Prudential Assurance Malaysia Berhad (PAMB) is introducing medical riders that offer better protection to manage rising medical costs – with guaranteed increasing annual coverage and unlimited hospitalization stay.
The Increase Of Medical Inflation Rate In Malaysia
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 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 percent this year, six times higher than the annual general inflation rate and the second-highest in South East Asia, rising medical cost is a real concern for Malaysians when planning for the future.
Prudential’s Medical Riders
Prudential’s latest medical riders, PRUValue Med Booster and PRUMillion Med Booster, offer guaranteed increasing coverage of RM100,000 to RM150,000 annually and build up to an 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 hospitalization coverage which includes:
- unlimited room & board and ICU stays
- increased number of pre-hospitalization coverage by 90 days
- cover post-hospitalization including prescribed outpatient physiotherapy treatments for serious conditions 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 programs on Pulse by Prudential, an AI-powered health and wealth app. These subscription programs provide access to exclusive health content, consultation with a dietician, and much more.
Get Your Medical Riders Now With Prudential!
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.
Even Malaysians today are generally more health-conscious, but there is still a need to instill awareness for a medical plan with long-term protection to counter the rising costs of treatments. This spending highlights the need for proactive financial planning for the future to ensure adequate protection for one’s medical needs.
For more information on the medical riders, visit https://www.prudential.com.my/en/our-company-newsroom/announcements/medical-plans-that-grow-with-you/ or speak with a Prudential wealth planner.