In a joint statement, the associations said these measures aim to ease the financial burden on policyholders and participants so that they can continue to be covered by medical and health insurance or takaful (MHIT).
Earlier today, Bank Negara Malaysia (BNM) announced interim measures to help manage the impact of MHIT premium adjustments, with insurers and takaful operators (ITOs) to spread out the changes in premiums over a minimum of three years for all policyholders affected by the repricing.
Interim & Temporary Measure - According to the joint statement, the interim measures include spreading out future premiums and contribution increases arising from repricing due to medical claims inflation. In addition, it will implement a one-year temporary pause in premium and contribution adjustment arising from medical claims inflation for those aged 60 and above who are covered under the minimum plan within the MHIT products they purchased.
Reinstatement & Alternative - Policyholders or participants who have surrendered or lapsed their policies or certificates due to medical repricing in 2024 will be eligible for reinstatement without additional underwriting requirements. To supplement the interim measures, ITOs will offer appropriate alternative MHIT products at the same or lower premiums for policyholders who do not wish to continue their existing MHIT plans that have been repriced.
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