Bank Negara offers tips to avoid healthcare insurance becoming too expensive for Malaysians
Friday, 03 Apr 2020 11:05 AM MYTBank Negara said Malaysians today live longer and have access to better and more advanced medical care. — AFP pic
BNM noted that claims in Malaysia for medical and health insurance and takaful grew by 11.6 per cent a year between 2016 and 2019, adding that this has increased pressure on the insurance providers as the rising claims have continued to outstrip the increase in insurance premiums paid by customers. “There are anecdotal accounts of healthcare providers who engage in price differentiation, charging higher if a patient is insured.
“In the long run, this makes MHI policies for all policyholders less affordable, and increases the prospects of some higher risk groups being excluded from access to medical insurance,” the bank said. But BNM said “deep reforms” are needed as lasting solutions to ensure medical and healthcare insurance protection remains sustainable, adding that patients will be able to make better decisions if standard prices for medical procedures are made publicly available.
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