The government is considering the introduction of a basic insurance scheme aimed at helping Malaysians manage rising healthcare expenses. The proposal is currently at the discussion stage and forms part of wider efforts to strengthen social protection.

Finance Minister II Datuk Seri Amir Hamzah Azizan said growing concern over increasing medical costs has prompted the government to look at new solutions to support public healthcare needs.

Joint Committee Formed to Explore Policy Options

To guide the initiative, a joint committee has been established. It includes representatives from the Ministry of Finance, Bank Negara Malaysia (BNM), the Ministry of Health, and other relevant agencies.

One of the key initiatives under discussion is the Reset programme, which will examine how a basic insurance product could be designed and implemented for the Malaysian public.

“This is still in the early stages,” Amir Hamzah said during the launch of the Budget 2025 initiative led by SME Bank. “The proposal is being studied to ensure that it brings real benefits without placing an added burden on any party.”

Collaboration with Industry Stakeholders

In developing the scheme, the government is working with insurance and takaful operators, as well as other financial sector representatives. The goal is to create a solution that is practical, inclusive, and aligned with existing systems.

Amir Hamzah said that the implementation model will be announced once the plan is finalised. The government remains open to suggestions, including ideas based on existing frameworks such as the Social Security Organisation (Socso).

“Our priority is to develop a product that truly meets the needs of Malaysians,” he said.

Health Coverage Linked to EPF Withdrawals

The proposal comes as the government considers whether to allow withdrawals from Account 2 of the Employees Provident Fund (EPF) to cover health insurance premiums.

This potential policy is being reviewed as part of broader discussions on improving access to healthcare financing, especially for working Malaysians who may lack private insurance.

(Source: Bernama) 

• TAGS:
• Bank Negara Malaysia
• Basic Insurance Scheme
• BNM
• Healthcare Expenses
• Insurance
• Medical Costs
• Ministry of Finance
• Ministry of Health
• Reset programme
• Takaful