Prudential’s Medical Riders Hope To Help Malaysians Manage Rising Medical Cost
Annual coverage limit of RM15 million aims to provide financial peace of mind.
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Prudential Assurance Malaysia Berhad (PAMB) introduces medical riders that offer 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 healthcare, but it is also one of the leading causes of its 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% this year, six times higher than the annual general inflation rate and the 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 an increased number of pre-hospitalisation coverage by 90 days.
The riders also cover post-hospitalisation including prescribed outpatient physiotherapy treatments for serious conditions for 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 of 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 the rising costs of treatments.
Last year, the Health Ministry’s (KKM) 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 highlights the need for proactive financial planning for the future to ensure adequate protection for one’s medical needs.
Prudential Assurance Malaysia Berhad’s Chief Officer, Product and Actuarial Services, Ankur Bassi said the rise in the cost of living is on the mind of many Malaysians and expects the rise in medical cost and treatment to 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.Prudential Assurance Malaysia Berhad’s Chief Officer, Product and Actuarial Services Ankur Bassi.
For more information on the medical riders, visit Prudential’s official website or speak with a Prudential wealth planner today.
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