WHILE advancements in medical technologies have improved survival rate among patients with critical illnesses, post-treatment recovery processes often take a toll on survivors’ finances.
This could subsequently lead to emotional and psychosocial distress, say experts.
Speaking at a media forum, Allianz Life Malaysia chief executive officer Giulo Slavich said the cost of critical illnesses extended beyond treatment and medication bills.
He said these included various unseen costs such as reduced income from time away from work, follow-up care, home modifications and hiring caregivers, particularly for patients recovering from critical illnesses such as cancer, stroke or heart attack.
As these illnesses become increasingly prevalent, Allianz Life Insurance Malaysia has rolled out its HealthCover Prime scheme, a critical illness solution designed to provide Malaysians with stronger financial protection against long-term impact of serious health conditions.
Slavich said the scheme covered 162 health conditions across 77 categories.
He said for cancer patients in early or intermediate stage, HealthCover Prime would pay 50% of the insured amount, while 100% of the insured amount would be paid to the insured patient in the advanced stage to support them.
“The insured amount ranges from RM20,000 to RM650,000, with coverage provided up to 100 years old,” he said during the forum titled “Beyond Survival: The Journey from Setback to Comeback”.
Allianz Life chief product officer Ooi Haw Yun said HealthCover Prime stood out among the critical illness schemes in the market by covering recurring illnesses.
“The scheme also covers gender-specific illnesses, such as breast cancer and prostate cancer, with up to a 200% payout upon diagnosis.”
Slavich also announced the Discover Health feature on the MyAllianz app, which includes functions such as making appointments for health screening, medical consultations, physiotherapy and rehabilitation, as well as a step tracker and body mass index calculator.
He expressed hope for stronger public awareness regarding critical illness coverage through these products.
“Take action to ensure you have sufficient coverage as early as possible,” he added.
Also speaking at the forum were Allianz Life chief operating officer and chief claims and health solutions officer Tammy Lee, and National Cancer Society of Malaysia (NCSM) managing director Prof Dr Muralitharan Munisamy.
Lee urged Malaysians to ensure they were financially prepared to face critical illnesses, as these treatments incurred high costs.
“Additionally, some drugs used to treat these diseases may come with side effects, whether short-term or long-term.
“The follow-up consultations after the treatment will also cost money.
“Hence, having sufficient coverage is very important.”
Prof Muralitharan urged Malaysians to adopt a healthy lifestyle to reduce the risk of developing critical illnesses.
“Diet plays an important role.
“People are now eating more processed food than before, which could contribute to cancer.
“The people must also acknowledge that they are not automatically free from the risk of developing cancer if they do not have a family history of cancer, and that critical illnesses are becoming more prevalent among young people,” he added.
