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PETALING JAYA: Rising medical costs have prompted more Malaysians
to take up multiple health insurance policies, with some even extending
their cover up to the age of 100.
A check with several major insurance firms showed good demand from
the working population on extending their medical cover until at least the
age of 80.
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Industry experts attributed the growing demand to healthcare costs NZ
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escalating at between 13% and 15% annually, longer life expectancy and 3,000
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more patients turning to private hospitals to avoid long queues at public
hospitals.
Prudential Assurance Malaysia Bhd chief product and marketing officer Should the death pe
Heng Zee Wang said someclients were buying more than one medical Yes
plan to ensure they had “sufficient cover all the way.” No
http://thestar.com.my/news/story.asp?file=/2010/9/5/nation/6985011&sec=nation 9/5/2010
Many buying insurance up to age 100 due to high medical costs Page 2 of 3
pay the remaining amount from his own pocket if he or she does not have Most
a second policy,” he told The Star.
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Time
Heng said more insurance companies were now offering policies that NZ
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covered a longer period as Malaysians were living longer due to improved Teacher
living conditions and medical advancement. Harvard
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“The average life expectancy of a Malaysian male and female was only Sunny
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55.8 years and 58.2 years respectively in 1957. Today, it is 71.9 years for
men and 76.9 years for women.
Latest
“By 2050, the average lifespan is expected to increase to 77 years for Graphic
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men and 82 years for women. This upward trend presents a need for
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insurance companies to provide medical plans that would cover the HR
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policyholders beyond the current life expectancy,” he said.
Heng cited as an example, the firm’s PRUhealth policy which was sold as Latest from Star
a rider to its investment-linked insurance plans and provided
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comprehensive coverage up to age 100. Ben Ibrahim's
Blueprint
A 70-year-old client who buys the PRUhealth plan will pay about RM480 a Possible
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month as premium (for cover expiring at age 80), or RM611 for cover
expiring at the age 100 based on the lowest plan PRUhealth100.
For those aged between 26 and 30, the premium for the plan with cover
expiring at age 80 starts from RM94 a month.
“By setting aside some reserve funds in the form of insurance premiums,
policy holders when faced with a claim on critical illness, will not need to
deplete their bank accounts, EPF savings or sell off assets to pay for
medical treatment.
“It’s good to buy when one is healthy and have a medical savings plan in
case of a rainy day. When the insured retires, this is the age that the
health condition will already have changed and treatment will be needed
most,” he added.
http://thestar.com.my/news/story.asp?file=/2010/9/5/nation/6985011&sec=nation 9/5/2010
Many buying insurance up to age 100 due to high medical costs Page 3 of 3
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http://thestar.com.my/news/story.asp?file=/2010/9/5/nation/6985011&sec=nation 9/5/2010