KUALA LUMPUR, April 16 — The Life Insurance Association of Malaysia (LIAM) is working closely with Bank Negara Malaysia (BNM) and the Health Ministry (MOH) to develop an affordable basic insurance plan to ensure that existing policyholders, especially retirees and lower-income groups, continue to receive adequate coverage.
LIAM chief executive officer Mark O’Dell said the efforts carried out in collaboration with the Malaysian Takaful Association (MTA) also aim to ensure that everyone can contribute to an insurance plan.
“I think one of the big projects that we are working on is what we call a basic plan. We are part of a committee alongside Bank Negara, MOH and MTA to look at what this plan could look like because it is really about affordability, especially since medical inflation is not going away.
“This basic plan we hope will provide an alternative for those who want to maintain access but have challenges with affordability,” he told the press after attending LIAM and Malaysian Life Reinsurance Group's (MLRe) Hari Raya Celebration with Charitable Homes and Stakeholders today.
LIAM's immediate past president Raymond Lew and MLRe chairman Datuk Kamaruddin Taib were also present.
O’Dell also highlighted the need for structural reforms in hospital billing, recommending a move away from the current ‘fee-for-service’ model, which can lead to overcharging, to a Diagnostic-Related Group pricing system.
Meanwhile, Lew said LIAM and MLRe also donated replica cheques worth RM25,000 to five welfare homes: Pusat Jagaan Kasih Murni in Taman Keramat, the Assalam-Friendly Welfare Organisation in Puchong, the Noor Manzil Foundation in Puchong, as well as the Hiichiikok Foundation, Rainbow Park, and Thangam Ilham Welfare Organisation in Pandan Indah.
He said the donation was part of the Cares Life Insurance initiative, which would provide daily necessities such as kitchen items, personal care supplies, school stationery, and household appliances according to the specific needs of each welfare home.
At the event, 120 children, teenagers and caregivers from the five welfare homes jointly celebrated the occasion with 16 LIAM member companies.
— Bernama
