High Medical Inflation Rate Caused Malaysians have Insufficient Medical Insurance

Do you know how high Malaysia’s medical inflation rates for the past few years are? It’s about 10% to 15% annually! How much is your medical care coverage? RM100,000 or RM200,000?

Image Source: Insurance Choice

Let me show you some examples to get a better picture of how the medical inflation 10% to 15% affecting your medical costs and medical card coverage.

Projection of Medical Costs in Future of 10 years and 20 years:

RM20,000 today would cost RM51,875 after 10 years (inflation rate of 10%)
RM20,000 today would cost RM80,911 after 10 years (inflation rate of 15%)
RM20,000 today would cost RM134,550 after 20 years (inflation rate of 10%)
RM20,000 today would cost RM327,331 after 20 years (inflation rate of 15%)

From the results shown on above, obviously the high medical inflation rates will cause many Malaysians does not afford to fall ill. Because, the expensive yet keep rising medical cost has caused them who have insufficient medical insurance suffer with the hospitalization fees.

Hospitalization and Surgical Insurance (HSI) and Critical Illness Policy

Check and review back your current insurance policy and coverage amount. Does it sufficient enough to cover your future medical costs (touch wood yaa)? Else, you may look into the HSI and Critical Illness Policy to ensure you are covered with sufficient medical insurance. Basically, the HSI will cover hospitalization costs and outpatient treatments whereas the critical illness policy will provide a lump sum amount that can be used flexible up to your own planning and needs.

Hope these could help more Malaysians to be aware about the importance and urgency to look at the insufficient medical insurance coverage issue due to the high medical inflation rates.