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medical card, need more information about it
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roystevenung
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 Dec 2 2013, 03:27 PM
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QUOTE(a-ei-a @ Dec 2 2013, 03:05 PM) Yes, that is the oldest form of term plan whereby the premium is based on 5 year age group. Another type is called level term plan whereby the premium is fixed throughout the term of the plan, but for term with medical, the insurance charges is not guaranteed and may be revised. The last time Prudential increase the price for its medical plan was in 1997, and even so the increase scheduled in 2014 is only add Rm 12 per month. |
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roystevenung
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Dec 2 2013, 05:07 PM
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QUOTE(a-ei-a @ Dec 2 2013, 04:42 PM) Hi roystevenung, Understood the 5 years age group increase is illustrated in the sales illustration/policy, but is it frequent for adhoc medical fee increase? Let say at year 2/year 3, a letter stated increase 9% of annual premium was received.  Just call me Roy. Well technically for Prudential if you were to get the policy in 2011 and we increase the price in 2014 for Rm12, you would also say why we increase so often  (which is not true cos that traditional plan was since 1997 no increase). I wonder if your policy is for Prudential  |
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roystevenung
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Dec 2 2013, 10:03 PM
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QUOTE(a-ei-a @ Dec 2 2013, 09:53 PM) Hi Roy, It's M*n*l*f*, and the policy was bought in 2011 (In 3 year (2014) the medical charges increase). So from experienced agent here, increase in Term any insurance medical charges cannot be avoid due to our age (risks) increases. Increase within 3 years is kind of short, but without prejudice, it also depends on when the plan was available in the market. I can't comment much since its not from Prudential. I wonder if there is any Manulife agent here to help clarify? ^.^ I fixed your sentence  |
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roystevenung
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May 15 2014, 05:58 PM
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QUOTE(weirdguy @ May 15 2014, 05:46 PM) Interesing. How it normally work, MNet? Wrong info there bro. Prudential dont have family plan. AIA has family plans |
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roystevenung
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May 15 2014, 06:04 PM
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QUOTE(weirdguy @ May 15 2014, 06:00 PM) Haha. I was surprised for a short moment. Do you guys know how this AIA Family Plans - sound interesting. Sorry bro, not my league to comment on something I dont carry. Better ask the AIA agents |
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roystevenung
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May 15 2014, 08:40 PM
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QUOTE(MNet @ May 15 2014, 08:01 PM) u can buy deductible insurance to claim from u company Yes, if you claim from the personal insurance and it comes with high deductible or co-insurance, the deductible or co-insurance amount can be claim from the company insurance. Having a high deductible (for Prudential we have RM3K & RM10K deductible options) lowers down the insurance charges tremendously, allowing you to buy more coverage. More bang for your buck. For RM3K and RM10K deductible, you can add in a rider called "PRUmedic retirement" to auto switch the high deductible to co-insurance at retirement. Co-insurance means 10%, min RM300, max RM1K for in-patient. For Outpatient it is 10% max RM2K. The reason is because we will lose our company insurance when we retired and having to pay for the high deductible after retirement can be burdensome. The high deductible is under our PRUhealth medical card. However, do note that you cannot attach PRUAnnual Limit Waiver if you opt for Deductible plans. Deductible is not the same as Co-Insurance. One thing to note is that if you were to lose your company insurance, for example VSS, be prepared to pay the high deductible, if admission is needed. This post has been edited by roystevenung: May 15 2014, 08:42 PM |
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roystevenung
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May 15 2014, 08:47 PM
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QUOTE(weirdguy @ May 15 2014, 07:13 PM) Understand. Well, I am not sure why I got such a feeling that Allianz, GE and Pru have overwhelmed Lowyat and others Insurance Companies hardly make any sound or active in discussion. There are a few AIA agents lurking around... |
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roystevenung
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May 15 2014, 11:39 PM
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QUOTE(MNet @ May 15 2014, 10:12 PM) How it for 3k deductible pru? 3k deductible have room and board rm300? if the company medical card is room and board rm350, hospitalize stay at room rm500. So how much can claim from Pru? It depends on the total bill amount. If the amount paid by your company insurance < co-insurance/deductible -> Normal Deduction of co-insurance/deductible applies (this means if the bills is lesser than RM3K, you kena absorb the bill). If the amount paid by your company insurance > co-insurance/deductible -> No further deduction of co-insurance/deductible applies (this means the variance will be paid by Prudential). Sorry for the late reply, today many quotes  |
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roystevenung
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May 16 2014, 12:12 AM
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QUOTE(MNet @ May 15 2014, 10:12 PM) How it for 3k deductible pru? 3k deductible have room and board rm300? if the company medical card is room and board rm350, hospitalize stay at room rm500. So how much can claim from Pru? QUOTE(roystevenung @ May 15 2014, 11:39 PM) It depends on the total bill amount. If the amount paid by your company insurance < co-insurance/deductible -> Normal Deduction of co-insurance/deductible applies (this means if the bills is lesser than RM3K, you kena absorb the bill). If the amount paid by your company insurance > co-insurance/deductible -> No further deduction of co-insurance/deductible applies (this means the variance will be paid by Prudential). Sorry for the late reply, today many quotes QUOTE(MNet @ May 15 2014, 11:44 PM) so u mean room and board no effect? Based on your example above... Lets say the total bill is RM 5K, Prudential will pay you back RM150. If the total bill is RM2.5K, and you want to claim for the RM150 from Prudential. Since your plan is RM3K deductible and the total bill is less than RM3K, you will need to pay the RM3K deductible just to claim the RM150. --> Not worth to do so. -- Yes, RM300 plan can attach RM3K deductible. |
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roystevenung
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May 25 2014, 06:24 PM
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QUOTE(suncrescent @ May 25 2014, 12:43 PM) Hi, I have difficulties in understanding health insurance, because of this I always biased towards not having an insurance except one that is covered by my company and a life insurance. I don't blame you to be phobia of insurance, mostly due to agent's over selling fault and at times, the client misconception that insurance will cover everything. The Exclusions (of what is not covered) are clearly spelled out in the insurance contract.What I understand from my takaful life insurance is I pay a monthly charge for certain period of time. If I die during that period, they'll pay my kin a certain amount of cash plus whatever I already paid them for the past month with addition/subtraction based on investment, age of policy etc. It will pay the sum insured agreed + the cash value of the policy, if any. The amount of cash value may also be zero, depending on the insurance charges and fund performance. If I don't die after my takaful period expired, I will get back the cash that I paid for 30 years plus/minus some investment etc. Depending on the Cost of Insurance at older age and the fund performance over the years, you may or may not be able to get the cash value back.
It is clearly written in the Sales Illustration that the insurance charges will go up as you grow older, even though the premium that you pay does not. If you do ever get some cash value at expiry, consider it as a bonus.
For health insurance, let say I choose an insurance with coverage until 70 years old, is that mean I have to pay the monthly fee until I am 70 years old?
Yes, you are required to pay the premium till age 70, or 80 (if you choose to have a medical that covers that long).
Since the insurance charges at older age may increase, not only you are required to pay the premium up to age 70, but any variance of insurance charges hike will be deducted from your cash value.
If the (accumulated cash values + premium paid) - insurance charges is still not sufficient, at older age you may be required to do top ups or increase on the premium paid in order to maintain the policy.
If my claim exceed the annual limit, I cannot claim anymore for the year. But what if my claim exceed lifetime limit? Do I still have to pay until I am 70 but now I can claim anything anymore.
If your claim exceed the annual limit, the variance of it can be claimable by your second medical card. However, during discharge, you are required to pay in cash and file a claim to the second medical card.
If you had exhausted the Lifetime Limit, the medical card coverage will end, and the insurance charges for the medical card will also stop.
Note1 : This means you have the option to 'reduce' the premium, or still pay the same amount of premium. If you opt for the latter, the insurance charges that was meant for the medical card will now be directed to buying you units to generate higher cash values.
Now let say if I don't make any claim until I am 70, then my insurance expired, all those money I paid every month will gone forever correct? Not even single cent will come back to me right?
Even if you had made a medical claim from your medical card, it will not affect your cash values.
At expiry of your medical, the medical plan will stop, but if you still have other riders attached to it (for example, life or Critical Illness coverage till age 80 or 100), you are still required to pay the premium.
When the medical or any riders end, you may refer to Note 1 (above) on what happens to the premium/insurance charges.
What happen if I had a road accident and then I need to be hospitalised, is this covered under health insurance or only exclusively covered by personal accidents insurance?
Its covered in your medical card. If the accident severed a hand and leg, then it is claimable under Total Permanent Disable (TPD of your Life coverage).
If you had attached a rider to waive the premium due to CI/TPD (before age 70), then the policy will be waived.
Do note that a waived policy does not mean that the policy is free for life! It only means the insurer will take over the premium payment and pay on your behalf.
As you get older, the insurance charges hike may still apply (even after you had claimed out TPD) and should the insurance charges hike at older age is > premium paid+accumulated cash value, you may be required to top up.
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roystevenung
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May 26 2014, 10:30 AM
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Yes, there is a possibility to increase the premium due to many reasons and not necessarily due to the medical costs. For example, the GST next year.
For the medical, it is highly recommended that you get one that is able to cover you longer than age 70. After all, you can afford to plan for it now when you are able to work to generate an income.
It is not easy to get health insurance especially at older age.
By the way, since you are a muslim, the payment of the insurance money will be in accordance with the Hukum Faraid.
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roystevenung
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May 29 2014, 08:42 AM
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There is no cheap insurance, you get what you pay for. There is no free lunch when it comes to insurance. If you want lesser premium, be prepared to pay more when you claim.
The difference between Co-Insurance vs Deductible vs Full claim is very obvious when it comes to back to back claims.
For example, if the Cancer
Jan RM15K chemotheraphy
Feb RM15K chemotheraphy
Mar RM15K chemotheraphy
Apr RM15K chemotheraphy
Sep RM15K chemotheraphy
1. For Full Claim, client pays RM0, the insurer pays RM75,000
2. For Deductible RM 300 (per 90 days of the same disability), client pays RM600, insurer pays RM74,400
Jan RM15K chemotheraphy -> Client pays RM300
Feb RM15K chemotheraphy -> Client don't have to pay since it is still within 90 days from the last same disability
Mar RM15K chemotheraphy -> Client don't have to pay since it is still within 90 days from the last same disability
Apr RM15K chemotheraphy -> Client don't have to pay since it is still within 90 days from the last same disability
Sep RM15K chemotheraphy -> Client pays RM300
3. For Co-Insurance client pays RM7,500, insurer pays RM67,500
Jan RM15K chemotheraphy -> 10%, Client pays RM1,500
Feb RM15K chemotheraphy -> 10%, Client pays RM1,500
Mar RM15K chemotheraphy -> 10%, Client pays RM1,500
Apr RM15K chemotheraphy -> 10%, Client pays RM1,500
Sep RM15K chemotheraphy -> 10%, Client pays RM1,500
The insurance charges for Option 1 is of course the highest since you are transferring higher risk to the insurer, while for option 3 is the least.
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roystevenung
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May 29 2014, 10:59 AM
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QUOTE(leonard73 @ May 29 2014, 10:49 AM) I am partly disagree with the insurance charges for option 1 is highest. I am not saying your statement is 100% wrong, but it is wrong if you are referring to term insurance. Anyhow nothing is certain, but you are right when you are referring to ILP products.  I am referring to insurance charges as a whole, be it term or ILP. If the term insurance has co insurance vs a term plan that offers full coverage, the insurance charges for the full coverage will be higher. |
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roystevenung
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May 29 2014, 11:31 AM
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QUOTE(leonard73 @ May 29 2014, 11:04 AM) 1. Good to clarify things. but insurance charges are not review by many agents, especially ILP agents. These agents only tell insurance premium. 2. Term insurance w co-in vs term insurance w no co-in, with full payment, does not means it will be higher. 1. http://www.insurancepenang.blogspot.com/20...urance-101.html  2. Yes, partly agree with what you said, the insurer can play with the terms Insurance company must remain profitable in order to continue with the coverage. If everything is so good, its not insurance. |
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roystevenung
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May 29 2014, 11:34 AM
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[quote=leonard73,May 29 2014, 11:00 AM] c) There is a small death/tpd protection and projected cash return of RM32k+ but consider this as your bonus only. Want to invest, do it in an investment account. » Click to show Spoiler - click again to hide... « [/quote] Does it stated in the policy for the tolerancy limits for the extra charges for the room to be covered? Another question is, what or which private hospital I can stay with room & board rm200? Can I get a single room in prince court or Gleneagles & etc.? Can you state some for me or to others? [/quote] http://www.princecourt.com/for-patients/rooms-rates/http://gleneagleskl.com.my/services-facili...s-and-services/ |
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roystevenung
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May 29 2014, 02:06 PM
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QUOTE(leonard73 @ May 29 2014, 01:09 PM) Very true, does all agents will tell this to their clients as insurance charges will increase as their age grow. I believe most will say your insurace premium will not rise as your age grow and not like others will increase either yearly or every 5 years. No doubt, insurance company need to make profit including agents too. Everything is good, everyone also wants it but who can provide everyone needs? So are you saying insurance is no good because not everything is good?  Insurance can be good with comprehensive coverage and reasonable charges, without giving too much commission and linked to investment to/by agents  Back to your early topic, so would I say that we can't compare the pricing of Co-in and not co-in with insurance charges being charged? or allowed to some extend only? Maybe you havent met the right agent yet jk What I am saying is that everything comes at a cost. If the plan sounds too good, there is always bound to be a catch. The insurance charges for a co insurance plan will definitely be cheaper as compared to a full claim since you are transferring lesser risk to the insurer. Unfortunately Prudential term policy attach with medical, we only have plans with co insurace and not full claim. But for ILP, we have co insurance, full claim and deductible rm300, rm3000 rm10k. |
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roystevenung
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May 29 2014, 04:08 PM
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QUOTE(TPCKeith @ May 29 2014, 03:49 PM) Only certain companies such as Prudential still holds the non-cancellable agreement clause however, to negate risk, the insurance company would have to charge higher premium to their customer or in the policy in order to keep afloat . However, GE being the market leader will be able to sustain their business for a long time though they have come out with such clause that might be worrying to its client. However, a lot of customers mistaken that this clause is a disadvantage which is why Prudential would use such point to attack to gain the market share. However, I would like to rest assure all policy holder of any insurance company that such thing would not happen in terms of your medical card being cancelled for no particular reason unless the insurance company is bankrupt or they are going into a merger. Very good sales talk, but please keep Prudential out of the discussion especially on the part that Prudential would use such point to attack to gain the market share.  |
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roystevenung
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May 29 2014, 05:09 PM
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QUOTE(TPCKeith @ May 29 2014, 04:40 PM)  sorry abang roy. I understand your eagerness to help him resolve his concern, but please do not bash on generalisation that all agents use that to gain market share. It makes you sound like a pasar malam salesman! Back to his concern, when talking about Portfolio renewal, the company can withdraw the medical card from the market, but it is also bounded to provide coverage UNTIL THE END OF THE TERM. It cannot simply withdraw and leave the policy holder in the dark. Hence it all boils down to HOW LONG IS THE MEDICAL CARD TERM. If the medical card term is annually renewed, no longer in the market and the product is port folio renewal, of course that would mean the next year, renewal is not possible (if diabetic) but the client is required to buy into a new plan, subjected to medical underwriting. If the plan is port folio renewal with a term up to age 80, and if the insurer withdraws the port folio from the market, it still need to provide coverage till age 80! This post has been edited by roystevenung: May 29 2014, 05:12 PM |
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roystevenung
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Jul 15 2014, 10:56 AM
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Please do not ASSuMe when it comes to insurance. It is all mentioned in the contract. Anyway, here is what I found. << Product Disclosure Sheet (PDS) >>1. As someone mention Cheap, The Projected Costs of Insurance << << HERE >>2. Policy Renewal/ Renewal Premium» Click to show Spoiler - click again to hide... « This is a yearly renewable policy. Unless renewed, the coverage will cease on expiry date and the insurance company
shall strictly not be liable for any expenses that take place after the expiry date.
This policy is renewable at the option of policyholder until the occurrence of any of the following:
a. non-payment of premium or premium not made on time;
b. fraud or misrepresentation of material fact during application;
c. the policy is cancelled at the request of the Policyholder;
d. the Insured Person ceases to qualify as a dependent based on the definition of the policy;
e. the Insured Person attains the coverage age limit specified;
f. on the death of the Insured Person; and
g. termination of coverage for all policies in a certain market and the Company withdraws this policy completely
from the market in accordance with the Portfolio Withdrawal Condition
One thing about yearly renewable policy option is that if the product is withdrawn in accordance with the Portfolio Withdrawal Condition, the next year the policy cannot be renewed since the term is only up to one year. It is not a problem if our health is still healthy to buy another policy, but if not, no insurer will want to insure/upgrade someone who had developed diabetes along the years. In accordance with the Portfolio Renewal for the case of ING, since its withdrawal and the policy term is until age 85, AIA that took over is bound to renew the ING policy till age 85. |
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