Malaysia's financial regulator Bank Negara Malaysia (BNM) in collaboration with the ministry of health and the Employees Provident Fund will develop a basic health insurance and also takaful products that will provide value-based healthcare.
Country’s deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi in a statement said, “This initiative is part of the national health sector reform effort that needs to be implemented immediately to ensure access to more sustainable medical treatment for our people.”
The increase in medical cost inflation in Malaysia has caused a continuous increase in health insurance and takaful claims. This was discussed at a recent meeting of National Cost of Living Action Council executive committee.
The meeting discussed several measures to curb the increase in medical inflation and health insurance and takaful premiums, including the distribution of premium adjustment rates, deferral of premium adjustments, reactivation and provision of alternative products.
Health minister Mr Zahid said the national health sector reform initiative also needs to be expedited within a three-year period from 2024 to 2026.
He said the meeting also reviewed the Social Security Organisation’s initiative in strengthening social protection and job matching to reduce the income gap among the people.
According to media reports Malaysians in general have appreciated the plan to provide an affordable basic health insurance and takaful products but have also expressed hope that cheaper healthcare will not result in lower quality treatment. The citizens said the government must also ensure that it improves its services at public hospitals.