Malaysians can expect to pay higher medical insurance premiums from this year, with the increase being as much as 30%.
Citing the price hike as “inevitable”, major insurance companies have revealed that the spike is primarily due to two reasons: a high inflation in medical and hospitalisation costs in recent years, technological advancements in treatments, and an increase in patients.
Not only that, the increase is also meant to buffer an expected increase in insurance claims, which is estimated to hit 13% for 2019.
Both AIA Berhad and Zurich Malaysia have sent announcements to its customers of the expected increase in premium prices.
“With the number expecting to rise further and outpace the general inflation rate, we have to make the necessary adjustments to your medical plan’s premiums so that they can keep up with healthcare inflation,” reads a notice by AIA sent to its customers.
A global survey on medical trends was conducted last year by global insurance consultants, Willis Towers Watson, which stated that Malaysia ranked among the highest in Southeast Asia when it came to expected increase of medical costs.
(Source: Free Malaysia Today)