Hi all,

why so suddenly prudential increasing monthly payment.
Me and my wife increase more than RM25 and my child about RM19

agent said


She said 95% from increasing value will be in saving but no add-on medical value-added. WTH?
feeling like being SCAM by PRUDENTIAL.

I got no issue using AIA 5 years ago.

others Medical insurance increase also?

Mine GE also asked to increase by rm50 per person this year. This is to ensure the investment-link thingy is enough to cover ur medical card till certain age. Insurance charges increases every year

https://www.theedgemarkets.com/article/insu...-rate-says-liam

I think it will continue to go up.
All funds are drying up and they are asking those are still there to pay.

Everybody increase, not just Prudential, but Prudential's medical plan was expensive to begin with, so they have already built in a lot of buffers, so their % increase could be lower than other companies'

GE also wanted to increase mine lah, some more RM50 which is about 20% hike from current premium. I did not authorize that increase though, since agent didn't inform any consequence big enough for me to be too concerned with. I'll see what really happens further down the road

Generally all ILP medical plan are not guaranteed premium.

Medical repricing happened to all companies for pass 2-3 years.

% increase depending how your plan been designed and what fund chosen.

High sum assured, more riders but low sustainable design will cause higher increase in premium.

This post has been edited by tyenfei: Mar 31 2021, 06:43 PM

Haiya... top-up almost RM100 per-month.. "SAKIT KEPALA"
dunno later 10-20 years how much increase.. budget low nowadays...

Cannot do without medical cards also... unless u r willing to go to government hospitals

then when wan claim, find 100000 excuses to reject claim

Medical repricing have nothing to do with other riders' charges which are almost always very stable. Whatever increase in premium for sustainability is due to increase in medical plan's charges.

edit : But thinking back your statement is correct if during the design of the policy/package stage, not much buffer is budgeted with the premium. Even if the premium increase is due to medical riders' charges increase, the overall plan is affected if the premium is the minimum possible for all the riders. A bit complicated but I get what you mean now, sorry.

This post has been edited by AbbyCom: Mar 31 2021, 07:21 PM

It's normal practice.

This reprising is to maintain your policy sustainability otherwise it'll lapse earlier than the original plan.

Same, my GE also increased by RM40

pay yearly instead of monthly

My wife works as a government officer so free from government hospital bills but I get a medical card for more protection.

got reply from agent

WTH increase for saving. 5% increase medical only

This post has been edited by blackslayer: Mar 31 2021, 10:24 PM

Technically you increased your contribution into that account so that the amount can generate interest to pay the increased cost of insurance as time progresses and in the end, it'll slowly deduct until it reaches RM0. 😊

Me too, medical card ILP increased from 160,176 and now 218. All in 6 years. I wonder how high it will go.

Technically still young, early 30s

Need to check how far it will sustain before top up.

sometime their calculation very good one until 99 years old.
most people would have gone by that age.

so if it can still sustain to about 80 years old, I wont bother to top up.

at 80 years old, I think it is not easy to claim anymore.

This post has been edited by Newsray: Apr 1 2021, 11:15 AM

Covid under control, offer Covid plan,
Covid case shoot up, say its pandemic, not covered,
Vaccine reached, offer back Covid plan,
Nobody buy, raise premium to make it through,
When wana claim, say non disclosure......

Pundek...kena game

diorang dah buat bende 7 tahun lepas
prudential akan hantar surat inform kenaikan.
lepas tu kena gi bank isi form balik utk potong
bayaran baru.

aku terus cancel. 5 tahun premium habis.

like that ambil RM 1 million can ?

This is top up to your investment linked profiles that crashed and burn to ensure continuity till end of policy.

Of course cannot say like that later you ask what happened to previous projected income from investment fund that will cover part/whole medical premium. Say medical cost go up everyone can accept.

yea i got this too. been paying the additional amount for 2 months dy. sad liao.

mine is Allianz - increase by a few hundreds.

I just ignore. it's too much. if they want to increase rm30 -rm 50 ok lah but few hundreds, that's insane.

i might as well create my own personal insurance and save the money.

Mine too was increased by 8-9%.

what most hassle free medical card to begin with in term of no need investigation whatsoever during treatment at hospital? Im upgrading actually now married currently etiqa emedical pass which no medical card I acquired not sure how because never admit any hospital since applied.

This post has been edited by zAlyN: Apr 1 2021, 03:35 PM

tak faham ..

1 million medical? 1 millon life?
apa kenal dgn TS punya soalan , medical plan dia naik harga

So little meh.. Y no ody say their increase by 500

Actually I think insurance company should make it clear that how much is the yearly insurance charge (not premium) for each age groups.

Then the people can estimate themselves whether what they’re paying now will be sufficient when they’re in their 70-80. Show customers clearly their projected coverage with amount/saving been paid thus far (like you’re age 30 and have a saving of 10k, the estimated coverage is till age 38 and etc, change dynamically as you pay more into your account).

Of course when we’re young and fit now, our insurance charges probably just few hundreds yearly, which is far less than our monthly premiums; but for those in their 70-80s (assuming their policy still working), they will be burning 10-20k insurance charges yearly (if I remember correctly, my insurance agent friend shown me once).

Someone should open no-frills insurance package that works just like our mobile postpaid account; you pay for how much you used that very year, instead of everytime asking more and more citing it won’t be sufficient when you’re 70-80.

This post has been edited by msacras: Apr 1 2021, 05:51 PM

I want to encourage you guys to continue with your medical card. Recently, real story happen to me that I need to go for surgery which cost RM38k. Luckily covered by company insurance. By the way, I am not insurance agent.

Same here, I am very healthy individual and thankfully my family too. Bought medical insurance for 8 yrs and no claim before.

Then bam, 3 hospitalisations at the same time, wife, me and my eldest - total more than RM30k in hospitalisations, I would say the claims not more than what I have paid in premiums over the 8 years BUT for me to come out with RM30k in such short notice will be near impossible and it's just for relatively simple illness, what if it was for something more serious? Really have a peace of mind.

Wife went to GH first because her condition not treatable in private hospitals - then found out it's not that issue but another condition that can be treated in private - we immediately checked out and move to private - she stand can't be in the ward - 3 in her row of beds of 20 are waiting for their time and groaning all the time.

The thing is even the table of insurance charges you see for 70-80 year olds are current charges - 20 yrs later it would definitely have gone up - insurance companies can't really project so far into the future because of too many unforseables - hence the need for periodic revision in insurance charges - to build in all those projections and have enough buffer to cater for unforseen circumstances - I think only T20 can buy medical policies.

they'd just simply increase premium if they want to increase their revenue/income/investment source. who knows the real story right?

do they give details about which treatment incurred higher cost? source of information/study to support their claim? how much increase? the ratio if medical cost increase this value, ur premium have to increase this value?

or the just 'ah sorry bos, medical cost sudah increase, so u have to pay more premium to cover ur future, 2 digit increase je maa'

repeat again when company set higher sales/revenue goals

thing like this, better buy hibah, sick and die terus
at least tak kena scam or goreng 'cost up, pay more la'

Problem probably due to the agent quoting you the minimum premium with all the riders to hook you in. Then, allow the insurance company to increase it every so often to cover the cost of insurance.

Saying that, I noticed that even though the policy says 60% of premium for first few years are going to investments, I think much less went in. Maybe only half of it. Maybe I should give the company a call to check.

My agent also call to tell me GE got premium adjustment

I ask him, affect or not, if I just maintain premium ?

he say no

I suspect BullShit.

Can you verify this matter ? if I maintain premium, my coverage n investment return affected ?

Yesterday story about a lady who was refused coverage for cancer by a reknown insurance co for having gone see a psychiatrist, rings shivers in my body.

I am wondering to reduce my insurance premium in the light of these situations.

Kek

Insurance supposed to give you peace of mind

If they don't do this, how can they hook you in ? haha

You can wait for the letter from GE, it will show you whether got impact or not

The truth is people who find it expensive are the ones who really need it.

this happened to me too. but they increased my monthly premium without me signing anything in return. Can the insurance company do this? is it even legal? is there anywhere i can file a complain for this ?

I will still continue the medical card but I feel somewhat cheated. What if next 10-20-30 years. Become RM500-RM1000 per person?
yearly increment ciput

Maybe review the riders? See if you want everything.

So far i don't need to top up for my medical card yet. Mine is aia

Reason.. medical cost increase..f@#$

Another increment this month.. Around 40 ringgit per month..

Actually there is another reason. If the investment making loss, not performing, you will be asked to increase your premium to make up for their bad investment. Not many know about this.

investment is bad pass to customer :-)

agent still travelling overseas and getting big fat bonus :-)

When I found out about that, I straight swore off anything to do with ILP. I took up standalone. Bonus tip majority of ILP cannot even beat EPF return over long time. That's why one of the honest agent I meet told me dump money into EPF and once retire use some of the EPF to pay for the insurance.

Everyone who bought ILP need to go and check your fund's performance. You will be shocked and you will know which insurance to get next time

they fate to lose. baru got chance for winner to profit.
if everybody winner not loser. then who generate profits

My Prudential premium increase RM60 per month.

That is crazy

Those that buy high premium, I believe the quantum will be higher.
Anyway, sekarang tak sakit - u will feel the pinch.
I masuk 3 times private hospital over the last 5 years... Bill comes up to around 80k in total, nasib baik got insurance else siapa nak bayar (the last two company insurance). Even go G also need to pay eg Heart surgery.

Buy to cover, not untung. Tak claim consider untung. Need to claim - then really ROI

I'm GE too. You accepted the increment?
I'm still thinking.

i took my insurance allianz when in my 30s, rm200 monthly back in 2006. i was advise thru letter by Allianz to increase my premium back few years ago and i ignore it.
then this year got letter that i need to pay monthly of 474 or else my insurance cover will end within 3 years instead of age of 70. now i m 51.
so i guess insurance company win in this. sigh!... need to work fork out atleastd 700++ montly for me and wife.

All ILP like that. Cause apart from.inflation got baggage of poor/not performing investment. That's why I don't sign up for ILP..I invest my own.

mine increased rm150 to rm700 per month.


from 200 -> 400 -> 550 -> 700

all this happen in this few years.

My kids' insurance with HLA increased by 25%. Then I looked at the invested funds and they averaged slightly above 0% over 5 years.
If this continues, I guess they'll have to top up and increase the premium by the time they're around 35-40.

My GE asked to increase by rm70, from 250 to 320 per month. Why the increment is different

Different plan. Different investment fund. Different amount of insured. Different age of entry.

Then they shouldn't provide plan with rm1m annual limit, then while we don't even claim.. still want to increase the premium.

Cost goes up, no claims and if any claims, still within the agreed annual limit. Yet, still want to increase.

Scam, but what to do, we need insurance.


How old are you?


When I took insurance, I was noob.. I took ILP and they assigned the fund themselves.

Few years later, I start to check in detail.. I found all the different funds and learned how to read fund reports.

I applied for change of funds, that too got rejected.

Same case and I'm B40.. I don't know if I can keep up in future.

I'm 34 only.

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.

exactly.

when the agents tell us to sign up early (when we are young), they say "you better purchase insurance now, if you sign up at a younger age, the premium is lower. if you sign up at a later age, you have to pay a bigger premium"

I signed up when I was young. Now I am already in my 40s they have increased the premium more than double.

I only claimed 1 time.

Another reason is when young u are healthy s no issue to get the medical card. When old if got certain underlying disease those insuran companies wont cover already.

Insurance is like house/car loan.

Long tenure, lower price per month
Short tenure, higher price per month

The main (and likely only) benefit of subscribing early is you’re younger and likely healthier. If you only signing up in your 40 or 50, chances are you’ll have many underlying illness to declare to them and they may reject your application.

This post has been edited by msacras: Nov 29 2023, 03:50 PM

how much increase is yours? and when was last time increase?

So far GE is ok.

sometime you may need to sign up more.

when you 20yo, you sign up lower insurance.

when you 40yo, you have family and need bigger coverage.

i signed up twice, first in mid 20, then at 40yo, I signed 1 really big one.

insurance co lulz

always using that excuse

Lolz no la.

The payment table already can see in their brochure. U know how much u pay at 20 vs 30 vs 40

But if kena gout, diabetic etc then it's susah to get either loading or reject.

Actually don't buy also ok 1, got employee benefits and govt hospital also.

my previous agent didnt tell me that tbh

summore see thick documents I pengsan already

btw that was long time ago

Also can rely on agent. But many agent will take advantage of customers.

It's all in the brochure, quotation, pds/si.

agents will always persuade to sign up for extra protection this and that

6 years comm naisu

Insurance to me is like reverse 4D jackpot that ppl don't wanna kena.

If whole life never kena 4D jackpot, is insurance still needed? Think think.

Private hospitals increase charges, insurance companies increase premiums. Win-win for both of them. You know who the loser is.

We should complaint to BNM that hospital charges differently if they know it is borne by insurance companies.