KUALA LUMPUR: Deputy Finance Minister Lim Hui Ying said Malaysia is committed to provide affordable healthcare medical plans to support its citizens fight rising medical costs amid an ageing population.
"The government is always concerned about the issues faced by the M40 group, including the rising cost of medical insurance premiums as they age," she said in response to a question by lawmaker Chiew Choon Man (PH-Miri) in parliament.
The M40 category consists of the middle 40 percent or 3.16 million Malaysian households with incomes ranging from RM5,251 to RM11,819.
Malaysia is set to become an aged nation by 2040, sooner than previously expected, according to the Department of Statistics Malaysia (DOSM). The Southeast Asian nation with a population of about 34 million population, will see over 17 percent of its population aged 60 and above by then.
Lim also said the government aims to improve the i-Lindung insurance programme by offering better medical protection plans to EPF members at affordable premium rates.
The i-Lindung is a self-service platform on i-Akaun that aims to facilitate the purchase of insurance and takaful products under the EPF members' protection plan.
A total of 144,589 Employees Provident Fund (EPF) members have benefited from the withdrawal of Akaun Sejahtera, previously known as Account 2, to purchase protection products under i-Lindung with five insurance operators offering life and critical illness protection plans.
"The government welcomes the proposal and is committed to thoroughly reviewing it," she said in response to a supplementary question from Chiew when asked if EPF can enhance the i-Lindung programme via subsidies and negotiations with insurance firms to offer affordable medical coverage up to the age of 99.