MM2H Medical Insurance

Old Oct 17th 2015, 12:28 pm
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Default Re: MM2H Medical Insurance

Just had a nice shock from AIA medical cover...
quarterly premiums just iincreased from 574 to 806 because I have reached 60.. actually I did so in April and it's taken them this long to realise - shows how efficient they are!!

Thats 40% increase, so am off hunting for a better option.. have been told of a new product from Allianz but yet to see the cover and cost. Likely to be unlimited lifetime cover amount and valid to 100.
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Old Oct 17th 2015, 12:36 pm
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Default Re: MM2H Medical Insurance

I noticed something similar. From age 60 and/or 61 onwards are prices suddenly being raised steeply. The increase step size is then suddenly much larger than at younger years. Try to be brave and also look at the quoted prices beyond age 65. However, I don't think that this applies to AIA only.

This is something that you should certainly take into account when you are making a longer term estimation of living costs.
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Old Oct 17th 2015, 3:11 pm
  #48  
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Default Re: MM2H Medical Insurance

Yep it's the 60 reality check. I think all the insurance companies do it. Imagine what happens at 70

But you get what you pay for . Reality is more likely to need cover as you get older, so the premiums go up. Makes sense. There is no free lunch.

For the long term retirement , need either good cover (expensive), or plenty of rainy day money, or within a system that provides (ie back in ol Blighty NHS or similar) or a combination of any of these. Just the way it goes. This is something to,be pondered before late senior retirement .
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Old Oct 17th 2015, 6:20 pm
  #49  
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At the rate i am going I will have so much metalwork in me that i will need AAM cover not AIA.
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Old Nov 23rd 2015, 3:38 am
  #50  
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Default Re: MM2H Medical Insurance

To bring a new twist in this discussion, I just got refused bei AIG because they only give insurance for foreigners who have bought property in Malaysia! Hard to believe, but that is what their staff told me.

Disappointing because their prices were quite good. Next I will try Kurnia.
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Old Nov 23rd 2015, 4:37 am
  #51  
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Default Re: MM2H Medical Insurance

Originally Posted by David_Yang View Post
To bring a new twist in this discussion, I just got refused bei AIG because they only give insurance for foreigners who have bought property in Malaysia! Hard to believe, but that is what their staff told me.

Disappointing because their prices were quite good. Next I will try Kurnia.
Hi David,

I doubt what the AIG staff have told you will turn out to be correct.

Misinformation is very common in Malaysia! Misrepresentation is also common. Caveat Emptor.

Most of the big insurers will cover MM2H participants unless disqualified by age. Owning a house / apartment here is very unlikely to be one of the eligibility criteria for MM2H participants. More likely are:
  • A requirement to provide the insurer with your home address in Malaysia (but this is surmountable if you don’t have one yet).
  • The insurance coverage only starting a few months after the insured has been living in Malaysia (with some insurers).
As the majority of MM2H participants rent rather than own property in Malaysia, AIG would be shooting themselves in the foot if what you were told is true. So worth double-checking I think especially if the price is competitive, emphasising you are or will be an MM2H participant.

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Old Nov 23rd 2015, 10:43 am
  #52  
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Default Re: MM2H Medical Insurance

Originally Posted by David_Yang View Post
To bring a new twist in this discussion, I just got refused bei AIG because they only give insurance for foreigners who have bought property in Malaysia! Hard to believe, but that is what their staff told me.

Disappointing because their prices were quite good. Next I will try Kurnia.
Really? My wife and I have an AIG medical costs insurance. We don't own any property in Malaysia (in fact, we don't even live yet in Malaysia). We took their insurance on the day on which we went to get our MM2H visa in our passports.
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Old Nov 23rd 2015, 12:05 pm
  #53  
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Default Re: MM2H Medical Insurance

Buying a medical insurance if it is sole purpose is to get the MM2H approval, you may look into the cheapest plan or you may even ask the insurance company to issue a rejection letter (due to health reasons) and attach it together with the MM2H application.

The Medical insurance in Malaysia can be offered by a General Insurance Company (like AIG/Kurnia/Pacific/Allianz General Insurance... et cetra) or Life Insurance Company (AIA/Allianz/GE/Prudential).

1. No doubt if you were to compare the costs of General Insurance (GI) vs the Life insurance company, the price is always the factor to be considered.

2. If you read the contract, most of the GI is annually renewed, which means you may be required to declare your health status upon renewal and if a major claims happens this year, upon renewal, you may be required to re-declare the health condition, and that may be an Exclusion once renewed.

Therefore please read the "Renewal Clause", whether the policy is Guaranteed Renewal or based on "Portfolio Renewal" as some GI do have terms that they cannot exclude (once approve).

3. Another important clause is the "Termination Clause", whether it gives the insurer the right to withdraw the entire medical portfolio (if the claims gets out of hand). How does the following statement sounds like? "We can also cancel this policy by giving you 30 days written notice."

4. Most of the GI also limits on how much a person can claim for Cancer Treatment / Kidney Dialysis (which happens to be the most expensive items in medical billing as cancer can relapse).

In view of that, most of the Life Insurer these days do provide a starting medical limit from Rm1m ~ Rm2m (or more).

5. For GI, you may also include the spouse and dependents, which drastically reduces the premium as compared to getting individual plans from a Life Insurance company.

However, always remember that you are the master policy holder. You sign on everything and if you kick the bucket earlier, the entire policy will be withdrawn.

It is not an issue to get another policy for the spouse/dependents, provided they are still healthy. If not, it's again another road block.

6. Lastly, please remember that the medical plan for a person age 60 needs to provide cover for at least 20~30 years (up to age 100). What seems to be sufficient now, for example an annual limit of RM200K, may not be enough when we hit 75.

For example, a pacemaker that used to costs RM43K in Gleneagles is today RM60K.

So yeah, in a medical insurance, what is more important is the terms and conditions, the amount of coverage as stipulated in the policy.

There is no free lunch in insurance, as mentioned by BB.
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Old Nov 23rd 2015, 12:37 pm
  #54  
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Default Re: MM2H Medical Insurance

Originally Posted by roystevenung View Post
5. For GI, you may also include the spouse and dependents, which drastically reduces the premium as compared to getting individual plans from a Life Insurance company.

However, always remember that you are the master policy holder. You sign on everything and if you kick the bucket earlier, the entire policy will be withdrawn.

It is not an issue to get another policy for the spouse/dependents, provided they are still healthy. If not, it's again another road block.

Watch out if you choose this route if you / your spouse are around retirement age.
If the principal insured dies first and the policy is then withdrawn by the insurer, it may not be at all easy for the dependent spouse to enrol for a new policy if he/she has become older than the permitted age for enrolment (e.g. 60, 65, 70). Once you are over 60 finding a new insurance policy gets increasingly difficult and more expensive with every year that passes.
One way around this problem is for the principal insured to have life insurance that pays out a big sum (or an annual income) to the spouse. Then if the principal insured dies early the spouse will be 'in the money' and can self-insure if necessary rather than re-apply for a new medical insurance policy.

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Last edited by JC3; Nov 23rd 2015 at 12:45 pm.
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Old Nov 24th 2015, 2:40 am
  #55  
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Default Re: MM2H Medical Insurance

Originally Posted by roystevenung View Post
5. For GI, you may also include the spouse and dependents, which drastically reduces the premium
Well, actually in my case it does not, the "Self+Spouse" is more expensive than two separate ones. Because I am in a higher age group than she and they do not care about the spouse age at least if she is younger. But of cause with kids the "Self+Family" reduces the premiums a lot.

About the AIG story, today they called me again after I wrote them e-mail that there are a lot of MM2H people they insure without property. And changed their mind, of cause not saying "yesterday we told you bullshit" but "i reconfirmed with my boss, in your special case we can do this".
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Old Nov 24th 2015, 4:14 am
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Default Re: MM2H Medical Insurance

Originally Posted by David_Yang View Post
Well, actually in my case it does not, the "Self+Spouse" is more expensive than two separate ones. Because I am in a higher age group than she and they do not care about the spouse age at least if she is younger. But of cause with kids the "Self+Family" reduces the premiums a lot.
In that case could you consider to put the medical insurance policy on your wife's name, and consider yourself to be the spouse. That reduces the premiums. Some of the insurance companies accept this.

Originally Posted by David_Yang View Post
About the AIG story, today they called me again after I wrote them e-mail that there are a lot of MM2H people they insure without property. And changed their mind, of cause not saying "yesterday we told you bullshit" but "i reconfirmed with my boss, in your special case we can do this".
This is good to hear.
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Old Nov 24th 2015, 5:52 am
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Default Re: MM2H Medical Insurance

Originally Posted by JC3 View Post
Watch out if you choose this route if you / your spouse are around retirement age.
If the principal insured dies first and the policy is then withdrawn by the insurer, it may not be at all easy for the dependent spouse to enrol for a new policy if he/she has become older than the permitted age for enrolment (e.g. 60, 65, 70). Once you are over 60 finding a new insurance policy gets increasingly difficult and more expensive with every year that passes.
One way around this problem is for the principal insured to have life insurance that pays out a big sum (or an annual income) to the spouse. Then if the principal insured dies early the spouse will be 'in the money' and can self-insure if necessary rather than re-apply for a new medical insurance policy.

JC3
I got a quote for RM500,000 Death / TPD cover @ age 59, its RM730.85/mth.

It isn't cheap either
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Old Nov 24th 2015, 6:50 am
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Default Re: MM2H Medical Insurance

Whatever you get, double or treble the annual and lifetime limit amounts you think you may need. I have just come out of Gleneagles with a new hip, but have used 85% of my annual allowance in just 2 weeks!
Doctor mentioned that I was lucky I hadn't waited, as the price of the "new parts" has just doubled due to exchenge rate changes. Otherwise I might have needed to opt for China copy hip joint. :-)


Quote:
About the AIG story, today they called me again after I wrote them e-mail that there are a lot of MM2H people they insure without property. And changed their mind, of cause not saying "yesterday we told you bullshit" but "i reconfirmed with my boss, in your special case we can do this".

My (not AIG) agent couldnt stop lauging when he heard that.

Last edited by meinkl; Nov 24th 2015 at 6:54 am.
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Old Nov 24th 2015, 7:23 am
  #59  
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Default Re: MM2H Medical Insurance

Originally Posted by roystevenung View Post
I got a quote for RM500,000 Death / TPD cover @ age 59, its RM730.85/mth.

It isn't cheap either
I can believe it. It could be cheaper to stick to life insurance, skip the TPD (total & permanent disability) cover, and buy the insurance in the UK if eligible.

At 59 a similar level of cover (£77,000/RM500,000) would cost from about £38/RM247 a month (10 year term) or £45/RM293 (15 year term).

You can compare UK insurance premiums at Gocompare.com™ - Comparison Made Easier With Defaqto

If you don't want to provide your personal details, just enter a fake email address (such as [email protected]) and any UK postcode (such as Buckingham Palace: SW1A 1AA), and the quotes are shown instantly online.

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Old Nov 24th 2015, 7:45 am
  #60  
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Default Re: MM2H Medical Insurance

Originally Posted by meinkl View Post

Quote:
About the AIG story, today they called me again after I wrote them e-mail that there are a lot of MM2H people they insure without property. And changed their mind, of cause not saying "yesterday we told you bullshit" but "i reconfirmed with my boss, in your special case we can do this".

My (not AIG) agent couldnt stop lauging when he heard that.
Ha Ha. Me too.

Last week I received the following response to a complaint I made to a 5* hotel group in Malaysia (where I have a paid loyalty card), after they had also been somewhat economical with the truth.

Quote:
"...Therefore we cannot extend...we did not extend it in the pass nor will we do it in the future.
Nevertheless, after much discussion with our superior and as good will gesture....management has agreed to provide the extension to smooth flow your room bookings..."


Do you think they went to the same (rubbish) Customer Service school?

Of course the U-turn and muffled apology only came after I explained to them in writing about breach of contract and the potential consequences.

It drives me nuts.

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Last edited by JC3; Nov 24th 2015 at 7:47 am.
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