PRUDENTIAL executive wealth planner Goh Suet Peng cannot stress enough the need to buy medical insurance when one is still young and healthy.
“Getting yourself insured early on in your life while you are in good health certainly has its benefits. For a start, you do not need to worry about being turned down by your insurance company due to age or health reasons. Secondly, the premium rates are a lot cheaper when you come in at a younger age,” says Goh.
Her advice to Nikki Goh, 24, is simple. “In addition to the life insurance policy that she currently owns, Nikki should also start putting aside a small amount to buy a medical insurance plan. She clearly understands the importance of such a protection and buying a medical insurance plan now at her age will make it more affordable.”
She says a medical insurance plan like PRUhealth, which Prudential Assurance Malaysia Berhad recently launched, would be ideal for Nikki who takes good care of her health, as it has a unique annual no claims bonus (NCB) that pays up to RM500 in bonuses annually as long as she does not make any medical claims from her policy during a year.
The NCB amount which Nikki will receive will depend on the plan that she has selected.
“Besides rewarding customers when they are healthy, PRUhealth also provides comprehensive coverage up to age 100 to help take care of their medical bills when they need it most,” she says, adding that this product is probably the only medical plan that comes with the option to allow customers to remove the annual claims limit to enjoy enhanced protection.
For 26-year-old Charles Chen, Goh suggests that apart from the need to cut down on his smoking, it is crucial that he reviews his existing life and medical insurance coverage periodically.
“Charles is lucky to have parents who have bought him insurance plans. As he grows older, earns more and his needs change, perhaps like getting married or having children, he will have to review and upgrade his insurance plans accordingly. For now, he needs to check if he is sufficiently covered under his existing medical insurance plan especially given the increasing cost of quality medical care. With healthcare costs continuing to outpace general inflation rate, chances are the plan that he bought years ago is unlikely to be enough to meet future needs,” she points out.
Jayne Gomes, 23, is another fortunate individual whose medical insurance policy was bought for her by her parents when she was in her teens. She leads a relatively healthy life by taking some health supplements and going to the gym regularly. Goh’s advice to her is similar to Chen – Gomes should review her medical insurance plan at least on an annual basis to ensure that she has adequate protection.
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