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The feature is expected to help control medical cost inflation and reduce over-consumption of health services. Life Insurance Association of Malaysia chief executive officer Mark O’Dell said the co-payment option is not compulsory, and does not affect the existing consumers who have already purchased full coverage MHIT plans.
Starting September 1, 2024, Bank Negara Malaysia has required insurers and takaful operators to provide an option for MHIT products with a co-payment feature.Thus, the ITOs are required to show a Product Disclosure Sheet with at least one option that has a co-payment feature to the customers starting January 1, 2025.
For co-insurance, the consumers need to pay a percentage of the medical expenses while the insurance /takaful plan covers the remaining amount. The minimum amount is five per cent of the total hospital bills. However, he said the co-payment feature will not apply in some situation such as emergency treatment , outpatient treatment for follow-up treatments due to critical illnesses and treatment at a government healthcare facility.