Understanding Medical Revision
What’s Medical Revision?
Medical Revision is the adjustment of insurance policy premiums due to medical inflation, which is often caused by:
- Medical Advancement
With new technology, the quality of healthcare has improved significantly. But this also means higher medical costs in order to fulfil the demand for qualified health professionals and medical instruments. - Increased Utilisation of Health Services
There has been a higher demand for medical treatment as we are moving into an aging population. - Rise in Non-communicable Diseases
Non-communicable diseases due to occupational health problems, sedentary lifestyles, and bad eating choices are costly to treat and may require long-term treatment.
What’s Prudential’s role in this?
As your trusted life partner, here’s how we’re committed to ensuring your medical needs are always accounted for:
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We’re negotiating better medical packages with our network of partner hospitals and stakeholders.
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We’re monitoring panel hospital charges to ensure you receive fair and reasonably-priced medical treatments.
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We’re introducing more holistic plans with Total Pandemic Protection, High Coverage, and No Annual & Lifetime Limit so you can continue to Live with Confidence amidst life’s trials.
How can you and I manage Medical Revision?
Here are some simple and effective ways:
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Practice a balanced lifestyle on a daily basis
To minimise the risk of non-communicable diseases such as stroke, cancer, and heart disease. Taking small yet consistent actions every day will significantly reduce the amount of costly treatments needed at healthcare facilities. -
Be a smart consumer
1. When making medical claims, you can request for an itemised bill to thoroughly check exactly what you’ve been charged for
2. Seek second opinion when deciding whether a treatment is necessary or if there are better options out there
3. Evaluate the need for admission vs. day surgery
How do I get the most out of Prudential’s medical plans?
Insurance 101
What is insurance and how does it work?
With the premiums you pay every month, you get in return long-term financial protection, in which the insurance company will pay a portion of your medical expenses if you get hospitalised or a sum of money to your loved ones in the event of death and permanent disability.
There are mainly two types of insurance, namely life insurance and general insurance which cover different aspects in your life.
What does medical and health insurance cover?
Medical and Health Insurance (MHI) is designed to reimburse the cost of private medical treatment, which can be very expensive, especially with hospitalisation and surgery.
There are different types of medical plans available in the market, such as hospitalisation and surgical plans or critical illness plans: –
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Hospitalisation and surgical insurance plan generally covers your room and board in the hospital, laboratory fees, use of special facilities, nursing care, and certain medicines and supplies.
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Critical illness plan is typically where the insurance company makes a lump sum cash payment to the policyholder if he or she is diagnosed with one of the critical illnesses listed in the policy.
If I am admitted to a hospital, what should I do?
Our Hospital Alliance Services (HAS) is a value-added service to facilitate insurance claims for our medical policyholders, at no extra charge.
For more information, click here.
What is the Supplementary Schedule?
The Supplementary Schedule that you receive contains details of the revision and a summary of the projected insurance charges / premium rates for your medical plan. It forms part of your existing Policy upon the respective effective date(s) indicated and supersedes the provisions in the existing schedule(s).
It is important for you to note that if any part of your Policy in connection with the provisions in the Supplementary Schedule varies after the date of the Supplementary Schedule but before your policy anniversary date, the provisions in this Supplementary Schedule will not apply.
What does Deductible mean?
Deductible is usually a fixed amount you pay out of your pocket for medical expenses before your medical and health Insurance plan starts to pay out. In the case of a RM300 Deductible amount, you will have to pay a fixed amount of RM300 of total expenses covered under your policy for a disability (excluding the cost of daily room & board). The remaining balance of eligible benefits will be paid by Prudential up to the annual and lifetime limits, subject to reasonable and customary charges. Please refer to your policy document for more details.
How often should I review my policy? And why?
We encourage you to review your insurance coverage at least once a year. This is because as you progress in life, your needs and priorities may change over time; and with healthcare costs consistently outpacing inflation, it is all the more important to ensure that you are always adequately insured.