Enrich Life 富足人生

Note: This is based on my general understanding of the current situation occurring to provide readers with a clearer picture on medical insurance premium hikes. Any decision you make for your policy should first be consulted with your agent/financial advisor, and not just based on this article alone.  In the recent years, medical insurance premiums have increased drastically and affected many Malaysians. It wasn’t just one insurance company doing it, but nearly all. It was also affecting older policies (policies purchased 10 years or more), as well as more recently purchased policies (which is 5 years or more). In this article, I will go through the key reasons on why this has happened and what can be done about it. KEY REASONS: Reason 1 – Increase in Medical Claims How does insurance help individuals in times of need? We know it is based on a pooling of premium by a group of individuals. Whenever a claim is paid, it is taken from this pool of money. When we are heal...