KUALA LUMPUR, June 14 – Prudential Assurance Malaysia Bhd (PAMB) is introducing medical riders that offers better protection to manage rising medical costs – with guaranteed increasing annual coverage and unlimited hospitalisation stay.
There is no denying that innovations in technology, medication, and treatment vastly improve the quality of health care, but it is also one of the leading causes behind rising costs.
Apart from medical advancement, frequent and long-term treatments brought about by longer life expectancy and the rise in non-communicable diseases also contribute to medical inflation.
With the medical inflation rate in Malaysia estimated to be as high as 12 per cent this year, six times higher than the annual general inflation rate and second highest in Southeast Asia, rising medical cost is a real concern for Malaysians when planning for the future.
Prudential’s latest medical riders, PRUValue Med Booster and PRUMillion Med Booster, offer guaranteed increasing coverage of RM100,000 to RM150,000 annually, and builds up to a RM15 million annual limit.
This allows customers to enjoy an automatic increase in protection over time with no additional cost and underwriting.
The new medical riders also give extensive hospitalisation coverage which includes unlimited room and board and ICU stays, as well as increased number of pre-hospitalisation coverage by 90 days.
The riders also cover post hospitalisation including prescribed outpatient physiotherapy treatments for serious conditions of up to 365 days upon discharge.
Prudential is also increasing awareness around preventive care by rewarding its customers for staying healthy with a no-claim benefit up to RM1,000. It can be used for vaccinations, diagnostic tests, medical check-ups, and subscription programmes on Pulse by Prudential, an AI-powered health and wealth app.
These subscription programmes provide access to exclusive health content, consultation with a dietician and much more.
Malaysians today are generally more health conscious, but there is still a need to instil awareness for a medical plan with long-term protection to counter rising costs of treatments.
Last year, the Ministry of Health’s National Health Accounts Steering Committee had presented that in 2020 alone, Malaysians spent more than RM23 billion out of their own pocket for medical expenses, ranging from outpatient, inpatient, and traditional complementary and alternative medicine treatments as well as pharmaceuticals and medical appliances.
This spending h,ighlights the need for proactive financial planning for the future to ensure adequate protection for one’s medical needs.
Prudential Assurance Malaysia’s Chief Officer, Product and Actuarial Services, Ankur Bassi said: “The rise of cost of living is on the mind of many Malaysians. We expect that the rise in medical cost and treatment will also continue. We hope Malaysians are in better position to navigate through these challenges with our new medical riders.”
“Meanwhile all Prudential medical plans also provide total pandemic protection. So with a good medical plan in place, customers can focus on the important things in life such as family and career, with the peace of mind that they are well protected should the need arise,” he added.
Click here or more information on the medical riders, or speak with a Prudential wealth planner.
