Introducing PRUMillion Med Active: Pay Less When You Claim Less

Kuala Lumpur, 15 July 2024 – Amid concerns on the rising cost of living including critical expenses such as medical fees, Prudential Assurance Malaysia Berhad (PAMB) has introduced an innovative product, PRUMillion Med Active that empowers customers to reduce their medical insurance costs through healthy living and smart choices while maintaining full protection without compromise.

Studies have noted that medical cost inflation in Malaysia has risen significantly in recent years and is higher than the global average^[1]. Among the key factors contributing to the rising cost of medical expenses are the increasing prices in hospital supplies and services, including drug prices and new advanced medical technologies that cost more, as well as heavier utilisation of health services following the resumption of elective medical procedures after the COVID-19 pandemic.

According to Mily Liang, Chief Customer Officer at PAMB, the company has seen an uptick in the incidence of common non-communicable disease (NCD) cases in recent years, even among younger policyholders, in tandem with a rise in medical insurance payouts, which grew 23% in 2023 compared to the previous year.

Alongside the rise in disease incidence, there was also a double digit increase in medical bill amounts for top diseases in 2023 compared to 2022, based on medical bills claims submitted by PAMB policyholders, including a 25% increase for heart disease, 18% increase for chronic diseases, 16% increase for breast cancer and even a 10% increase for cataracts.

“Faced with these risks, managing healthcare costs as an out-of-pocket expense is a challenge for most without insurance protection. At the same time, those with insurance policies want to achieve better value on the cost of their medical insurance to help manage their monthly budget that is already impacted by the overall rise in cost-of-living expenses,” said Mily.

To ensure Malaysians continue to have access to insurance protection within their budget, PRUMillion Med Active puts the customer in control of their cost of medical insurance, rewarding them upfront with the ability to pay less for medical insurance when no claims are made – all with no changes to the scope of their coverage.

Ankur Bassi, Chief Financial Officer at PAMB commented, “We understand the challenges caused by the rising cost of living and how many are making hard decisions on budgeting. As a longstanding and trusted partner to Malaysians in protecting the things that matter, PRUMillion Med Active is our solution to help ensure customers can have the full range of medical services they need at the right time, yet remain in control of their cost of medical insurance, through the choices they make.”

Offered for customers from prenatal to 69 years of age, PRUMillion Med Active rewards them for staying healthy and making informed decisions on medical procedures. Upon signing up, customers can enjoy yearly discounted cost of medical insurance charges starting from the first year when no claims are made. At the same time, customers can still get the uncompromising levels of coverage indicated in their policy. This gives them the power to manage their medical insurance costs by deciding when to make a claim or choose a cost effective healthcare provider without compromising quality.

PRUMillion Med Active offers comprehensive protection including genomic testing to determine suitable treatment when diagnosed with cancer and treatment for follow-up care. By adding an Active Booster, customers are further rewarded with up to RM1,000 per year, for preventative care, when there are no claims.

“Access to healthcare protection should not be a luxury reserved for a select few. With rising medical costs in turn impacting the cost of medical insurance, prudent utilisation of insurance coverage can help maintain comprehensive coverage at an affordable fee. By incentivising customers to maintain a healthier lifestyle that can reduce their medical treatment needs, we not only enable them to enjoy lower cost of medical insurance, but they too can contribute to a more sustainable insurance and healthcare ecosystem,” expressed Ankur.

For more information on PRUMillion Med Active, please visit https://www.prudential.com.my/en/products-riders/prumillion-med-active/

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^[1] https://www.wtwco.com/en-sg/news/2023/11/global-healthcare-benefit-cost-increases-projected-to-continue-into-2024-wtw-survey-finds