I RECENTLY received notice from my insurance company informing me that the premium for my medical insurance will be increased by almost RM300 effective this November. That is a whooping 15% increase from the current amount I am paying!
The insurance company cited the increase in the cost of diagnosis and medical treatment and healthcare services as reasons for the hike.
I am disappointed and taken aback by the company’s abrupt and unilateral action in increasing the premium of existing policyholders! Insurance companies would have taken into account all these factors when they computed the premium before presenting it to potential customers. We rely on the information presented by the insurance companies to determine our affordability before buying the insurance package.
I have been dutifully paying the premium for the last eight years. Such unilateral action by the insurance company is most unfair to the existing policyholders.
Also, I am compelled to pay more for the premium while my insured amount remains the same! Is the insurance company justified in increasing the premium while its responsibility and ceiling of payments to hospital/doctors remains unchanged?
I urge the insurance company to revert to the existing premium as agreed when the insurance policy was purchased.
I also hope the relevant authorities will look into this matter and stop insurance companies from increasing the premium of existing policyholders.