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What are the factors affecting medical insurance?

Increased life expectancy, evolving lifestyles, technological advancements in medicine and better access to quality healthcare are among the factors influencing the rise in healthcare costs.

To get a better understanding on the revision of your insurance charges and premium, watch this video.

Medical Revision

Why are my insurance charges and/or premium rates being revised?

To ensure you are always adequately protected, Prudential regularly reviews our medical plans against the current healthcare costs. As you might be aware, the cost of healthcare has been consistently rising due to various factors. These include increase in hospital and doctor charges, advancement in medical treatments and drugs, as well as increasing demand for better healthcare services. Having carefully considered the relevant factors above, Prudential undertakes this revision to help ensure your long-term medical protection will be there for you when you need it. You will be notified accordingly if there is a need for revision in the future as well.

How much do medical costs rise each year?

Medical inflation in Malaysia is currently increasing on an average of 10% - 15% every year. This is in comparison to the general inflation rate of 2 – 3% in the same period.

Are the insurance charges and premium rates for my medical plan guaranteed?

The insurance charges and premium rates of our medical plans are not guaranteed, as shown in our product materials and product illustrations, as well as the policy. They can be revised provided that prior notice is given to customers (according to the notice period stated in the policy document).

Medical Revision

Why are my insurance charges and/or premium rates being revised?

How much do medical costs rise each year?

Are the insurance charges and premium rates for my medical plan guaranteed?

Impact to Policy & Payment

Is my Payor rider affected by this revision?

Payor coverage (if applicable) will increase correspondingly and additional insurance charges will be deducted from your account value.

What if I do not wish to pay the recommended regular premium (PRUSaver) top-up?

While we encourage you to perform regular (PRUSaver) top-up, it is entirely optional. However, please note that this may have an impact to your policy sustainability and there is a possibility that it might lapse earlier than expected.

How will this revision affect my current payment arrangement?

There is no change to your current payment arrangement. However, if you are currently paying your premium by Direct Debit (with transaction amount limit), you will need to complete and submit to us a fresh Direct-Debit Authorisation Form in original copy, together with a copy of the account holder’s Identification Card or Passport. This will enable us to deduct the new premium from your bank account. Note: – If the account is from one of the following banks, signature verification needs to be done at the bank before submitting the form to Prudential: 1. Bank Simpanan Nasional 2. CIMB Bank Berhad 3. Public Bank Berhad 4. RHB Bank Berhad For policies currently under the Payor status, no further action is required. However, in view of the increased insurance charges, you are encouraged to perform regular premium (PRUSaver) top-up as recommended in your notification letter.

Impact to Policy & Payment

Is my Payor rider affected by this revision?

What if I do not wish to pay the recommended regular premium (PRUSaver) top-up?

How will this revision affect my current payment arrangement?

Insurance 101

What is insurance and how does it work?

With the premiums you pay every month, you get in return long-term financial protection, in which the insurance company will pay a portion of your medical expenses if you get hospitalised or a sum of money to your loved ones in the event of death and permanent disability. There are mainly two types of insurance, namely life insurance and general insurance which cover different aspects in your life.

What does medical and health insurance cover?

Medical and Health Insurance (MHI) is designed to reimburse the cost of private medical treatment, which can be very expensive, especially with hospitalisation and surgery. There are different types of medical plans available in the market, such as hospitalisation and surgical plans or critical illness plans: – Hospitalisation and surgical insurance plan generally covers your room and board in the hospital, laboratory fees, use of special facilities, nursing care, and certain medicines and supplies. Critical illness plan is typically where the insurance company makes a lump sum cash payment to the policyholder if he or she is diagnosed with one of the critical illnesses listed in the policy. For more information, please visit www.prudential.com.my for our full range of medical products. Alternatively, you can speak to your Prudential Wealth Planner or Bank/Prudential Representative. They would be able to help you determine the right plan to suit your needs and budget.

What does Deductible mean?

Deductible is usually a fixed amount you pay out of your pocket for medical expenses before your medical and health Insurance plan starts to pay out. In the case of a RM300 Deductible amount, you will have to pay a fixed amount of RM300 of total expenses covered under your policy for a disability (excluding the cost of daily room & board). The remaining balance of eligible benefits will be paid by Prudential up to the annual and lifetime limits, subject to reasonable and customary charges. Please refer to your policy document for more details.

Insurance 101

What is insurance and how does it work?

What does medical and health insurance cover?

What does Deductible mean?

Did not find the answers you were looking for?

Contact us at 03-2771 2450 (Monday-Friday, 8.30am – 5.15pm, excluding Public Holidays) or email us at customer.mys@prudential.com.my