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GenMedic provides affordable solutions for long-term care THE STATISTICS are eye-opening: according to insurance industry insiders, as of April this year, less than 50% of Malaysians remain uninsured. For Generali Life Insurance Malaysia Berhad chief executive officer Rebecca Tan, the numbers are concerning. With nearly three decades of industry experience, she’s seen firsthand the misconceptions that often leave people uninsured: many assume their employer-provided insurance is enough or believe they don’t need coverage because they’re young, healthy, or single with no dependents.
However, she points out that while employee-provided insurance is a valuable perk, it may not necessarily be comprehensive and only lasts as long as you're employed. When you're young and healthy, it's easy to think that accidents won't happen to you. Illnesses too, adds Tan, seem like a distant concern, especially for those who lead healthy lifestyles.
“But then again, I always say – you cannot time accidents, and you cannot time illness, regardless how healthy you are,” she warns. Insurance, in essence, works as a crucial safety net that provides financial security against unexpected events like accidents and illnesses. The harsh reality? Individuals and families risk draining their savings and jeopardising their financial future without it.
Of medicine and money According to the latest report from the Malaysia National Health Accounts (MNHA), private household out-of-pocket (OOP) healthcare expenditures soared to RM29.3mil in 2022. This staggering figure highlights the rising costs of medical care.
“Malaysia’s medical inflation is growing, with rates climbing from 10% to 12.6%,” says Tan in reference to the AON Global Medical Report 2023. She explains that this surge is fueled by several factors, including longer life expectancy, advancements in medical technology, higher demand for medical services, and the growing impact of unhealthy lifestyles.
The 2023 National Health and Morbidity Survey (NHMS) reveals that around 2.3 million Malaysian adults are living with non-communicable diseases (NCDs), such as heart attacks, strokes, and diabetes. Alarmingly, many individuals aged 18 to 39 remain unaware of their NCD status.
GenMedic was designed to address some of the challenges of escalating medical costs in the country. “There is a general perception that public healthcare services in Malaysia are sufficient, leading many to believe that they do not need additional insurance,” says Tan, who acknowledges that the Malaysian healthcare system is top notch. However, while public healthcare is accessible and affordable, she points out that it may not always meet every medical need or provide the level of urgency some individuals desire in care.
“Some treatments can be planned ahead of time. But other health issues need immediate attention and that's why it's so important for patients to have access to private healthcare without worrying about the cost. That’s where insurance comes in,” she notes.
Additionally, public clinics make up 28% of primary healthcare facilities but handle a dizzying 64% of outpatient visits, highlighting the strain on resources within the public system*. Given these challenges, Tan emphasises that Generali Life Insurance Malaysia Berhad recognised a clear need for a product that could address the growing demand for enhanced medical care. Policy for the people GenMedic, launched by Generali Life Insurance Malaysia Berhad in Sept this year, is their first medical insurance product designed to meet the challenges of Malaysia’s evolving healthcare needs.
It offers an impressive lifelong annual limit of up to RM8mil. The figure may seem excessive, but the insurers see it as planning for long-term care. "In the event, if you didn’t have a medical insurance coverage and seek a new plan, a pre-existing condition may complicate obtaining medical coverage or lead to higher premiums," explains Tan, noting that GenMedic offers coverage up to age 80, with guaranteed renewable up to age 100.
To tackle concerns about insurance affordability, GenMedic features a co-payment plan that aligns with their financial budget. “Plans with co-payment features can lower premiums by up to 25%, making the plan a good choice for those seeking better medical coverage at a reduced cost,” she shares. Insurance provides a financial safety net for life’s unexpected moments, helping you manage risks and avoid hefty costs from emergencies like health issues or accidents.
A key highlight of GenMedic is its comprehensive cancer coverage. This follows the concerning rise in cancer diagnoses among adults under the age of 50 in Malaysia. GenMedic goes the extra mile, offering a range of cancer coverage that includes out-patient treatments like radiotherapy, chemotherapy, targeted therapy, hormonal therapy or immunotherapy.
A standout feature is the access to up to RM30,000 for genomic cancer test and treatment over a person's lifetime, as understanding your genetic makeup can be a game changer for treatment options. Additionally, the plan also covers treatments received from traditional and complementary medicine centres for cancer and stroke. Insurance matters As Malaysians face the harsh realities of escalating healthcare costs and a rising incidence of non-communicable diseases and cancer, the necessity of having insurance becomes increasingly clear.
GenMedic stands out as a timely solution, offering affordable, comprehensive coverage options designed to meet the diverse needs of individuals and families. By prioritising health protection and financial security, the medical protection plan is empowering Malaysians to tackle unforeseen medical challenges without the overwhelming burden of debt. As Tan succinctly puts it: “GenMedic was designed as a long-term, sustainable product – one that caters to various stages of life and age advancements, all while ensuring that the premium is affordable.
” To find out more about GenMedic, visit https://www.generali.com.
my/genmedic-health-protection-for-all * Health Ministry (MOH) Health White Paper for Malaysia 2023.
