Life Engineering: Crowd-sharing your medical bills

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The Life Engineering crowd sharing app is developed to raise funds for medical fees and is a viable alternative to traditional medical funding.

By Priya Rama

There is a new term in the market today – crowd sharing. While most of us are familiar with crowd-funding, crowd sharing is indeed something new.

Crowd-sharing is about tapping into people’s power; where a community of like-minded people who are worried about a particular issue, pool their funds and resources together to solve the issue.

This is what Life Engineering has tapped into. Life Engineering is a crowd sharing app developed to raise funds for medical fees.

With the rate of medical inflation projected to be between 10% and 15% annually, healthcare is becoming increasingly burdensome for Malaysians. This escalating medical fees cause medical insurance premiums to rise, further compounding the distress.

Seeing the opportunity to fill the gap, Life Engineering launched its crowd sharing app, which seeks to provide an alternative for Malaysians.

This scheme secures future funding for members’ medical treatments through a crowd sharing solution, which they can now subscribe to.

How it works?

Currently, the Life Engineering app is the only known app specifically developed for the crowd sharing of medical bills. The inspiration behind the app is to provide a viable alternative to traditional medical funding options i.e. self-pay, insurance and charity.

Subscribers, known as ‘sharers’ of Life Engineering, join the community by paying an annual participation fee of RM100 and depositing RM100 into a crowd sharing fund pool managed by TMF Group, an international financial and administrative services provider who has been appointed as external trustee.

Should a sharer require treatment at any panel hospital, the sharer only needs to present their virtual ID in the app to the hospital for admission and/or treatment.

The admission request will be promptly reviewed for approval by Eximius Medical Administration Solutions Sdn. Bhd. (EMAS), the appointed Professional Medical Auditor (PMA).

When discharged, Life Engineering will pay the medical bills, and sharers do not have to pay out of their own pockets. Life Engineering will then be reimbursed from the pooled fund managed by TMF Group.

Economies of scale also play a role in the mechanics of the app: the greater the number of sharers, the smaller the contribution per sharer. The contribution will vary from month to month, depending on the total medical bills paid and the number of sharers there are in the preceding month.

The contribution is capped at a maximum of RM50 per sharer per month, which means that the maximum possible contribution in a year is RM600.

Get ready for the upcoming financial winter

Gideon Leong, Founder of Life Engineering said, “Life Engineering aims to reshape the medical ecosystem by breaking the mould of wealth equating good healthcare. Medical costs have risen significantly in recent times and it puts an additional strain on people who suffered mishaps.

“The app was born out of the desire to help alleviate the financial burden of Malaysians in their medical care. We want people to have access to affordable medical treatment that would otherwise be difficult for them to afford,” he explained.

Besides administrating the crowd sharing among the sharers, Life Engineering plans to create better awareness of various illnesses vis-a-vis their respective treatments via social media and animated videos.

This is an educational effort targeted to manage the escalating medical costs through better awareness on the right treatments. It plans to work with EMAS and respective foundations or associations to create the educational program.

Who can participate?

Life Engineering targets to sign up 20,000 sharers by December 2017. In the run up to the launch, the company successfully raised RM1,000,000 for Operating Expenses; and it is in the process of raising another RM1,500,000.

Currently, only Malaysian citizens are eligible to sign up for the app to become a sharer and treatments are valid at panel hospitals in Malaysia.

Participation in the programme is open to those aged between 8 and 40-years-old. This is done in order to build a strong foundation, which will allow expansion of the age group in three to six months’ time.

Benefits

At present, there are 86 private hospitals and 135 public hospitals throughout Malaysia in the panel, including specialist centres, namely Pantai Hospital, Gleneagles, KPJ, National Heart Institute of Malaysia (IJN) and Tun Hussein Onn National Eye Hospital.

Among the coverage, benefits and terms are:

  • Inpatient treatment and day surgery
  • No annual or lifetime limits
  • 4 bedded room or RM150 per day
  • Bereavement payment
  • Compassionate good sharing, where certain matters outside of the coverage and benefits are being paid for voluntarily by members
  • Education on a healthy lifestyle resulting in lower medical costs
  • Smokers pay up to 1.2 times more than the usual premium due to health risks

If you wish to sign up for the scheme, you can do so by downloading the Life Engineering app from Google Play and the Apple App Store (which has yet to go live). The first 2,000 registrants will have the RM100 annual fee waived for life!

To learn more, visit www.lifeengineering.com.my

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