Private Hospital ICU Costs

Many people does not know that for Intensive Care Unit (ICU) cases, the medical bills can be rather staggering, shocking even!

Spoken to a prospect that has a friend admitted to a private hospital due to Stroke, for 60 days in the ICU.

The hospital bill was well over Rm400,000!

Do check your health insurance on whether it is able to work in times of crisis.

You may also look at PruValue Med, which offers up to Rm2,000,000 medical coverage.

Leave a message if you need a quote.

Common problems when applying for Health Insurance

In this article, I would like to talk about the common problems people faced when applying for health insurance and it could be useful to determine which product to go for.

The most common problem faced is the health issue, especially at older age. Hypertension (high blood pressure), raised sugar level, raised cholesterol level are common for a person above 45 of age. 

For borderline cases and under control with medications, the application may be considered albeit with a loading (extra premium) applied.

Alternatively the applicant (for borderline hypertensive and under control with medication) may also consider PruSenior med health insurance which comes with RM3,000 co-insurance. 

Since it comes with a RM3,000 co-insurance (or commonly known as excess), there will not be a loading or exclusion. However the decision on whether to accept the case will be subjected to full Underwriting.

Another problem could be due to a "pre-existing illness". The pre-existing illness is specifically excluded in most of the Malaysian insurer. 

If a person has a pre-existing illness prior to inception of the policy, for example, a knee pain, the knee pain condition will be specifically excluded and/or with loading implied.

This is why where possible, get a medical card with high limit so that you do not need to 'upgrade' or buy a new policy as add-on in later years. Do checkout PruValue med with a RM1,000,000 ~ RM2,000,000 coverage.

Lastly as we get older the insurance charges increases may undermine our budget. Plan the insurance early (of course you pay longer but at least you are able to get insured without any loading/exclusions!)

Leave a comment if you need further information. Thank you for reading

Insurance Charges (Cost of Insurance)

To the readers of this blog, you may already know that insurance is a business of Risk Transfer or Risk Sharing (Takaful Concept).

The risks can be categorized into a few category:-

1. The age of the person (the older the person, the higher risk of claiming)

2. Smoking status (a smoker has higher chances of developing smoking related illness)  

3. Occupation (a construction worker posses different risk as compared to an office worker)

4. Gender (based on mortality rate)

5. Health Status of the person (a loading or extra charges may apply, for example mild hypertension)

By agreeing to pay a 'price' known as 'premium' the insurer in turn shall provide the financial assistance (coverage) in times of unexpected events such as untimely Death, Dread Disease (Critical Illness), Accidents, Total Disability & Hospitalization.

The coverage given comes with a costs based on the attained risk (as mentioned above) and not known to many, the costs (Insurance Charges) will INCREASE as we get older.

The next time you are given the Sales Illustration, do try to read and understand the associated charges and not only based on the 'flowery' sales talk by the agents.