AIA PUBLIC Takaful Bhd has projected the cost of cancer treatment could hit over RM2 mil by 2035, considering that the medical inflation rate is increasing by between 10% and 15% annually.
In a statement today, chief executive officer Elmie Aman Najas said over the years, medical costs in Malaysia had increased by 13.1%, mainly due to the availability and adoption of new medical technologies and equipment.
Citing the National Health and Morbidity Survey 2019 (NHMS 2019), AIA PUBLIC Takaful said 1.7 million people in Malaysia live with three major risk factors, namely diabetes, hypertension, and high blood pressure.
The survey also revealed that 46% of Malaysian adults do not have any form of supplementary financial coverage for their healthcare needs, and that only 22% have some form of personal health insurance.
“A majority of the people in the country (81%) use their income to pay for health services, while about 36% use their savings, and about 11% of them borrow from family and friends,” AIA PUBLIC Takaful quoted the survey as saying.
Commenting on that, Elmie said the lack of awareness on having insurance and takaful protection, let alone proper coverage, is a cause for concern.
According to him, critical illness is seldom at the forefront of people’s minds due to their non-communicable nature, or associating it as a condition that comes with age.
“The current pandemic, however, gives us a glimpse into the nature of critical illness — it is unforeseen, can happen to anyone regardless of age, and may impact us financially as the advancement in treatment and medication often incur greater than average medical costs.
“Hence, it is crucial for a person to not only obtain adequate medical coverage but to further enhance their protection with comprehensive critical illness plan for a complete peace of mind,” he said.
Elmie emphasised that it is never too early for one to be prepared, and as a takaful provider, AIA PUBLIC Takaful would continue to play its part in responding to its customers’ concerns and addressing their takaful protection needs.
Among the products offered by AIA PUBLIC Takaful is its award-winning cancer protection plan – A-Life Cancer360-i, which provides coverage from the early stages of cancer to the more advanced stages, up to age 80, and offers high protection with a minimum coverage amount of RM50,000.
Meanwhile, AIA PUBLIC Takaful is running a special campaign for new and existing customers from Jan 1 to Feb 14, 2021 to drive greater awareness on the importance of critical illness protection.
Under the campaign, the takaful provider said customers who participate in A-Life Ikhtiar, its family takaful plan, and attach the A-Plus CriticalCare-i critical illness rider, as well as signs-up to become an AIA Vitality member will receive a Fitbit Inspire two device worth RM498, subject to campaign terms and conditions. – Jan 5, 2021.
