Finance Ministry says keeping tabs on implementation of interim measures to ease rising medical insurance premiums
products will be monitored continuously to ensure their effectiveness, according to Deputy Finance Minister Lim Hui Ying. “These interim measures reflect the collective effort of the government, insurance and takaful industry, and healthcare sector to ensure MHIT policyholders continue to receive sustainable and affordable protection,” Lim said in a statement.
Among the interim measures announced is the spreading out of premium increases arising from medical claims inflation over a minimum of three years for all policyholders affected by the repricing. This measure, which will be in place from 2024 to 2026, will benefit about 80 per cent of policyholders.