Saturday, November 18, 2017

Malaysia urged to regulate healthcare fees

Authorities in Malaysia have called on industry players to address the issue of escalating inflation of medical insurance.

In turn, calls for better regulation of medical fees, particularly in the nation’s private healthcare sector, have been also revived.

Bank Negara Malaysia governor Muhamad Ibrahim said that the central bank will develop a framework as soon as possible to cut the medical insurance rate.

The rate is anticipated to rise to 12.7% this year alone.

According to some industry leaders, rising medical insurance in Malaysia and other markets may be attributed to weak regulation.

Ho Mun Kiat, senior vice-president and national practice leader at Marsh Insurance Broking, cited as an example hospitalisation bills in Malaysia.

Although all expenses are itemized, they include a category called “other hospital services”.

According to Ho, there are no existing guidelines on what should actually be charged to that kind of category.

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Zainudin Ishak, Malaysian Re

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