Recently, financial planning experts at a Bar Council forum urged Malaysians to plan early for ageing and set up a “Plan B”, including buying healthcare insurance while younger.
They also warn that Malaysians should be careful if they are using a Power of Attorney to prepare for their daily care or financial needs, since it can be revoked if they become mentally incapacitated.
Experts also suggested Malaysia explore long-term care insurance, as seen in Japan and the Netherlands, with the 13th Malaysia Plan mentioning this as a possible future policy direction.
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