price that the quote could be generated.
We can blame it on inflation lah, abuse lah, etc. But let's not be blind to the medical technological development over the years as well.
With this in mind, would it be too much to let's say consider adding RM30-50/mo in premiums every few years or as and when you are able to afford it?
Rather than being reactive and feel victimized by medical rate hike, this is how we be proactive and be in control of our finances.

Of course, it is also not wrong to be even more disciplined to invest that difference elsewhere in the hopes of better returns.
But the "even more disciplined" part of that sentence means that you are investing that money to ultimately pay it into premiums or top up.
Very frankly, I don't have that level of discipline in me.

But if you're worried about choosing between continuing to eat for another day and paying premiums, by all means, please eat for another day first.
It's a very extreme example, but the scenario given was rather extreme as well.
If I can put it in another way, if your retirement plans are to fail because of a medical insurance rate hike, perhaps you need to speak to a planner if not another planner.

You're right, it's been 2 years.

Whoever layan, layan lah.
Not my problem to live with.

But yes, it has been quite irresponsible of him to make claims and statements here, and doing for himself exactly opposite of what he told others to do.
What motive leh?
Not my place to know, not my place to care either.
He seems to be a bargain hunter rather than offering advisory, and really just offering nothing more than buzz words.
So it's not a concern to me at the current moment.

1. Ya betul.
Just like how the brochure mentioned.
Cost saving option 3 (20k per year) works like this - So long as the first 20k in medical bills within that policy year is borne by you, anything beyond that AIA settle. This refreshes every year.
Would you be open to Cost saving option 2? Which is on a per disability basis, and capped at 20k.

2. As a follow up to an initial cancer treatment already performed, no it does not apply.

3. It is now seamless, done at the hospital level, a matter of communication between hospital admission and AIA.
I don't know if it is the same for every insurer though.

Perhaps a high deductible throughout, and reduces to RM500 upon hitting age 60?

This is a Guaranteed Issue Offer from AIA. I also reaching out to my clients on this offer.

I myself took it up for myself and my wife and kid too.
For 2 main reasons.
The more attractive one for me is the post-hospitalization benefit extended from 150 days to 365 days.
Then of course, 10m is an added plus.

For those reasons, I took it up.

So long as you are doing it in your own leisure capacity, then yes, no issues.
What makes it not covered is if you are performing the activity in the capacity as a professional athlete, meaning you derive some form of wages/remuneration or benefit for performing the activity.

In addition, so long as the activity is within the range and limits for leisure.
For example: mountain climbing altitude below 4km, diving no deeper than 20m, within certain distance from shore, etc

This post has been edited by JIUHWEI: May 16 2024, 11:36 AM

Yes, that's a great point you brought up.
Racing of any kind are all standard exclusions, except for racing on foot.

Of course, this is a forum post, not a policy contract.
For the full list of exclusions, please kindly refer back to the policy contract.

This post has been edited by JIUHWEI: May 16 2024, 04:53 PM

Yes the AIA standalone plan comes with guaranteed renewal.
Maybe you need to be talking to another AIA guy, my guy.

I believe there was a similar discussion that happened some time back, on this thread actually.

We're today years old today and only aging further. So we are looking at the chargeable premiums increasing as we age.
That's what it is. If there is something to argue about it, then we wouldn't call it facts right?
Who argues with facts?

So then we can buy our medical insurance as a standalone or as an ILP in Malaysia.
Buying a standalone medical insurance, you pay the chargeable premiums.
Buying an ILP medical insurance, you pay a levelled premium, to hopefully pay the curve throughout the years.
It's just 2 different arrangements catered to different people with different styles and their own respective approaches.
Just like badminton rackets, pick the weight distribution to fit your playing styles.

Buy a standalone medical insurance because it is cheaper? Yes, do it. And then prepare for the increasing premiums, especially towards old age.
Buy an ILP to evenly distribute the payments over the years? Yes, do that. Then pay a levelled premium on it.
Buy a term life insurance and invest the rest? Do it! Then anticipate to review regularly, preferably before the term ends.
Buy a whole life insurance? Sure!

Whatever the arrangement is, there will be pros and cons to it.
If I'm going for the pros, then I'll have to deal with the cons kan? One way or another, we make it work to derive the benefits that we want. Same as how we go through just about every decision we make.

So to answer your question, the premium pattern is laid out right from the get go for all to see and refer. The medical rate hike is also being discussed constantly because nobody is missing out on the news.
So if the person is buying a standalone medical insurance, then he/she has to then prepare for the increasing premiums.

Actually not true.
ILP riders do enjoy a lower COI charge, but both are affected by rate hikes at the same rates ya.

My apologies. I was referring to the rate hikes affecting both ILP and Standalone.

So cashflow is key.
We can all agree.

Do you have 2 ILP policies with AIA?
Because RM 221/mo does not come up to RM 6,240.00.

There is currently a medical GIO campaign ongoing, please check on your AIA+ app if you're part of the selected customers.
Or
If you have received a Whatsapp message from AIA 2 mondays ago
Or
If you have received an Email message from AIA last week.

My AIA ILP just increased from RM153 to RM221 (44% increase) per month starting next month.

153 is most probably the lowest quotation that your agent given to you to secure your business.
It is unsustainable, but in order to win your business and make a quick sale, it was done.
Talk to your agent to understand it in its entirety, I'm sure he/she is more than capable to give a good explanation.
Or
You can reach out to any of the regulars here.

This post has been edited by JIUHWEI: May 20 2024, 10:42 AM

Maybe you need to speak to me.
I have agency staff to remind you even if the app notifications somehow fail to reach you.

MORE IMPORTANTLY:
Go through a financial health check.
The process puts all your numbers in front of you.
You're a shrewd guy, I believe the numbers will then help you decide if you need coverage for Life / Critical Illness coverage and how much (if there is a need at all).

As opposed to always going on a guesstimate, why not move forward with certainty?
Wouldn't that make it easier to go hard when the opportunity arises, knowing that you can?
Just like how your 60-month living expenses reserves invested, doesn't it make you feel good knowing that you have that amount ready and liquid?
Why does it not make you feel secure with it when it should?