In response to concerns over escalating healthcare insurance premiums and the surge in healthcare service utilisation raised by Khoo Poay Tiong (PH-Kota Melaka), Deputy Minister of Finance, Lim Hui Ying said that Bank Negara Malaysia (BNM) has implemented various measures to ensure the sustainability and affordability of Medical and Health Insurance and Takaful (MHIT) products.
The central bank recently issued updated guidelines for MHIT businesses, aiming to bolster the sustainability of these products while keeping them accessible to consumers. These guidelines focus on encouraging responsible healthcare service utilisation through innovative product designs, transparent cost control mechanisms, and enhanced business practice standards for insurers and takaful operators.
One of the key initiatives involves strengthening business practices by requiring insurers and takaful operators to balance the sustainability of their MHIT portfolios with consumers’ ability to pay. This includes conducting periodic reviews of premium/contribution rates to ensure they remain adequate to cover claims.
Moreover, BNM emphasised the importance of improving consumer awareness by enhancing product disclosure sheets to make them more concise and understandable. By empowering policyholders to understand the terms and conditions of MHIT products, including the periodic review of premiums/contributions, BNM aims to foster informed decision-making among consumers.
Additionally, insurers and takaful operators are encouraged to provide clear communication and options for consumers facing difficulties in paying premiums/contributions. Consumers are urged to reach out to their respective insurers or takaful operators for assistance. If unsatisfied with the service provided, they can lodge complaints with BNM through the eLINK channel on the official website.
