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 How to deal with medical insurance repricing?

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ZZMsia
post Sep 4 2024, 08:33 PM

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QUOTE(Ramjade @ Jan 10 2024, 05:56 PM)
Honest answer. Not trolling
1. Switch funds. Ideally choose one with US exposure, minimal china and Malaysia exposure.
2. Go standalone route (that way you get rid of the baggage of lousy underperforming funds), you only get the repricing for medical inflation part. I don't hear standalone people complaining. Only ILP
3. Use gathercare if you are stil eligible (this one no repricing as not insurance and not for profit I think)
4. Switch to more expensive room plan. I already showed you the higher tier insurance usually kena less repricing Vs lower and mid tier.
5. Self insure. Set aside a fund, every month put in money into that investment. Money used for insurance premium divert it there. Can be very simple. Say your investment fund consist of public bank and Maybank stock As long as you never draw down the fund it will keep increasing vs insurance. Unlikely you will use insurance now. Likely going to use it in your 60s or 70s. That time substantial amount unless you are in 50s. If you are able to get 6 digit of passive income a year, what medical insurance do you need?
6. Govt hospital. But need to wait your turn, cramp with people and lower down service to B40 lifestyle.
7. Do a top-up lump-sum into your ILP say RM50-100k and it will stop the hike for a while. Not a route I want to take. This was advise to me by my agent when I asked about ILP. She said ILP will always increase  in price and buy topping up lump-sum l, it will increase sustainability. Your money, your call.
I also kena conned. After doing research found out buy early or late more or less the same. Lol. But I buy now cause I know will use it in the future. Cause if you get illness already, too late to buy insurance already.
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Standalone also has repricing FYI.

ZZMsia
post Sep 4 2024, 08:37 PM

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QUOTE(MUM @ Jan 10 2024, 07:48 PM)
I had heard stories of waiting lists of some normal emergencies like stent procedures can be long in govt hospital
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This is true, happened to my cousins friend . 6 months waiting and last monday was procedure date.. lucky he did not have another heart attack.


 

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