I am fine today. Continue from yesterday…
But when we received the renewal notice for year 2008, we were shocked to know the amount that we need to pay is now RM1,128.00 :-( The reason for this big increment is because the company no longer covers the children for free. They imposed an annual premium of RM96 for each child, and since I have four children, I need to pay an extra amount of RM384.00 next year :-( This translated to an incredible 52% premium jump and compared to the time when we first subscribed to the policy, this is a 91.8% premium hike :-(
Apart from this, they also imposed a 10% co-insurance subject to a maximum out of pocket of RM1,000.00 per claim. Not only this, no claim can be made if the amount is RM200.00 and below.
Certainly, the benefits are greatly degraded! Unfortunately, unlike the bread loaf, there is no way of finding a do-it-yourself (DIY) alternative to reduce this premium cost, and given my poor medical history record, it is extremely difficult for me to get another policy with good premium.
Therefore, we have to stick to this policy whether we like it or not. I claimed quite heavily from this policy due to my sickness, and comparing the amount that I had claimed with the premium that I have to pay next year, we still gain (untung) a lot :-) Besides, we can see the paying of premium as a way to support the group fund to support those who are in needs :-) Positive thinking again!
However, the only thing that worries me is the tendency of current policy holders pulling out from the group due to the premium hike especially for those who have many children. If this happens, the performance of the group fund will be affected and then the company might need to raise the premium again :-( I hope this would never happen.
See you next post :-)
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