KUALA LUMPUR, Dec 20 (Bernama) -- The implementation of interim measures to alleviate the impact of premium adjustments for medical and health insurance/takaful (MHIT) products will be monitored continuously to ensure their effectiveness, according to Deputy Finance Minister Lim Hui Ying.
She said that at the same time, long-term reforms will be expedited to address the medical cost inflation in totality, ensuring MHIT products are provided sustainably and meet the people’s needs.
“These interim measures (announced by Bank Negara Malaysia today) reflect the collective effort of the government, insurance and takaful industry, and healthcare sector to ensure MHIT policyholders continue to receive sustainable and affordable protection,” Lim said in a statement.
She called on all stakeholders to continue giving their support and cooperation in the effort to contain medical cost inflation and ensure the health of Malaysians are prioritised.
Among the interim measures announced is the spreading out of premium increases arising from medical claims inflation over a minimum of three years for all policyholders affected by the repricing. This measure, which will be in place from 2024 to 2026, will benefit about 80 per cent of policyholders.
Furthermore, policyholders aged 60 years and above who are covered under the minimum plan within the MHIT product that they purchased will enjoy a one-year pause in premium increase.
As an additional measure, the government, together with insurers and takaful operators (ITOs) and private hospitals, will contribute RM60 million to accelerate health reforms, including the implementation of diagnosis-related group payment model to enhance healthcare cost efficiency.
“I believe that these interim measures, including the postponement of premium adjustments for senior citizens, introduction of alternative (MHIT) products that are more affordable and spreading out of premium adjustments, will offer relief to the people while a long-term solution is being formulated,” Lim added.
-- BERNAMA
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