Healthcare costs for senior citizens in Malaysia are sharply increasing every single year. After retirement, the sudden drop in monthly income often forces many individuals to cancel their increasingly expensive commercial insurance policies. Therefore, the suitability of MediAsas for retirees is now a hot topic for those seeking affordable medical security.
In the face of this living cost crisis, the launch of the basic MediAsas protection scheme offers a ray of hope. With its significantly cheaper price tag, can it truly serve as the ultimate medical solution for retirees? Let us carefully examine its benefits and challenges.
The Advantage of Senior Annual Limits
The main attraction of the MediAsas plan (specifically the Teras plan) is its coverage limit adjustment designed to support the aging phase. Automatically, a policyholder’s annual limit will increase from RM100,000 to RM150,000 once they reach 60 years of age. This drastic increase is highly relevant to cover the rising treatment risks that come with old age.
Furthermore, the monthly premium starting as low as RM65 makes it an incredibly affordable protection option. This stable pricing brings immense relief to retirees who must carefully plan their expenses using limited pension funds.
The Critical Issue: Pre-Existing Conditions
However, the biggest challenge for the approval of MediAsas for retirees is the strict pre-existing conditions policy. Just like other commercial insurance policies, this scheme will not cover any treatment costs for chronic illnesses that were present before enrollment.
Considering that the majority of senior citizens already have medical records for conditions like diabetes or high blood pressure, any claims related to these illnesses will be rejected. Therefore, in reality, this plan is targeted primarily at soon-to-be retirees or seniors who are still physically healthy.
Deductible Increases at Age 61
To balance the annual limit increase to RM150,000, the policy’s co-payment system is also revised as you age. Starting at age 61, the deductible rate (upfront out-of-pocket payment) for ward admissions will increase from RM500 to RM1,000 per registration.
Consequently, retirees must ensure they always have sufficient emergency cash funds available. You are highly recommended to maintain a cash savings of at least RM2,000 in the bank to comfortably cover these deductible costs during emergencies.
Quick Comparison: Retiree Insurance Options
Coverage Feature
MediAsas Teras Plan (Retiree)
Standard Private Medical Card
Premium Rate
Very low and affordable
Very high (increases drastically with age)
Annual Limit
RM150,000 (Starting at age 60)
RM500,000 to over RM1 Million
Pre-Existing Conditions
Strictly excluded
Strictly excluded
Deductible Rate
RM1,000 per ward admission (Age 61+)
Flexible (Zero deductible options exist)
Payment Mode
Can use EPF Account Sejahtera balance
Cash, Credit Card, Auto-Debit
How Bjak Helps You
The process of finding medical insurance during your golden years should not complicate your life or burden your emotions. The Bjak digital platform makes it incredibly easy for retirees and family members to transparently check the most suitable health policy options.
On Bjak.my, you are completely free to compare various medical packages from a list of the nation’s leading insurance companies. You can quickly analyze the differences in premium prices and deductible conditions before making any financial commitment.
Conclusion
In short, the MediAsas scheme is an exceptionally good protection alternative for retirees who are still healthy. It guarantees basic, inflation-proof protection at a very affordable monthly rate.
However, it might not be a magical solution if you are already tied down by chronic illness complications. Honestly evaluate your personal health profile, and compare the most secure old-age protection plans at Bjak.my today!
Can I use my EPF balance after retirement to pay the premium?
Yes, you can still use the i-Lindung facility. As long as you have not withdrawn your entire retirement contribution and still maintain a balance in your Account Sejahtera, automatic deductions can continue.
Does this plan have a maximum entry age limit?
The MediAsas scheme allows new applications and enrollment until the applicant is 70 years old. Subsequently, the coverage will continue until the policyholder reaches 85 years of age.
Is a medical check-up mandatory before approving a retiree?
The approval process usually relies on your honest health declaration (Utmost Good Faith). However, the insurance company reserves the right to request a full medical check-up if your past records are doubtful.
Nabil Farhan· · 3 min read
