The new PRUMillion Med Active plan is offered for customers from prenatal to 69 years of age. – UNSPLASH
New PRUMillion Med Active plan offers comprehensive coverage while rewarding policyholders without claims
IN TODAY’S fast-paced world, the rising cost of living is a significant concern for many as it impacts various facets of life, from daily expenses to long-term financial planning. One area where this is a key concern is the cost of medical insurance coverage.
Consumers want to get the best coverage for all eventualities, yet many also want to obtain medical insurance coverage at an affordable price to manage their monthly budget that is already impacted by inflation.
As healthcare costs soar, insurance companies are challenged to develop solutions that provide affordability without compromising protection levels.
Raising the quality of life
Prudential Assurance Malaysia Berhad (PAMB) chief customer officer Mily Liang says that insurers are aiming to raise the quality of life among Malaysians.
“Being able to afford the things that matter in life is crucial for everyone.
“For example, the ability to obtain adequate insurance protection that is within your budget, regardless of your age, ensures that peace of mind prevails should a medical emergency arise,” Liang explains.
“Unfortunately, our modern lifestyle today offers a mixed bag of benefits and challenges. We are witnessing advancements in healthcare that help us live longer in tandem with an uptick in non-communicable diseases (NCDs), even among younger people, as our data shows.
“While health issues are still relatively uncommon among younger age groups, a medical insurance policy to cover unexpected medical expenses should be prioritised,” she adds.
Amidst an increase in medical-related claims at Prudential Malaysia – where medical claims payout has risen by 23% in 2023 compared to the previous year – the incidence of common NCD cases has also continued to grow among Prudential policyholders, especially younger policyholders, Liang shares.
Liang points out that the incidence of common NCD cases continues to grow among Prudential policyholders, espicially younger policyholders.
The number of Prudential policyholders with chronic diseases, across all age groups, increased by 12% in 2023, compared to 2022. Heart disease cases among young policyholders aged 21 to 40 surged by 20% within this period – an alarming development.
Even cataracts, a condition commonly associated with old age, saw a 10% increase among policyholders in the same age group.
While advances in medical technology have significantly improved the potential for full recovery among patients, this positive development is tempered by the troubling rise in medical costs.“In 2023, we saw a double digit increase in medical bill amounts for top diseases compared to 2022, with a 25% increase for heart disease, 16% increase for breast cancer, 18% increase for chronic diseases and even a 10% increase for cataracts.
“This rise in healthcare expenditure can potentially make medical care less accessible, as everyone strives to balance their budgets and stretch every ringgit.
“We have even seen funding for the Health Ministry hit a record of RM41.22bil in Budget 2024, up approximately 13.5% from the previous year, indicating a rise in costs for all segments of society. This issue is also not specific to Malaysia – it is global and projected to rise,” Liang adds.
Protecting insurance accessibility
PAMB chief financial officer Ankur Bassi, says the affordability of essential services, including insurance, is crucial for quality of life.
“Hence, realising that when budgets are tight – people might be forced to sacrifice important investment for the future such as insurance coverage – we knew it was critical to offer healthcare coverage options that balance protection with the potential for savings.
“As a trusted partner in Malaysia, Prudential is committed to offering an innovative solution that provides long-term access to medical insurance to help our customers manage the affordability factor without compromising protection,” Ankur explains.
PRUMillion Med Active’s innovative pricing mechanism alleviates the collective impact of increasing medical bill costs and enables policyholders to achieve savings, says Ankur.
“We came up with a novel plan to offer policyholders the opportunity to save on the cost of medical insurance coverage and be rewarded for maintaining good health and making informed medical care decisions.
“Our innovative pricing mechanism alleviates the collective impact of increasing medical bill costs and enables policyholders to achieve savings while maintaining comprehensive coverage when needed.
“With this new offering, our goal is to empower customers to ‘Be in Control, Pay Less when You Claim Less’,” he elaborates.
PRUMillion Med Active
The new PRUMillion Med Active (PMMA) from Prudential Malaysia is an innovative product that offers up to 15% off medical insurance charges in the event of no claims within each year of coverage.
At the same time, policyholders can still get the uncompromising levels of coverage indicated in their policy.
The plan offers comprehensive cancer protection including genomic testing to determine suitable treatment when diagnosed with cancer and treatment for follow-up care upon reaching cancer remission.
By adding an Active Booster, customers are further rewarded with up to RM1,000 per year, for preventative care, when there are no claims made in the previous year.
“Through PRUMillion Med Active, we are empowering policyholders with more control over how much they pay for medical insurance coverage and their choice of claims – a move that is both ground-breaking and a natural extension of our longstanding relationship with customers.
“With PMMA, they can better manage their medical insurance budget by staying healthy and choosing a more cost effective healthcare provider,” Ankur concludes.
The new PRUMillion Med Active plan is offered for customers from prenatal to 69 years of age.PMMA is protected by Perbadanan Insurans Deposit Malaysia (PIDM) on benefits payable from the unit portion of this policy, which is subject to limitations. Refer to PIDM’s TIPS Brochure or contact PAMB or visit www.pidm.gov.my.
Click here for more details.
