How to stay financially secure in 2023

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The year ahead is said to be one where Malaysians of all income groups need to stay financially vigilant. Ultimately in 2023, interest rates are set to rise along with inflation, hence we need to reassess our priorities.

Dealing with the rising cost of living isn’t easy, but financial security is the goal here. If you have enough money to comfortably cover your monthly expenses, recover from financial setbacks, and save for rainy days, a recession will be manageable.

Here’s how to stay financially secure during this challenging year, with help from our trusted life partner, Prudential Assurance Malaysia Berhad (Prudential).

1. Make your money work for you

Now that a recession is on the way, we must make the most of our money. One way to do this is to put some of the money that you have now in an inflation-proof investment, but does that even exist?

Yes, it does! The Prudential Medical Booster helps you navigate rising medical cost as its annual limit increases automatically as you age. Did you know that medical inflation in Malaysia is at a 12% high?

Thankfully, regardless of medical inflation, the coverage amount will increase from RM100,000 to RM150,000 every year up to RM15 million without underwriting, even if you have made claims. If you sign up for this plan, you will be financially secure despite increasing medical costs.

2. Smart spending

Spending our hard-earned money wisely means buying only needs. Do you really need to drink an RM20 cup of coffee every day? Just a few sips, and it’s gone. Although it is easy to spend money on simple pleasures, it’s the essentials like medical protection that will keep you afloat.

For example, should you find yourself in need of medical care, the cost could be astronomical. A simple dengue treatment goes up to RM3,000 while something more severe like stroke would cost up to RM75,000.

If you prefer not to spend that kind of money, it’s better to wisely spare a percentage of your income on a Prudential Medical Booster, which can help you out financially. The protection comes with an unlimited number of days for Room & Board and ICU stay, longer pre-hospitalization of up to 90 days and post-hospitalization coverage of up to 365 days. This would go a long way if you need to be hospitalized.

3. Invest in self-care

Taking care of your physical health through a balanced diet, regular exercise and annual check-ups can be seen as an investment in yourself, which can have long-term benefits for your career and financial stability.

It doesn’t cost much to stay healthy, plus with the Prudential Medical Booster, you can get rewarded for staying healthy. It’s a win-win situation.

Prudential’s no-claims benefit encourages preventative care by providing reimbursement of up to RM1,000 yearly for diagnostic tests, vaccinations, medical check-ups, and a subscription to Pulse by Prudential, an AI-powered health and financial well-being fitness programme. The app provides access to exclusive health content, consultation with a dietician, personalized meal plans and professional workout guides.

4. Enhance your health protection

Now, it is not enough to just survive, we should also prepare for unexpected circumstances - health wise.

Prudential wants you to be equipped to protect yourself in the event of future pandemics, hence their medical plans come with Total Pandemic Protection. In case there is another pandemic in the future, you will be able to get covered when you are in need of treatment at a hospital. 

Plus, Prudential’s coverage includes cancer precision medicine which is a form of medical care that uses genomic testing to accurately diagnose your illness and find the treatment that will work best for you. This provides you with more control and confidence to take that first step on your road to recovery and most importantly your medical bills will be covered by Prudential.

5. Have an emergency plan ready

A rule of thumb to manage your finances soundly is to keep at least 6 to 12 months of your expenses for emergency savings.

You will need an emergency fund to cover your medical expenses and loss of income if you are unfit to work due to sickness or accident. 

Thankfully, the Prudential Medical Booster offers high annual coverage with no lifetime limit to help you focus on recovery. Now you will not have to worry about going into debt in the event of unexpected medical costs.

Stay Ahead Of The Curve

Although the future may be challenging, investing in the best medical solutions by Prudential will ultimately help you stay financially secure and live confidently.

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