From January 15, annual medical premium increases will be capped at 10% to ease the burden on policyholders, announced Deputy Finance Minister Lim Hui Ying.
He stressed that the directive, issued by Bank Negara Malaysia (BNM), must be complied with by all insurance companies or face strict action.
Lim warned that the total insurance increase cannot exceed 30% by 2026, and that insurance companies are prohibited from changing the terms or reducing the coverage of existing policies.
To ensure a smooth process, all insurance companies are required to set up a special hotline from January 15 to handle customer requests more efficiently.
He also called for transparent coordination of medical fees to address broader issues involving the Ministry of Health, private hospitals, and insurance companies.
With more than 80% of policyholders expected to benefit from this control measure, the government has assured that it will continue to monitor the situation to protect the interests of consumers.
The people can now breathe a sigh of relief and no longer have to worry about insurance premiums soaring without limit!
