MSIG Insurance (Malaysia) has launched a new feature called MSIG PA Add-On: Assisted Living, offering financial support for assisted living under its personal accident (PA) insurance policies.
This is the first time a general insurance company in Malaysia has included coverage for assisted living expenses in a PA product. Previously, such coverage was only available through life insurance plans.
The new add-on provides up to RM5,000 (about $1,141.81) per month for a maximum of 12 months for each injury. The money can be used to pay for nursing care at a registered nursing home, care centre, or in the policyholder’s home by a licensed nurse.
To be eligible for the benefit, a registered medical practitioner must certify that the policyholder cannot perform at least three Activities of Daily Living (ADLs). These include dressing, washing, toileting, mobility, transferring, and feeding. A second assessment is required after six months to confirm if the policyholder still qualifies for the support.
Annual premiums for the add-on start at RM37 (around $8.45). It is available to Malaysians, permanent residents, and work permit holders and their dependents aged 16 to 59. Coverage can be renewed up to age 80, depending on the PA policy held.
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