MOF, MOH Form Joint Committee To Tackle Rising Private Healthcare Costs
PUTRAJAYA, June 24 (Bernama) — The Ministry of Finance (MOF) and the Ministry of Health (MOH) have formalised the setting up of the Joint Ministerial Committee on Private Healthcare Costs (JMCPHC), building on ongoing engagements among various stakeholders, to address rising private healthcare and medical inflation.
The committee, which convened its first meeting today, will coordinate a whole-of-nation approach to collaboratively develop and implement measures aligned with value-based healthcare.
The JMCPHC is co-chaired by Finance Minister II Datuk Seri Amir Hamzah Azizan and Health Minister Datuk Seri Dr Dzulkefly Ahmad, with committee members consisting of representatives from MOF, MOH, and Bank Negara Malaysia (BNM).
The committee will be supported with inputs and technical advice by a Consultative Council, comprising representatives from key stakeholders across the private healthcare ecosystem, including private hospitals, insurance providers and Takaful operators (ITOs).
'Rising healthcare costs are a major concern for Malaysians, and the MADANI Government is taking the lead to address it. This joint committee reflects our commitment to work with all stakeholders to shape a private healthcare system that is sustainable, transparent, and delivers real value.
'At its core, this is about protecting the wellbeing of Malaysians and strengthening the resilience of our nation,' Amir Hamzah said in a joint statement by the two ministries today.
He said the JMCPHC builds upon previous groundwork, including BNM's implementation of co-pay requirements, interim measures to cushion the impact of medical premium adjustments for policyholders affected in 2024–2026, and the RESET framework.
It covers five strategic thrusts to address medical inflation, namely: Revamp Medical and Health Insurance/Takaful (MHIT); Enhance price transparency; Strengthen the Digital Health ecosystem; Expand cost-effective options; and Transform provider payments.
RESET is broadly endorsed and supported by MOF, MOH, BNM, and key industry stakeholders as the strategic framework to address rising private healthcare and insurance costs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
an hour ago
- The Sun
Smart electricity use and time management cut utility bills in Malaysia
KUALA LUMPUR: Malaysians can significantly reduce their electricity bills by adopting smarter usage habits and leveraging off-peak hours under the newly announced tariff restructuring. The changes, set to take effect from July 1, 2025, aim to promote efficient energy consumption while benefiting over 23.6 million domestic users in Peninsular Malaysia. Private sector worker Rozita Ibrahim, 38, shared her strategy for cutting costs. 'If you want to save, you have to follow the 'timing'. For example, we do all household chores like washing and ironing clothes during off-peak hours,' she said. The Time of Use (TOU) scheme now extends off-peak periods to weekends and weekdays from 10 pm to 2 pm, encouraging users to shift high-consumption activities to these times. The Energy Commission (ST) stated that 85% of domestic consumers will see no increase or even lower bills if their monthly usage stays below 1,000 kilowatt hours. An Energy Efficiency Incentive will also reward those who practice prudent electricity use. For larger families, managing consumption becomes crucial. Joe, a private institution lecturer with eight children, explained his approach. 'I need to teach them about saving money. We complete most chores on weekends when rates are lower and reduce usage on weekdays,' he said. He also plans to install a timer system to automate appliance usage. Professor Dr Nuradli Ridzwan Shah Mohd Dali from Universiti Sains Islam Malaysia suggested solar energy as a long-term solution. 'Expanding solar access for the B40 group could cut consumption by 50 to 100%,' he said. The new tariff, effective until December 2027, aligns with Malaysia's push for a sustainable energy system under the Incentive-Based Regulation framework.
The Star
4 hours ago
- The Star
Empowering lives, driving sustainable growth
'We foster a culture where DEI principles are deeply embedded in our daily operations and business practices,' said Soo. Generali Life elevates insurance through inclusion and progress AS Malaysia's life insurance landscape evolves in response to shifting demographics and rising societal expectations, one insurer stands at the intersection of performance, purpose and progress. Generali Life Insurance Malaysia Bhd is not only breaking growth records but also transforming the meaning of being a truly people-centric insurer. At the helm is chief executive officer Soo Wai Har, who is championing a progressive transformation anchored in Diversity, Equity and Inclusion (DEI), quality service, innovative products, digitalisation and sustainability. 'We are committed to being a responsible employer. We foster a culture where DEI principles are deeply embedded in our daily operations and business practices. 'We invest in upskilling our people, nurture talent in all its forms and embrace flexible, sustainable ways of working,' said Soo in an interview with The Star at Menara Generali in Kuala Lumpur. Soo shared how Generali Life's forward-thinking strategies are enabling the organisation to serve as a Lifetime Partner to Malaysians — supporting them at every stage of life. Impressive growth Generali Life delivered exceptional results in 2024, achieving an impressive growth rate of 62% in overall performance — the highest among all Generali Asia entities and across Malaysia's life insurance industry. This momentum continued into Q1 2025, with a remarkable 68% year-over-year growth, despite a 10% contraction in the overall industry. "These good results stem from the successful completion of our two-year integration and system migration, an effective market penetration strategy, the development of our distribution team, enhanced product propositions introduced over the past few years and upgraded services," Soo explains. Notably, the agency channel grew by 3%, outperforming an 11% industry contraction, while the Bancassurance channel surged by 212% in Q1 2025, despite a 7% industry decline. The agency's strength is also reflected in the increase of Million Dollar Round Table (MDRT) qualifiers, which nearly doubled from 23 in 2023 to 42 in 2024 — including Generali Life's first-ever Top of the Table (TOT) qualifier and three agents who achieved the Court of the Table (CoT) status. Adding to its global distinction, four of Generali Life's top leaders and producers were ranked among the top 300 advisors worldwide in the Global Advisor Excellence Contest (GAEC), earning them a coveted spot at the finale in Monte Carlo. Women empowerment A shining example of Generali Life's DEI approach is the La Femmina initiative — an agency recruitment and empowerment programme designed to support aspiring female leaders and agents. "We created La Femmina to empower women from all walks of life to pursue fulfilling and dynamic entrepreneurial careers within the insurance industry. The programme is tailored to enhance skill sets, client servicing, prospecting, presentation and various other areas," says Soo. The results are evident: La Femmina members are 37% more productive than their peers, with 20 qualifying as MDRT members — including three who achieved COT status. Customer experience In Q1 2025, Generali Group unveiled its three-year strategic plan — Lifetime Partner 27: Driving Excellence — which sets a clear vision for 2027. The strategy reflects Generali Life's core purpose: enabling people to shape a safer and more sustainable future by caring for their lives and dreams. At the heart of this vision is a holistic, customer-centric approach to service. 'We utilise a comprehensive customer fact-finding tool to gain deep insights into our clients' needs, preferences and financial circumstances. This approach enables us to guide them in selecting the most suitable insurance products tailored to their financial situation and affordability,' says Soo. She adds, 'We also have the MyGenerali customer portal, which provides a seamless digital experience for customers.' The portal allows policyholders to view all their policies in one place, retrieve documents such as sales illustrations and policy contracts, submit claims online, update payment details and make fund switches based on expected returns — empowering them to manage their insurance needs anytime, anywhere. On the product front, Generali Life has introduced two innovative investment-linked plans — Wealth Creator and Wealth Creator Premier under the positioning 'One Plan, Multiple Dreams'. Designed to meet the needs of different life stages, these products offer a balance of flexibility, protection and wealth accumulation, helping customers achieve their evolving financial aspirations. Wealth Creator: Offers protection and a lump sum payout at a specific age, helping customers secure their future while supporting loved ones. Contributions can start small and grow over time as financial situations improve. Starting with a sum insured of RM350,000, this plan offers Guaranteed Insurance Charges for the Basic Plan, built-in Accidental Death coverage up to 500% of the basic sum insured and a loyalty booster — 20% of the account value at the 20th policy anniversary. Wealth Creator Premier: Combines financial protection with wealth growth, offering high coverage, flexible premium payment options and exclusive bonuses. Starting with a sum insured of RM800,000, it includes a 5% Wellness Reward for RM1mil coverage, guaranteed renewability and a Special Booster — 10% of Account Value every 15 years. It helps safeguard customers' assets, businesses and legacy for their loved ones. *Terms and conditions apply. Happy Asian couple embracing each other and smile outdoor. Financial planning With projections showing that 17.3% of Malaysians will be aged 60 or above by 2040, Soo emphasises the vital role of insurers in supporting retirement planning. 'As people live longer, healthcare and other costs in retirement become more unpredictable. Medical and critical illness insurance provides a safety net, protecting your savings from unplanned medical expenses or treatment costs. This financial protection is vital to preserving the overall retirement strategy.' Soo also highlights a concerning statistic: as of last year, only 45.5% of the Malaysian population had a life insurance policy. 'At every life stage, insurance is not just a safety net; it's a critical component of financial planning. Planning can be tailored for specific purposes such as children's education, retirement, or specific commitments like debt cancellation. 'Insurance is also a risk management tool and can serve multiple purposes — from income replacement and debit protection to covering hospitalisation expenses and ensuring financial stability through life's uncertainties,' she adds. Generali's solutions include: > GenWealth – An investment-linked plan with loyalty bonuses and fund options aligned to the customer's risk profile. > GenMedic – A medical protection plan offering an annual limit of up to RM8mil at a budget-friendly premium (with co-insurance plans), including enhanced cancer coverage. > OneMedic – A medical plan with an Inflation Defender feature and flexible benefits to support evolving healthcare needs. Driving future growth Generali Life's priorities this year remain anchored in expanding both its Agency and Bancassurance channels. 'For the Agency, we will continue to scale up and skill up our distribution force. Scaling up involves sales activation through segmentation, targeting MDRT, top and mid-tier agents. 'We're also focused on improving productivity through recruitment activities. To support this, we offer a full-time financing scheme called BOSS and the La Femmina programme to accelerate sales momentum,' explains Soo. 'Skilling up is delivered through our Generali Business Academy, which provides a structured training roadmap to guide agents through the various phases of their career.' On the Bancassurance front, Generali Life continues to strengthen its strategic partnership with Affin Bank to drive growth and deliver tailored solutions that meet customer needs. Instilling DEI in the workplace Soo underlines that DEI is more than just an initiative — it is a strategic imperative embedded in Generali Life's organisational culture. She shares that the company's key practices include: > Inclusive hiring that values diverse talent backgrounds; > Regular DEI training, including unconscious bias programmes to promote awareness and understanding; > Professional development opportunities for all deserving employees, supported by the WeLearn online learning platform and mentorship programmes to foster career growth. When asked about challenges in promoting DEI, Soo says, 'There are no challenges. In fact, it helps us engage more meaningfully with our employees. Training sessions, such as those on unconscious bias, stimulate different mindsets and reinforce a workplace culture where DEI is seen as a vital part of our operations and business strategy.' Generali Life also rigorously tracks DEI metrics, including gender balance, equal pay and performance-related KPIs. 'We report these annually to the Group,' Soo notes. Maintaining excellence With over 9,000 agents and partners (both General and Life entities) across Malaysia, Generali Life focuses on ensuring consistent service quality and alignment to core values. "It starts with a clear mission, reinforced through our comprehensive code of conduct, structured training and constant communication," Soo explains. Regular evaluations and recognition programmes help maintain performance standards and values-driven conduct. Digital innovation Generali Life's commitment to digital innovation is evident in its efforts to enhance efficiency, accuracy, speed and cost savings. 'We are exploring the use of artificial intelligence (AI) in claims adjudication, which involves automating many aspects of the claims process — from initial filing to final settlement. This significantly reduces the time required to process claims, resulting in faster payouts for policyholders.' She adds, 'We are also looking at AI voicebot to improve our call centre capabilities. 'We will continue to pursue bite-sized AI implementations, particularly in underwriting and customer service, to further improve our overall processes,' she shares. Sustainability Beyond business, Generali Life is advancing its commitment as a responsible insurer, investor, employer and corporate citizen through its sustainability strategy. Under the Lifetime Partner 27 framework, the company has committed to: > Responsible insurer: Promoting healthy lifestyles and preventive care; > Responsible investor: Integrating Environmental, Social and Governance (ESG) criteria, applying positive screening and reducing greenhouse gas (GHG) emissions; > Responsible employer: Embedding DEI and reducing the operational carbon footprint; > Responsible corporate citizen: Unlocking the potential of people living in vulnerable circumstances through initiatives like Project Bright Beginnings, which raised RM354,513 in 2024 to provide early education access for underprivileged children. "We push for inclusivity across race and gender and promote people based on merit. That's why I'm here today — because the culture supports it," says Soo. For more details about the insurer, visit
The Star
4 hours ago
- The Star
Weekly TV series spotlights extraordinary M'sian feats
(From left) Christopher, Malaysian tower runner Soh Wai Ching, Tio, Chun Wai and ST Rosyam Mart directors Datuk Rosyam Nor and Datuk Raymond Ho at the launch of the MBR television series. — Bernama A NEW television series is set to shine a light on the extraordinary achievements made by Malaysians. The series, called Malaysia Book of Records 2025: Malaysia Luar Biasa, is a collaboration between Malaysia Book of Records (MBR) and Bernama TV. Set to air weekly on Tuesdays at 8.30pm beginning in August, the 13-episode series aims to showcase the record-breaking stories of individuals and organisations across the country. MBR chief executive officer Christopher Wong said the programme would feature 30 to 40 achievements per episode, covering categories of personal feats and community-driven efforts as well as corporate innovations and social impact initiatives. 'These are stories of ambition, compassion and determination that can emerge from any corner of Malaysia,' he said at the launch of the TV series in Kuala Lumpur, which coincided with MBR's 30th anniversary. The launch was attended by Bernama chairman Datuk Seri Wong Chun Wai and MBR chairman Datuk Seri Michael Tio, both of whom expressed support for the series' positive framing of local achievements. 'Social media algorithms often amplify division and outrage,' Chun Wai was quoted as saying in a Bernama report. 'This series is a deliberate step in the other direction – spotlighting unity, optimism and progress. 'This series is dedicated to all Malaysians as a reminder that greatness lies within reach when passion meets purpose,' he added. Tio noted that the original Malaysia Book of Records series was first aired nearly 30 years ago on RTM, and that the legacy has continued to inspire Malaysians across generations. He said the initiative aimed to inspire the younger generation to carry on the legacy of achievement and innovation in the years to come. 'We encourage more to step forward and showcase their potential to be extraordinary Malaysians and be part of 'Malaysia Luar Biasa',' Tio added. Since its inception in 1995, MBR has certified close to 8,000 records.
