oii mana ada out-patient treatment? Its EMERGENCY ACCIDENTAL out-patient-lo

Like that most H&S policies oso got......

What out-patient benefits most ppl are lookin for is 'clinical cover' to cover medical bills even if there is no surgical or overnight stay involve.

This is a rare and expensive cover cos ins. co. sure loss $$.

For CI & Medical insurance, it is not adviseable to purchase from General insurer b'coz they use an age-band premium rating. The premium is revised upwards every 3 to 5 years & for medical, once you have 'major' claim, they will load up your renewal premium.

If your age is not too advance, I recommend buying a life insurance (term or whole life) and attach CI & Medical riders. Hence you will be 'guaranteed renewals' and premium will not change (you will lock-in cheaper premium rating)

BTW, the only worthwhile life insurance to buy is term or whole life as they offer highest coverage per dollar premium. All other ILP, Saving, endownment mambo jumbo are just financing your agent's Merc ;-)

These days, ins. agents are lining up to offer annuality insurance with 3% to 4% returns when 5 years ago they said insurance co. no longer offer. I wonder whether the agents will sell me annuality insurance if the BLR is 8%? Sorry for the digression....

U can only attach a medical rider to ILP? Nope, when I bought my whole life there was a medical rider attached, I took it out after 1 yr as my employer covers me & my family's medical. An agent advised me accordingly (bout buying a medical rider early to lock-in the premium) hence my preception on the matter, the agent trying to earn commision only....

So the insurance co. will deduct the returns in order to offset the premium of the medical rider

Its from MAA but can't recall the name of the product.

BTW I did not attach the medical coverage (there was no medical card 15 yr ago) as my employer already covered my medical expenses.

ING is the bestest H&S insurer in the market, GE (OAC) is not even close infact is almost same league as Kur***.... don't mistake AGENT's service with the insurance co.

If ING was 'so-so' they would not have cornered the Medical insurance market within 2-3 yrs. While other co. are losing their pants on medical, ING is profitable. Another thing, most good medical these days are copied versions from ING

This post has been edited by rakyat: Dec 8 2009, 10:05 AM

There is no difference in the claims procedure although it is generally true that some GI process their claims slower then Life insurer but this is more due to efficiency of the claims process.

An insurer cannot prevent you from renewing your Medical insurance unless they withdraw the product completely i.e. every customer oso cannot renew. BNM does not allow insurer to 'pick & choose' who to invite for renewals. They can of course load up your premium and hope that you will not renew.

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Added on December 8, 2009, 9:53 amWhen you have a medical card, u don't need a 'letter of guarantee'. U need to know the panel of hospitals and just present your card during admission.

Should not face any problem in admission unless the hospital is no longer in the panel or your plan/ coverage is deemed insufficient by the hospital. Of course discharge is another matter if you exceed your limit.

Letter of guarantee is used when there is no medical card and usually for Group policies.

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Added on December 8, 2009, 10:02 amBanks don't underwrite insurance. The policy is u/w by an insurance comapny and the bank acts as 'sales agent' of course the policy looks like its tailor made for the bank but it is actually an rebranded & less coverage version of a 'off the shelf' insurance policy. Yes they do earn commission from it.

Better check the pricing as it might be 'cheaper' to go directly to the insurer. The DM (direct marketing) game is normally to strip off the coverage and offer bare minimum in oder to present a very cheap monthly premium. Mind you the cost & service fees are higher then direct source or agency source hence some adjustment to the rates are required. Although in the long run it is very profitable for the insurer as most ppl buy & forget hence the claims ratio is relatively low.

For Banca claims, u do not liase with the bank, u liase with the underwriter (insurance co.)


This post has been edited by rakyat: Dec 8 2009, 10:02 AM

No-la, u paint a picture that is so gloomy......

For medical products (CI, H&S, Hospital income) cannot refuse renewals even if the insurer have bad claims experience. This is the 'safe guard' mandated by BNM. The insurer can only exclude the diagnosed & paid illness and/or load the premium. The only way the insurer can stop renewal is via Portfolio Withdrawal but MUST offer the customer a substitute product hence whta you mentioned about 'Medisayacover1, then upgrade to Medisayacover2' is partially true but BNM oso got a say hence if the changes is purely cosmetic, they will not approve.

FYI drawing up the product specification and premium rating for a MHI product is not so simple. It will involve an actuary sign-off which will then be vetted by BNM's own actuary dept. The whole process takes months and require insurer to provide the basis and statistics.

BTW u r right bout the motor insurance revision. It is being revived (there have been a revised motor tarrif since 1998 and all insurers were told to get their system ready) and discussed but due to political expendiecy not sure whether can implement.

Mayb different regulation for LIAM (r they governed by BNM?) FYI we did try to do this - exclude high claims customer & were told by BNM we cannot unless we withdraw the whole protfolio i.e. exclude all customers.

Went through the process of drafting a new Medical policy & pricing, furnished with claims statistic and medical cost inflation as a basis. Passed it to an acturial company for sign-off and was quoted RM15k (just to check and sign , all work, pricing and documentation already done by me) before we decided to call it off and just continue the existing product.

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Added on December 10, 2009, 3:03 pmSo u end up with 3 different medical insurance from 3 different insurer? AXA Smartcare oso got kidney dialysis & outpatient cancer. Isit ur company's medical exclude the coverage? Would getting a CI cover (CI covers kidney failure resulting for the need of dialysis & malnignancy cancer hence needing frequent outpatient treatment) be an alternative?

This post has been edited by rakyat: Dec 10 2009, 03:16 PM

Wah gone a few days and this tread have ran away , 1st of all how old is you son? Legally speaking a minor cannot go into a legal contract, no insurance company will accept an insured under 18 yo unless it is OTLO i.e. parent or guardien buying on the life of the minor

A cheaper alternative is to extend your existing medical coverage (I assume that you are covered) to a family plan. As for your ILP, u can easily convert the medical part of the premium into your unit trust or death benefit unless you totally don't want the policy which then you will need to cancel. For a 5 months old policy, I doubt you can get much back.

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Added on December 17, 2009, 10:15 amActually what you mentioned about compulsury medical insurance to cater for the whole population and underwritten by the government has been running in many developed countries. It is a BADDDDD idea and pratically suck $$$ out of the government and cause a quigmire for the politicians. E.g. the social security of canada & japan and the health care bill of USA.

Sooner or later they will revert back to voluntary (japan & US) and try to sell it back to the private insurance company, private co. will not touch it unless they increase premium and limit coverage but customers/ voters will feel cheated. Younger taxpayor will not want to contribute as they feel they are subsidising retirees blah blah blah....

M'sia government did try to experiment with Sihat M'sia and we all know how it turn out (3 upward revision of premium within 5 yrs & still lossing $$)

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Added on December 17, 2009, 10:25 amActually, if the popular consensus is to purchase an annual policy for GI then there is no need for a minor to be covered for PA, CI & medical. The probability of a serious medical condition is relatively low and the chances of getting one of the 36 DD is even lower. Most company already provide medical coverage for employee's family (although the limit is low) If you are a businessman then allow your employee benefit to be extended for family coverage (maybe only for mgmt level or directors only if you worry about the premium )

The reason to get coverage is if you buy a life insurance, might as well add in the riders to 'lock-in cheaper premium' but apparently it does not work.

If you already have some insurance, just extend it to family cover. FYI normally PA only cover 10% for minors.
IMO for minors, PA > Medical > Life coverage > CI

This post has been edited by rakyat: Dec 17 2009, 10:25 AM

Not admitted but consulted a doctor? Then technically it is considered pre-x already if you incept a new policy. The condition will not be specifically excluded but in the event of a claim IF they find out then not admissable. Premium rating will not change but any condition due to asthma is not admissable.

Since it is only a GP consultation, in future if you use another GP as a referal for admission to hospital or direct hospitalization and forgotten about this matter.......