Author Topic: Medical Insurance For Parents - PRUsenior med  (Read 77571 times)

Offline roystevenung

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Medical Insurance For Parents - PRUsenior med
« on: July 02, 2012, 04:08:41 PM »
Generally, most of us had some form of insurance mainly the medical cover when we were young. Most parents had worked hard so as to provide for their children. Isn't it time we take care of our parents instead?

With the cost of living nowadays sky rocketing, many of us are on a tight budget hence most of the time medical insurance for our parents goes neglected.

Quite frankly, insurance and investment is like oil and water. It shouldn't be mistaken as investment but rather more on coverage/protection. If you're looking at investment, go for UT/properties/stocks etc, but never insurance.

As you may have already know, insurance is a legal contract and a contract can never be one sided. It needs to be on the basis of win-win situation, hence there is always a pro & most importantly the cons needs to be outlined in detailed (in order for the insurance company to honor the claim):-

PRUsenior med is a standalone medical card from Prudential with the following pro & cons:-

The PROS of PRUsenior med are:

1. The premium is based on entry age and the insurance charge/premium will not increase by age.
2. Affordable premium, eg male age 55 annual premium for plan 1 (RM 2557/annum), Female age 55 annual premium for plan 1 (RM 2962/annum)
3. Provides Guaranteed Renewal medical coverage of up to RM 225K, up to age 80
4. Does not have an annual limit and able to utilize up to RM 225K (subject to minimum RM 3K co-insurance & 10% thereafter)
5. Simpler underwriting, for example a person with hypertension which is under controlled may be accepted.

The CONS of PRUsenior med are:
6. There is a minimum RM 3K co-insurance & 10% thereafter. This means any bills below RM 3K needs to be absorbed by client.
7. Not able to attach payor or any riders as this is a standalone medical plan. In the event of a CI/TPD, the premium will still needs to be serviced to ensure the medical plan continues.

In summary, co-insurance is a cost sharing concept between the insurer and the insured. Plans that come with co-insurance in a long run tends to be cheaper than plans without co-insurance.

Do note that insurance is a long term commitment and the premiums needs to be serviced for as long as the policy is in forced.

Roy Steven Ung
H/P: 016-451 5957 Email: stevenung1971@gmail.com
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, Butterworth
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL

Offline vistar

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #1 on: January 28, 2013, 11:04:43 PM »
Hi Roy,

Got question, hope can receive your reply.

1) what is an premium like for male age 64 & 65.

6. There is a minimum RM 3K co-insurance & 10% thereafter. This means any bills below RM 3K needs to be absorbed by client.

(i)Can give example?
(A) bill up to 3k, assured tanggung.
(B) bill up to 4k, assured tanggung first 3k + 10% of *** (4k or remaining i.e 1k)

(ii) Does this cover inclusive post treatment / take home drug etc
(ii) Outpatient cancer treatment is included?


7. Not able to attach payor or any riders as this is a standalone medical plan. In the event of a CI/TPD, the premium will still needs to be serviced to ensure the medical plan continues
=> dont understand (if medical limit burst, still have to service?)

Offline roystevenung

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #2 on: January 28, 2013, 11:27:16 PM »
The premium for PRUsenior med plan 1 that comes with Rm3k co insurance are as follows:-

1. For male 64 next birthday is Rm3759 per year, for male 65 next birthday is Rm3897? Take note that this amount is for yearly payment. If it was for monthly payment the premium is slightly higher

2. If the hospital bill is RM 4k, Rm3k you tanggung while the balance of Rm1k of 10% = Rm100. Hence you need to pay Rm 3100 and Prudential will pay Rm900.

If the bill was Rm 50K for a heart surgery, you pay Rm3k and the balance of Rm47k of 10% = Rm 4700. Hence you pay Rm7.7k while the balance of Rm 42,300 will be paid by Prudential.

3. Yes this plan is under the old contract and hence it does cover take home drugs, long term meds and consultation. However do note that if we already are taking long term meds for example to control the high blood pressure before taking up PRUsenior med, then it will not be covered. Like all insurance plans, it does not cover pre-existing illness.

4. Yes the plan covers outpatient cancer treatment and whenever possible do outpatient so that you do not need to pay for the Rm3k coinsurance. For example if cataract, do it as a day surgery, and rest at home instead of staying at the hospital.

5. This plan annual and lifetime limit is Rm255k, if already used up Rm255k, the plan ends and you do not need to further pay.
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL

Offline vistar

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #3 on: January 28, 2013, 11:43:14 PM »
4. Yes the plan covers outpatient cancer treatment and whenever possible do outpatient so that you do not need to pay for the Rm3k coinsurance. For example if cataract, do it as a day surgery, and rest at home instead of staying at the hospital.

A bit confuse here, trying to put it simpler manner, correct me if I'm wrong

Inpatient come with CoInsurance
Outpatient no co insurance

Question: does Outpatient come with limit?

Offline roystevenung

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #4 on: January 28, 2013, 11:50:58 PM »
4. Yes the plan covers outpatient cancer treatment and whenever possible do outpatient so that you do not need to pay for the Rm3k coinsurance. For example if cataract, do it as a day surgery, and rest at home instead of staying at the hospital.

A bit confuse here, trying to put it simpler manner, correct me if I'm wrong

Inpatient come with CoInsurance
Outpatient no co insurance

Question: does Outpatient come with limit?

Yes if we are admitted to the hospital the minimum co insurance will apply. So whenever possible, (unless really really serious case  only then admit to the hospital) otherwise, if it can be done as a day surgery, then you dont have to pay for the minimum coinsurance.

Any claims which are medically necessary be it for in patient or outpatient will reduce the Rm255k limit.
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL

Offline vistar

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #5 on: January 28, 2013, 11:56:23 PM »
choi! choi! Choi!..

apa "we" admitted / you pay etc...

anyway.. thanks for the explanation.

Offline roystevenung

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #6 on: January 29, 2013, 12:01:18 AM »
choi! choi! Choi!..

apa "we" admitted / you pay etc...

anyway.. thanks for the explanation.

LOL insurance is about protection, never meant for investment. Glad to have helped. Do note that 64/65 needs to undergo routine medical checkup.
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL

Offline vistar

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #7 on: January 29, 2013, 12:05:47 AM »
Where got investment element on medical coverage.

It just one of risk transfer mechanism.

Offline roystevenung

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #8 on: January 29, 2013, 12:30:33 AM »
Where got investment element on medical coverage.

It just one of risk transfer mechanism.

That was what I said. Insurance is for protection, NEVER for investment.  8)
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL

Offline roystevenung

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #9 on: June 05, 2013, 07:43:47 PM »
4. Yes the plan covers outpatient cancer treatment and whenever possible do outpatient so that you do not need to pay for the Rm3k coinsurance. For example if cataract, do it as a day surgery, and rest at home instead of staying at the hospital.

A bit confuse here, trying to put it simpler manner, correct me if I'm wrong

Inpatient come with CoInsurance
Outpatient no co insurance

Question: does Outpatient come with limit?

Inpatient = Min Co-Insurance of RM 3K + 10%
Outpatient = 10% of the bill
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL

Offline roystevenung

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Re: Medical Insurance For Parents - PRUsenior med
« Reply #10 on: May 02, 2014, 12:03:21 PM »
This is a term insurance product to take care of large hospital bills.

The premium is based on level premium, meaning the premium is based on entry age and will not go up once every 5 years age band.

Guaranteed renewal till age 80. The only catch is the higher co-insurance of RM3K or 10% (for in-patient) and 10% if out-patient.
Roy Steven Ung
Email: stevenung1971@gmail.com / Skype: roy.steven.ung
HP & Whatsapp: 016-451 5957
Prudential Assurance (M) Bhd
Prudential BSN Takaful Bhd
Penang, KL