save malaysia!
Higher premiums for medical insurance: Government urged to intervene By Datuk Ir. Lawrene Low
savemalaysia
Publish date: Sat, 07 Dec 2024, 07:00 AM
VIA Bank Negara Malaysia (BNM), the government is urged to intervene on the hefty spike in medical insurance premiums of up to 70% next year as announced by the Life Insurance Association of Malaysia (LIAM).
A detailed investigation is warranted given claims by insurance companies attributing these premium jumps to a sudden rise in medical costs.
Despite the government’s request to review the price hike, some insurance companies remain determined to significantly raise premiums under the pretext of medical cost inflation, causing premiums for many policyholders to double.
As a result, many policyholders can ill-afford these high costs and are forced to cancel their insurance coverage.
This is not just an issue of premium hikes; it exposes the deep-rooted flaws in the national healthcare and insurance systems. It is thus incumbent on the government to take a stronger stance.
MCA urges BNM to thoroughly investigate the pricing strategies of insurance companies to ensure that any price flights are based on transparent and reasonable cost analysis, and not exploitatively cite inflation as an excuse.
The Health Ministry must also strengthen its monitoring of medical costs in private hospitals to prevent these cost burdens from being passed on to policyholders.
We cannot allow a situation where people are deprived of medical treatment due to soaring insurance premiums. If the government fails to address this dilemma, this vicious cycle will further erode the public’s trust in the national insurance system.
Medical insurance coverage is a key pillar to the sustainability of our citizens’ well-being. No one should exploit this issue for personal gain. Therefore, the government needs to intervene immediately. – Dec 6, 2024
Datuk Ir. Lawrene Low is the MCA vice president.
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.
https://focusmalaysia.my/higher-premiums-for-medical-insurance-government-urged-to-intervene/
More articles on save malaysia!
Ringgit closes out 2024 as top performer among major Asian currencies
Created by savemalaysia | Dec 31, 2024
2025: Sarawak to move forward with renewed enthusiasm — Abang Jo
Created by savemalaysia | Dec 31, 2024
EC names chief secretary to govt Shamsul Azri as new chairman
Created by savemalaysia | Dec 31, 2024
Federal government prioritises Kelantan development, ECRL completion by 2027
Created by savemalaysia | Dec 31, 2024
Discussions
Be the first to like this. Showing 27 of 27 comments
It is high time BNM introduce a No-Claim-Bonus (NCB) for medical insurance just like the NCB for car insurance. Both my wife and I have been paying medical insurance of about RM 9.0K per year for the past 12 years. This year we received notice of hefty premium increase which I feel is highly unreasonable especially when we have not make any insurance claims so far, both of us are in the early 70's and retired.
1 month ago
that how it works....when young they push u to buy...when in 70s, they push u out.
1 month ago
@gjcgoh, you are absolutely right. We are like "fools" paying for others' sickness and medical bills all these years. Those who have been claiming for their medical bills should be the ones quietly paying for higher premiums, definitely not us again!!!
1 month ago
“qqq47660 > that how it works....when young they push u to buy...when in 70s, they push u out.”
Well said, give you a like. Now feels “tricked” when bought 4 endowment policies years back. Luckily, 2 policies matured and still servicing only the remainder. Bought a medical policy few years back, the renewal premium with additional 2k..juggling what to reduce, only go for basic without irrelevant riders attached. Will follow any news of government intervention.
*Look Good Then, Pain in the Neck now*
1 month ago
Investigate all private hospitals increasing charges every year. That’s why insurance companies have to increase their premiums because of the greedy private hospitals laaaaa.
1 month ago
Nowadays if not enough Rm, can die at home, private hospital not welcoming no money individuals laaaa
1 month ago
Yes, from my experience it is private hospital that are more greedy and needs to be monitored regulated.
1 month ago
Laser treatment for slip disc 28000 rgt....
Soon Malaysia will be like America which spends 20% of GDP on healthcare without good results to show
1 month ago
Warren buffet calls America health care cost like a worm which eats everything away
1 month ago
Hospital charges increased
Then Insurance Medical premiums increased
Then Burial services increased.
All three cousins are related wehhhh.
1 month ago
After cvid19, many cases of DEATH OCCURRED. WHO forced Vacs must also be investigated to pay for increasing Deaths. I will never forget about that.
1 month ago
In 2024, the estimated costs for medical services, insurance premiums, and burial services in Malaysia are as follows:
Medical Services: Average costs for major surgeries can range from RM25,000 (knee replacement) to RM80,000 (heart bypass) in private hospitals。
Medical Insurance Premiums: Annual premiums for comprehensive health insurance can vary widely, averaging around RM1,500 to RM3,000 depending on coverage。
Burial Services: Typical burial costs range from RM5,000 to RM15,000。
Overall, individuals may need approximately RM31,500 to RM98,000 for these combined services in 2024.
Let’s say 20 million msian pay average Rm 64,750 for the 3 cousins services above… the total revenue is Rm1,295,000,000,000。
= Rm 1.295 trillions
1 month ago
Health is Rm1,295,000,000,000。 business if you add up all the Threes Cousins charges above.
Nobody escapes the grip of Hospital & Insurance and the Burial Services… 🤮🤮🤮
1 month ago
Malaysia National Government Debt reached 300.7 USD bn in Sep 2024, compared with 260.3 USD bn in the previous quarter.
https://www.ceicdata.com/en/indicator/malaysia/national-government-debt#:~:text=Malaysia%20National%20Government%20Debt%20reached,bn%20in%20the%20previous%20quarter.
1 month ago
Last time I went to a specialist hospital for ear infection. After that, they charged me RM600, assuming I have insurance. But I told them, I claim under benefits from company only. Then they revised it to RM200...??? Yes, I agree, the charges issued by hospital need to be monitored and regulated.
1 month ago
Laser treatment for slip disc 36000 rgt for insurance claims. ....3 nights stay with non invasive procedure. according to my research, at basic level it can be as simple as next day can get back to work. but they blow up the whole thing so they can charge 36,000.
1 month ago
Private hospital is very greedy if u have insurance coverage for payment。E.g. Cataract surgery if personal cash pay ment =RM2,000 per one eye cataract surgery but if you pay using insurance coverage the charges are RM6,000。 So Kanasai this private hospital. That's why insurance company increases premiums for medical insurance card. Can't blame insurance company laa。
1 month ago
Yes can't blame insurance company....but which ministry supposed to regulate the behaviour of private hospitals?
1 month ago
Posted by qqq47660 > Dec 10, 2024 6:14 PM | Report Abuse
Yes can't blame insurance company....but which ministry supposed to regulate the behaviour of private hospitals?
?
KPDNHEP
I think …
1 month ago
"Posted by Income > 9 hours ago | Report Abuse
Posted by qqq47660 > Dec 10, 2024 6:14 PM | Report Abuse
Yes can't blame insurance company....but which ministry supposed to regulate the behaviour of private hospitals?
?
KPDNHEP
I think …"
==================================
On the surface it may seem transparent and accessible.
However, get ready to prepare truck loads of evidence by yourself before making the complaint. There are layers which you need to surpass before you actually reach the responsible ministry. So much for transparency. It exist for compliance sake and does not function as expected. Just like Chinese products, looks good but fragile.
1 month ago
Medical ins is a lottery games for middle class. Poor has no money to play. Rich not interested bcos sum insured too little. Some people win some people lost. Hospital , doctor , agent are always winner. Loser majority are buyers (measured in monetary sum).
Most important buying ins within your mean, not overburden yourself!
1 month ago
Post a Comment
Featured Posts
Latest Videos
Apps
Top Articles
1
Good Articles to Share
2
Good Articles to Share
Thousands help at huge Los Angeles wildfire donation center | REUTERS
3
Good Articles to Share
4
Good Articles to Share
5
Good Articles to Share
6
Good Articles to Share
Californians can't find hotels, let alone rentals, realtor Jason Oppenheim says
7
Good Articles to Share
Earnings expectations and sectors that could see 'decent growth'
8
Good Articles to Share
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
DickyMe
It is about time insurance companies hike their medical premium.
Medical benefit is abused. Private hospitals are raking in plenty of money. Suckers are companies which are compelled to provide such benefits even though they bleed. GLCs. are the biggest abusers of this benefit. It is high time Human Resource investigate all the benefits forced upon private sector.
1 month ago