Tuesday, September 18, 2012

PRUhealth vs PRUflexi med

Whilst the insurance charges may not be an important factor in deciding which medical card to go with when we are young, but as we grow older, especially at our senior age (> 50) the insurance charges is definitely going to be the main factor in choosing the right plan, preferably a plan that we are comfortable paying during our retirement age whilst not being burden by high premium.

Do note if you have a medical card that covers you up to age 80, the premium and insurance charges needs to be paid up until age 80. If the life/Critical illness covers you up to age 100, that too needs to be paid until the end of the term.

PRUhealth Features
  1. Lower Insurance Charges - In the long run since the client absorbs part of the bill, ie 10% of the medical bill or the the options to include RM 3K or RM 10K deductibles.
  2. No Claim Bonus - Pays a No Claim Bonus should the client did not claim for a policy year depending on the package selected.
  3. Automatic Upgrade - Able to attach rider to automatically upgrade to the next available plan on the 5th & 10th year IRRESPECTIVE of your health condition/claim status.
  4. Annual Limit Waiver - Able to attach PRUannual limit waiver rider. The client is able to claim more than the annual limit. If your plan is PRUhealth 200 with annual limit waiver, you can claim up one shot up to RM 750,000. How it works: Assuming the medical bill is RM 200K. The first RM 75K is subjected to 10% or maximum RM 1K, while the balance of RM 125,000 is subject to 10%. Hence the client pays RM 1K + RM 12,500 and Prudential will pay the balance of RM 186,500.
  5. Deductibles - Able to attach deductibles (extremely useful especially at older age whereby client agrees to absorb the bill higher than the 10% to bring down on the insurance charges) RM3K & RM10K deductible options are available.
  6. Overseas Treatment - Able to attach PRUmedic overseas rider, a rider that gives the client an option to seek treatment in China, Singapore and Hong Kong.

PRUflexi med Features
  1. Deductibles - Choose between the RM 300 deductible (only pay RM 300 per incident) and zero deductible (full claim). The insurance charges for zero deductible is higher than RM 300 deductible.
  2. High Annual Limit - Minimum annual limit of RM 50K up till RM 200K per annum.
  3. High Lifetime Limit - Minimum annual limit of RM 1M up to RM 4M lifetime limit.
  4. Longer Pre-Hospitalization duration - Keep all clinic bills of up to 90 days as compared to PRUhealth (30 days). Should hospitalization occurs, these bills can be claimed under pre-hospitalization. The bills must reflect the actual symptoms that prompts the hospitalization to occur.
  5. Longer ICU duration - PRUflexi med offers longer ICU admission (which can be very costly) of  up to 60 days as compared to PRUhealth (30 days).
Both plans are guaranteed renewal.