By Jacqueline David
KUCHING: Even with higher insurance premium payments, most Malaysians remain committed to their health insurance policies.
Connie Simon, 32, a nutritionist, acknowledged the inevitable rise in premiums, mirroring the escalating cost of medical care since 2022.
“Medical fees are skyrocketing,” she said.
“Personal coverage is crucial for unforeseen medical emergencies. As a single person, I cannot rely on others for my healthcare costs.”
Kathleen Wong, 55, an executive with a general insurance company, echoed Connie’s sentiments.
“I’ll continue my coverage,” Wong said.
“However, I urge insurers to consider the impact of these significant premium increases on policyholders, especially with the rising cost of living.”
While most respondents prioritised health insurance, some, like businessman Eric Chong, 40, rely on government healthcare.
“I don’t have insurance,” Chong said.
“I believe Sarawak General Hospital provides excellent and affordable care.”
However, Jeffri Isheak, another businessman, emphasised the importance of maintaining coverage.
“I’ll likely utilise the cash value of my investment-linked policy to offset the increased premiums,” he said.
“Cancelling would mean losing all benefits. I hope Bank Negara Malaysia (BNM) closely monitors medical inflation and ensures minimal premium increments.”
Muhammad Shahril Anuar Sahbudin, 31, a civil servant, also relies solely on government healthcare.
“Rising premiums make private coverage unaffordable for many,” he said.
“The government must ensure affordable healthcare for all, not just the wealthy.”
It is recently reported that medical inflation in Malaysia is 15 per cent, significantly higher than the 11.1 per cent average in the Asia-Pacific region.
Lawmakers, however, have received complaints of premium increases as high as 78 per cent.
Insurers are reportedly planning premium hikes of 40 per cent to 70 per cent next year.
Lawmakers have urged BNM to intervene and address the issue within the medical and health insurance/takaful (MHIT) sector.
