Against this background, healthcare insurers are forced to add value to the existing policies. Association of Medical Intermediaries and Insurers (AMII) Chair Stuart Scullion informed the policy holders that they will still hold benefits from the cover. He also urged them to avoid cancellations, media reports said.

In fact, it is reported that a few private medical insurers (PMIs) are extracting existing NHS cash benefits to help coronavirus patients. That said, a few others are building additional benefits to their offerings for all patients and not just exclusive to Covid-19.

AXA PPP healthcare, for example, has introduced a clinical support centre to provide customers access to specialist consultations during these extraordinary times. Tracy Garrad, AXA PPP healthcare CEO, told the media, “We fully support the partnership between the NHS and private hospitals and the need to support the most vulnerable. These are extraordinary times and they require extraordinary solutions. Today, we are announcing a series of new commitments and services to enable us to continue to support our members through these challenging times.”

It is reported that a group of practitioners will be available on phone video or online to help patients at this time. The group comprises cancer, cardiology, ENT, gastroenterology, gynaecology, orthopaedic and paediatric specialists.

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Another factor contributing to increase in insurance premiums is the technological advancements in treatments followed by the increase in patient count. 

Malaysia is on the brink of entering the fourth industrial revolution, alongside 5G adoption. With growing demand for healthcare services, consumer groups and experts suggest that the government should ensure that healthcare costs remain low. 

Leading insurer AIA Malaysia sent a notice to clients stating that “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.” 

According to data from the General Insurance Association of Malaysia, total health expenditures in 2018 reached $14.77 billion. Nearly 52 percent of that amount was paid by the government, while 32 percent of it was paid by individuals through private insurance, corporations and other agencies. 

Research by Fitch Solutions shows that healthcare services for the ageing population in the country will increase, with 15.3 percent of Malaysians set to reach 65 years and above by 2030. 

Last June, Health Minister Datuk Seri Dr Dzulkefly Ahmad had said that the aim is to build an efficient healthcare financing system involving the government, private sector and insurance companies, The Sun Daily reported. This system will help Malaysians receive proper treatment despite their financial setbacks. 

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