I didn’t pay enough attention to my medical insurance policy. I wrongly assumed that my already high premium would not and could not increase much more than it already has. It did. Apparently, it can and very possibly will. Again. And, maybe again. It all depends.

I know insurance premiums are not fixed. They increase, usually, in a five-year age band. Middle this year, my husband and I experienced a repricing and an upgrade to our medical premiums. Mine climbed up by RM54 and RM70 respectively. Which is an extra RM124 per month or a whopping RM1,488 per year. These increases are on top of the premiums we are already paying annually.

A worrying fact for a no longer active income generating individual like me. No pensions. Only savings. I signed up for a comprehensive medical insurance policy, that covered critical illnesses and hospitalization, so that I’d have protection as I got older. Without premium swings impinging on my savings.

I’ve had insurance since I was in my early twenties. I started with a car insurance. It was a third-party policy because a comprehensive coverage plus monthly car instalments were too stressful on my piddly salary. Also, the car was an old banger, a Ford Escort Ghia 1.6. I would have walked out of my Ford, uninjured, from any collision. I also bought myself a life insurance. From my sister-in-law’s sister in the 1980’s. My named beneficiary was my mum. I redeemed the policy after 25 years. I no longer needed a life insurance. I also have a household contents insurance, which I refer to as fire insurance. Another fire and building insurance, a requirement for residents of a condominium. And, with time and savings, I now have a nicer car and a comprehensive policy.

As for my medical insurance, I’ve had it for over four decades. To me, it’s an essential protection that people of all ages should have. Ailments do not discriminate between the young and old. Hence, it’s never too early to have a medical policy. I know, first hand, how much hospital/doctors’ fees cost in private hospitals. My mum’s bills from appointments with her cardiologist and pulmonologist were expensive. Even the palliative doctor’s home visits were not cheap. Treatment costs for brother number 1’s lung cancer were high. Without medical insurance, the reliance was on family funds.

What beguiled and beguiles me is how much more medicines cost in private hospitals. My mum’s doctors, on occasion, gave me the option to purchase certain prescription drugs from outside pharmacies. I am also flummoxed by the long list of items and fees associated with a hospital admission. I have had medical procedures, that I would’ve surely avoided, if I could. Again, I was and I’m bewildered at the cost of each item and the number of items on the list. I know I’m being sarky here. I’ve wondered aloud why breathing hospital air was not listed as an item as well. That said, I’m fine with doctors’ consultation fees. They seem reasonable enough. Considering they are specialists, spent years learning their trade, gaining experience and hopefully, proffering accurate diagnosis.

To be fair, I was comfortable with the benefits already offered in my medical insurance policy. Until… the premium repricing and upgrade. Backstory, my insurer sent out a letter on its premium repricing that it planned to implement before June 30. My agent explained, in black and white via WhatsApp exchanges, that there would be no premium repricing imposed if my husband and I opted for an improved/upgraded policy. With better benefits at an additional premium that was only a few ringgits extra. Otherwise, we would have to still pay the repricing with no added benefits to our incumbent policies. The explanation was unusual. Which prompted my husband to comment to the agent, ‘What a peculiar system.’ It wasn’t peculiar. It was wrongly interpreted, and presented to us.

After some discussion with my agent, I was offered two options. I could revert to my previous policy which still required me to pay an added but slightly lower monthly premium with conditions. A higher sustainability age with higher co-insurance. Or lower sustainability age with lower co-insurance. Hmm. What? Exactly. Sustainability age is the age until which I am covered. The co-insurance is a deductible or a fixed amount of upfront money that I have to pay when I seek an approved treatment and/or hospitalization. In my case, I would have to fork out RM1000 (93 years) or RM300 (90 years), and the balance will be borne by the insurer.

Like I said I didn’t pay enough attention to my medical insurance policy. In my defence, policies are long winded and confusing. I relied on my agent a little too much, and I didn’t take notice of what was happening in the local insurance industry. Three strikes. So how?