is just part of the life , what can you do, no insurance mean u gotta think about whether u can live long enough or not. Prepare plan b and c all the time during your sleep.

If you got no illness can consider gathercare. It's around RM400+/year. No annual increment unlike traditional insurance.
That's how insurance work. You never claim but other people in your pool claim. So everyone kena

Changing of fund is your right. They cannot deny you from changing funds.

Not true. Still got govt hospital.

This post has been edited by Ramjade: Nov 27 2023, 09:52 PM

I think you don't realize how the plan is being structured (which is ok, since not all car drivers know how each part of the car functions).

1. For medical insurance, insurance companies are basically managing a pooled funds that policyholders contribute to.
2. Insurance companies charge a management fee (that is their profit).
3. Let's say for a year, premium contributions exceed the claims and the management fees the insurance company charge, these 'excess' funds are placed in to the pool as reserves - these are not 'profit' to the insurance company, they are to cover years when claims exceed average (for example during a pandemic, which is normally not covered but were covered after they assessed the risks).
4. The premium to be charged will normally be based on average claims for the past few years and the projected claims for the next few years - using logic, the claims will continue to rise due to medical inflation. It is not based on everyone claiming RM1m, it's based on the actual total claims for that medical plan's portfolio.

If you ask me, I will take RM1m plan any day, or even RM3m plan if available, because I am using my health condition now (which is relatively healthy) and lock in a plan that I can claim up to RM3m maybe 20, 30 years into the future (when I might not be so healthy). Maybe 15 years ahead, a typical cancer treatment will cost RM1mil but by that time I have high blood la, diabetes la, that will normally cause my application to be rejected or will be very expensive to buy, so if given the chance I will lock in the highest annual claim limit possible, even though the typical cost of medical treatment NOW is nowhere near RM1m. I reiterate - the premium charged is not based on RM1m or RM3m limit, it's based on the total claims history of the portfolio in the near term.

It's a free country, if you feel it's a scam, just stop it lo. You do you.

I was super healthy, my family too for years after buying the medical plan (10 yrs) and I don't anticipate using the medical card for years to come, but then 1 episode of dengue and snake bite saw 3 of us (my child, my partner and me hospitalised AT THE SAME TIME). It's not so much whether I can profit from the medical plan, it is where can I find the money to pay for the treatment and hospital deposit for 3 family members AT THE SAME TIME in one of the best hospitals in KV that is only 2km from where I stay?

Edit : We went to the govt hospital in another state for the snake bite (partner was in a campsite outstation la) since private don't have anti-venom, but after a few days' observation at the emergency department (they have no beds in regular wards). When my partner stabilised, we came back to KLGH and got a bed - I can't remember the number of people in the ward, but the row my partner was in have like 20 patients, some are suffering from cancer pain, some are dying - groaning all the time. Straight away partner say kenot, we then got discharged and went to the private hospital that's near to our house. Then the dengue came - jialat.

This post has been edited by AbbyCom: Nov 27 2023, 11:02 PM

Thank you for sharing your views. I don't want to stop the insurance. As long can pay, just pay.

But mine is minimum plan only.

Those who say insurance is a scam... Wait till one day you or your loved ones got hospitalised. See how these hospitals cut your throat.

ILP got extra feature that if the fund is not performing (which is most of the time) they will ask you to topup. Failing to topup = your insurance duration is reduced.

People talk as if public hospital doesn't exist..

If need to wait just wait.

B40 mmg won't die.

There's also public dental clinic also.

Just saying there's always a way. Measure your own hat.

But having a med card is good. Not ilp

I shouldn't have taken ILP, but I took it during mid-20s. I don't know finance, so fell for the idea of "investment"

Already paying for 8 years. I have not claimed from this insurance.

However, I've had claims with previous insurance. Due to that history, although I'm well now, it is not easy to get without exclusion.

So like it or not, I have to stick with the current one.. and getting new insurance, I have to go through cooling period, these days don't know what can happen anytime.

Gathercare seems good, not sure they'll accept or not. I aslso had hospitalization for covid, now only completed 2 years no hospitalization history.

The agent still tried to sell me other investment products, ahaha. After the fund they assigned me performed so bad, and I had to topup.. I have no idea what makes them think I wanna take an investment plan from them. Why they even created those investments products..

If hospitalised, then it will be excluded already. Unless it's dengue or food poisoning or simple viral fever.

Gathercare also same. Exclude any existing illness.

All agent will sell you try to sell you ILP cause they make money from there Vs standalone. They may earn more in % from standalone but the value of standalone is lower so they earn lesser in terms of cold hard cash. Only good agent will sell you what you want.

Just make sure to pick the fund with maximum overseas exposure. Avoid stuff with China or Malaysia if possible. Usually not possible cause majority of it are Malaysia focus (could be govt trying to make insurance company support Malaysian stocks)

park

Increase by few ringgit for me not an issue cos health can spoil anytime

damnn...same here.
rm300 to rm700 for me at one go. (Allianz)
Mine wasn't gradual.
I understand that medical cost has gone up, but don't la increase by this magnitude.

Are you paying the RM700 ?

Increase by few ringgit is ok brother...but they are increasing by the hundreds at one particular time.

I would suggest that insurance companies get rid of their agents. Why do we need to pay their salaries and holiday trips.

Anyone wants insurance, just walk in and sign up.

it's not that all of them offer good service or are ready to serve us at 1AM in the morning if there is an emergency.

This post has been edited by abhipraaya: Nov 28 2023, 11:39 AM

Ohh no wonder, actually yes.. a lot of it focus on Malaysia.

i don't think we got option, as i got existing condition.

i think i know where this thing come by.

at first the cover till 70 years old.
then ask me free upgrade to 99 years old, after few years, claim not enough money to cover till 99 years old, that why increase premium.

very well planned move actually.

funny thing is they give alasan medical cost increase, but why in the hell they didnt increase our annual limit on our existing insurance policy too?

1. Because they need to make money just my guess.
2. Annual limit got nothing to do with reason for increase. They increase cause not enough money on the pool for claims. Basically money decreasing faster than being top-up.
3. Cause the contract you sign doesn't involve increasing limit but only premium?

When u joined ‘hey u young only have to pay fixed for these amount until age of xx, rest they do for you ya?’ Lolx

Ppl need to build the concept that insurance premiums are not charges, but instead it’s a forced deposit so you have sufficient credit/cash value in your account to last till the end of your life or termination of policy.

Real charges of insurance is called insurance charge. This is the very reason why your insurance only last you to the age of 70 generally speaking. It’s an exponential graph and adjusted with inflation. You pretty much burnout 90% of the what you’ve been paying as premiums all these while in the final 3-4 years of your insurance.

That been said from 150 to 700 is too abrupt. You’re likely under insured in the first place. If you’re still healthy enough, try to quote for new policy from few insurance companies and benchmarking if what you took/about to top up are the best you can get with the said price.

And ya, insurance works fundamentally similar to TOTO or lottery. Everyone cash in for the prize pool and the “lucky” few and the company laughing with profits, all be it for insurance you rather don’t want to be on the “lucky” side.

This post has been edited by msacras: Nov 28 2023, 03:00 PM

My AIA medical plan also increase. Its medica repricing due to inflation and common for insurers to adjust rates to reflect the cost of medical care.