KUALA LUMPUR, Jan 23 (Bernama) -- The insurance and takaful industry has published a Reference Guide on Price Ranges for Common Private Healthcare Services in Malaysia to enhance cost visibility and transparency for the public.
The guide, publicly accessible on the respective association websites since Jan 22, is a joint initiative by the Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA) and General Insurance Association of Malaysia (PIAM).
It forms part of the RESET strategy under the Joint Ministerial Committee on Private Healthcare Costs (JMCPHC), aimed at addressing medical claims inflation and promoting sustainable healthcare financing.
In a joint statement today, the associations said the guide provides an overview of indicative price ranges typically charged by private healthcare providers for common services based on insurance and takaful claims data for 2024.
"It is intended as an informational resource to help consumers better understand common healthcare costs, facilitate more informed discussions with healthcare providers and plan for potential out-of-pocket costs," the statement said.
It said the industry emphasised that the published price ranges do not represent fixed or recommended prices, as actual charges may vary depending on factors such as the patient’s medical condition, complexity of treatment and provider practices.
LIAM chief executive officer Mark O’Dell said the publication reflects the industry’s broader commitment to transparency and consumer education.
“By providing indicative price ranges, we aim to empower policyholders with better cost visibility to support informed healthcare and financial planning decisions, while recognising that actual charges may vary based on individual conditions,” he said.
MTA chief executive officer Mohd Radzuan Mohamed said: "Cost transparency is not about controlling prices, but about building shared understanding among patients, providers and payers so that healthcare remains accessible and takaful protection remains sustainable for the long term.”
PIAM chief executive officer Chua Kim Soon said indicative medical pricing ranges can reduce the financial anxiety of consumers as it provides a clearer visibility of potential treatment costs upfront.
"This empowers consumers to make informed decisions and engage more actively in discussions about their care. It is one of the several initiatives by the insurance industry to raise medical cost awareness and support a sustainable healthcare system for Malaysians," he said.
The public can access the reference guide via the official websites of LIAM, MTA and PIAM at https://www.liam.org.my/about/healthcare/index.html ; https://takaful4all.org/ms/inforesources/mhit/ ; https://piam.org.my/news-media/explore-connect/knowledge-zone/publicationof-common-healthcare-services/
-- BERNAMA
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