Medical Insurance Malaysia

Less than half of the Malaysian population is insured. Public need to have adequate medical coverage to handle unexpected illnesses in their old age. This is important especially as the country is moving towards an ageing society.

Medical Claim - Medical claim payouts had surged by 14.9%, from RM13.4bil in 2022 to RM15.4bil last year, while there was a 41.4% hike in disability payments and a 26.2% rise in medical claims. In addition to takaful - the number of people (who are insured) is about 45%. 

Counting policies per capita, it’s closer to 60%, but Malaysia is still relatively low (although) it is on a par with the overall economic development of the country.

Medical claims during the Covid-19 pandemic went down 2% in the early part of 2020 but experienced drastic increased post-pandemic. 

Premium Hike - Insurance premiums would continue to surge as higher medical claims are expected to add pressure. Senior citizens, especially those over 70, would be at risk if they can’t afford an insurance plan since they would have limited options for medical coverage.

If you’re 65 or 70 years old, you cannot buy (insurance). There’s no company willing to sell a brand-new policy to somebody over the age of 70.