PRUDENTIAL LAUNCHES PRUMILLION MED ACTIVE TO CUT MEDICAL INSURANCE COSTS

KUALA LUMPUR, July 15 (Bernama) -- Prudential Assurance Malaysia Berhad (PAMB) has introduced PRUMillion Med Active, aimed at empowering customers to reduce their medical insurance costs through healthy living and smart choices while maintaining full protection without compromise.

Its chief financial officer, Ankur Bassi said in a statement that PRUMillion Med Active puts customers in control of their medical insurance costs, rewarding them upfront with the ability to pay less when no claims are made, all without any changes to the scope of their coverage.

He mentioned that the product offers comprehensive protection, including genomic testing to determine suitable treatments when diagnosed with cancer, as well as treatment for follow-up care, while the Active Booster rewards customers with up to RM1,000 per year for preventative care when no claims are made.

“Offered to 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 a yearly discount on medical insurance charges starting from the first year when no claims are made.

“At the same time, customers still receive 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 choosing a cost-effective healthcare provider without compromising quality,” he said.

With rising medical costs impacting the cost of medical insurance, prudent utilisation of insurance coverage can help maintain comprehensive coverage at an affordable fee, Bassi said.

“By incentivising customers to maintain a healthier lifestyle that can reduce their medical treatment needs, we not only enable them to enjoy a lower cost of medical insurance but also contribute to a more sustainable insurance and healthcare ecosystem,” he added.

Meanwhile, PAMB chief customer officer Mily Liang said that medical cost inflation in Malaysia has surged, surpassing the global average, driven by rising hospital supplies, drug prices, advanced medical technologies and increased health service usage.

She said the company has observed an uptick in the incidence of common non-communicable diseases (NCDs) in recent years, even among younger policyholders, alongside a rise in medical insurance payouts, which grew 23 per cent 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 bill claims submitted by policyholders, including a 25 per cent increase for heart disease, 18 per cent increase for chronic diseases, a 16 per cent increase for breast cancer, and even a 10 per cent 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, which is already impacted by the overall rise in cost-of-living expenses,” she said.

Those who wish to know more about PRUMillion Med Active can visit the following link: https://www.prudential.com.my/en/products-riders/prumillion-med-active/. 

-- BERNAMA