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 is investment linked medical insurance a scam?

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Boomwick
post Sep 12 2022, 09:18 PM

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Depends how the agent package it

If he told u to pay this and u get insured of medical card with xxxxx limit and tell u it is not investment.. is purely for medical.. then u wont feel bad

It is because they package it as investment and you have a feel that i buy the medical card and in the case that you did not use it.. u still get back some profit from the investment.. that will get your nerve on fire.. especially when the so called investment is not performing, hence the fund value drop and you somemore need to pay extra to topup fund value inside your policy to maintain the card..

This post has been edited by Boomwick: Sep 12 2022, 09:19 PM
Boomwick
post Sep 12 2022, 09:30 PM

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QUOTE(Angelic Layer @ Sep 12 2022, 09:21 PM)
Scam.

When want claim they tell you to use your own money to pay first and claim later.
Now, under emergency how people can suddenly get a few hundred thousand for surgery?
Later claim also not guarantee they will approve the full amount.
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U got use before medical card? Got claim before ?

Emergency case.. ofcuz is normal procedure pay deposit rm1k or 2k.. because that time no GL ma..

If u do consultation, then doctor take GL first then mah no need lo..

On cannot claim full amount, this is because of test unrelated or out of scope from the illness cover in GL..

Example.. u go admission is stomach pain.. suddenly u ask doctor do a CT scan on chest... or check your leg or hand.. then of course no cover lo..
Boomwick
post Sep 12 2022, 09:35 PM

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QUOTE(loserguy @ Sep 12 2022, 09:32 PM)
The way I see it. Insurance is somebody else's money, and they will decide if they want to payout or not. Or if they even want to insure you.

If possible, start saving money and reduce your insurance premiums gradually. Try to get control of your own life.
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Dun simply lampaji la..
I am not insurance agent.. but i claim kao my inso a few times ad..

When u get GL ad.. is confirm covered..

They dun insured u is because
1. Buy medical kad and within 2 years want to do big claim like cancer or some big underlying issue
2. Never disclose properly on underlying health issue.

So they will run a thorough check on ur case..
However, if it is found to be original no tipu case, it will be allowed
Boomwick
post Sep 12 2022, 11:39 PM

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QUOTE(AbbyCom @ Sep 12 2022, 09:45 PM)
My sister's family, whole family claim (I dunno why, their diet or what, everybody sickly and they are a young family, eldest kid 11yrs old only), can pay for premiums for next 20 yrs d . I dunno consider lucky or not lucky.
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Well if in that case..
U see nobody want to get sick.. if given a chance.. all want to be healthy..

But if one is sick and without any hedging tools for the lose of monetary value to cure the sickness.. that is very bad..

So your sister family is consider as unlucky punya lucky..

Unlucky because sick
But lucky because got inso cover..

Just imagine thosr unlucky sick.. and no inso need to pay cash or wait 3 4 5 6 mths at government hospital
Boomwick
post Sep 12 2022, 11:44 PM

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QUOTE(loserguy @ Sep 12 2022, 09:46 PM)
Well, the final say is from the insurance companies. If you are willing to, slowly increase your savings and reduce your premiums. At a certain point, you may have enough to forgo insurance completely.

Is it possible to "tipu" yourself when paying for any medical expenses from out of your own pocket?
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Very hard to say one la..
Of course if small little issue, then you are right in the sense of save up and can pay when needed..

But if u kena jackpot sickness.. then how ?
The big C... can grow anywhere from head to toe..
Then heart problem.. artery clog
Or kidney failure..

If you are referring to those common ones like flu.. cold.. of course normal saving is better because a cold or flu usually does not need admission into hospital unless it is mutated into pnemonia stage 3 with breathing difficulty.

Your body, your bet.. if no kena. Of course is the best..
If you are scaredy cat.. kok ji gia.. then better get one
Boomwick
post Sep 12 2022, 11:52 PM

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QUOTE(loserguy @ Sep 12 2022, 11:50 PM)
Well, you should at least know how much your insurance is going to payout. There are "unlimited" plans nowadays, but realistically how much can you claim? Can try working towards that number if you want.
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Depends on what you buy one la..

I dunno about latest..
But i think now plan are usually yearly capping 100k
Lifetime no limit

How much can u claim depends on what you do one ma..

If u complain say u stomach ache, stomach problem intestine issue..
Then a gastro specialist will do a scope from mouth and anus lo ..
If day care then will be below rm10k.. usually is 7 8k ( pantai hospital )

If found out got issue, bacteria /fungus infection, then ask u ward for 5 days.. then mah 20k lo.. (pantai hospital)

If your body got lesion..(small bump head) and you want to operate it..
1 lesion is rm400 / 500.. then got other charges add up around 2 3k lo.. you can opt for day care admission to claim inso..

Sometimes u play sport injured kaki.. knee cap damage.. also can do scanning MRI.. then they will maybe do some minor invasive surgery to remove fluid and pump some gel inside knee cap.. that one will be around 20 to 30k ( include 3 mth follow up cost)

Dengue also can claim.. around 6 to 10k depends how long u stay

So u think not fast use?



This post has been edited by Boomwick: Sep 12 2022, 11:58 PM
Boomwick
post Oct 13 2023, 05:21 PM

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QUOTE(Natsukashii @ Oct 13 2023, 02:38 PM)
Yea.. same with me, 6 years already

I was clueless that time, all I wanted was insurance coverage

Now regret I included investment-link. Was told no price increase.

1 years ago, got letter premium must increase, or will reduce coverage span

Want to meet agent also difficult, after meet, macam macam explanation.. MYR down lah, medical cost increase lah, too many claims lah

I never claimed for that 6 years. Even if medical cost increase, it's not like my coverage will increase, it's still the same.

Then I thought maybe just pay for medical coverage only, remove that investment thing.. but cannot lor. But if want to add rider, can lor.
6 years ago, I was not literate about investments, funds..

They give projection, I thought that's 100% certain.

Later I see it's doing horrible.. I applied to change to different fund.

Walaweh.. so much questionnaire. Submitted, but got rejected, need to do further questionnaire.

So now I'm just stuck with the fund I was automatically assigned.

At the time I sign up, I don't know about the funds.. why couldn't the agent explained to me the different funds available, which one I would want.
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All insurance investment fund.. is all eating trash one la..
All the share price goreng until sky, then sell to unit trust .. then insurance buy the unit trust fund.. but biggies shareholder all cash out already..

I am not saying there are no good one.. but most of them ad makan at high price.. very hard to go up somemore..

If u dun want investment link, then go traditional one.. maybe that will be better for u
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