Senior citizens severely hit by increase in insurance premiums, says Fomca

Senior citizens severely hit by increase in insurance premiums, says Fomca - Hello loyal readers FeedGoogle, In the article you are reading this time with the title Senior citizens severely hit by increase in insurance premiums, says Fomca, We have prepared this article well for you to read and take information in it. hopefully the contents of the post Article Malaysians, what we write you can understand. Alright, happy reading.

The Federation of Malaysian Consumers Associations wants Bank Negara Malaysia to step in and control insurance companies from increasing their premiums. (Bernama pic)PETALING JAYA: A consumer group said senior citizens have been severely affected by the sharp increase in their medical premiums, based on a recent survey it carried out.And now the Federation of Malaysian Consumers Associations (Fomca) wants Bank Negara Malaysia to step in to protect the community.Its secretary-general, Paul Selvaraj, said senior citizens relied on their savings to meet their daily expenses.And very often, he said, their primary savings are from their Employees Provident Fund (EPF). Yet, data shows that over 50% of EPF contributors aged above 54 have savings of below RM50,000, while 67% of contributors do not have a minimum of RM240,000.To compound matters, Selvaraj said the cost of living, especi…