Latest news with #SimTzeTzin
The Sun
20-05-2025
- Health
- The Sun
M'sians outraged as insurance hike hits cancer survivor
AS medical inflation soars in Malaysia, more citizens are finding themselves priced out of the very insurance policies they've relied on for years. Among those affected is cancer survivor and single father known as Encik Eson, 55, whose monthly premium was hiked from RM652 to a staggering RM1,800 after his early retirement, based on Bayan Baru MP Sim Tze Tzin's Facebook story. ALSO READ: Woman terminates insurance plan after premium spikes to RM1,056 monthly 'His workplace insurance covered the full cost of his immunotherapy treatment, which amounted to nearly RM300,000 over three years. 'His cancer eventually went into remission, but doctors warned that he remains at risk and must stay vigilant. 'As a precaution, Mr. Eson had already purchased a personal insurance policy 15 years ago, paying a premium of RM652 per month,' his post read. 'In 2021, due to health reasons, Mr. Eson was forced to quit his job and retire early. 'Unfortunately, he soon faced financial hardship and had to use up most of his retirement savings within two years. 'To make matters worse, his insurance company suddenly raised his monthly premium from RM652 to RM1,800—a threefold increase that was too much for a retiree like him to bear. 'Then tragedy struck again—his cancer returned. With no savings left and the insurance company refusing to reduce the premium, how could he possibly survive?' he wrote. 'I've received hundreds of similar complaints about sudden, drastic hikes in insurance premiums. Some elderly people as old as 70 even gave up their policies entirely and lost all protection. 'In November 2024, I raised this issue in Parliament and met with the Governor of Bank Negara. 'As a result, BNM introduced an interim measure by setting a maximum cap on premium increases—no more than 10% per year for the next three years. 'I personally helped Mr. Eson file a complaint to BNM, and eventually, his premium was reduced back to RM652. 'Nearly half of Malaysians rely on insurance for healthcare coverage. Insurance companies should not be allowed to raise premiums arbitrarily and endanger people's lives. 'This is a matter of life and death! I promise to fight tirelessly to defend the rights of the people. I will not allow this to happen again,' he stated. Sim's post quickly gained traction, with many netizens flooding the comments to share similar struggles with rising insurance premiums. 'A job well done YB Sim Tze Tzin, insurance shouldn't be raising their premium to an unreasonable level when their customer needs it the most,' PKR Machang Bubok assemblyman Lee Khai Loon commented. 'Insurance shouldn't increase to the point where people can't afford to pay. The government must control premium hikes by insurance companies. Thank you, YB, for helping us fight for this,' Siti Balqis wrote.
The Sun
20-05-2025
- Health
- The Sun
RM652 to RM1.8k – M'sians outraged as insurance hike hits cancer survivor, MP praised for stepping in
AS medical inflation soars in Malaysia, more citizens are finding themselves priced out of the very insurance policies they've relied on for years. Among those affected is cancer survivor and single father known as Encik Eson, 55, whose monthly premium was hiked from RM652 to a staggering RM1,800 after his early retirement, based on Bayan Baru MP Sim Tze Tzin's Facebook story. ALSO READ: Woman terminates insurance plan after premium spikes to RM1,056 monthly 'His workplace insurance covered the full cost of his immunotherapy treatment, which amounted to nearly RM300,000 over three years. 'His cancer eventually went into remission, but doctors warned that he remains at risk and must stay vigilant. 'As a precaution, Mr. Eson had already purchased a personal insurance policy 15 years ago, paying a premium of RM652 per month,' his post read. 'In 2021, due to health reasons, Mr. Eson was forced to quit his job and retire early. 'Unfortunately, he soon faced financial hardship and had to use up most of his retirement savings within two years. 'To make matters worse, his insurance company suddenly raised his monthly premium from RM652 to RM1,800—a threefold increase that was too much for a retiree like him to bear. 'Then tragedy struck again—his cancer returned. With no savings left and the insurance company refusing to reduce the premium, how could he possibly survive?' he wrote. 'I've received hundreds of similar complaints about sudden, drastic hikes in insurance premiums. Some elderly people as old as 70 even gave up their policies entirely and lost all protection. 'In November 2024, I raised this issue in Parliament and met with the Governor of Bank Negara. 'As a result, BNM introduced an interim measure by setting a maximum cap on premium increases—no more than 10% per year for the next three years. 'I personally helped Mr. Eson file a complaint to BNM, and eventually, his premium was reduced back to RM652. 'Nearly half of Malaysians rely on insurance for healthcare coverage. Insurance companies should not be allowed to raise premiums arbitrarily and endanger people's lives. 'This is a matter of life and death! I promise to fight tirelessly to defend the rights of the people. I will not allow this to happen again,' he stated. Sim's post quickly gained traction, with many netizens flooding the comments to share similar struggles with rising insurance premiums. 'A job well done YB Sim Tze Tzin, insurance shouldn't be raising their premium to an unreasonable level when their customer needs it the most,' PKR Machang Bubok assemblyman Lee Khai Loon commented. 'Insurance shouldn't increase to the point where people can't afford to pay. The government must control premium hikes by insurance companies. Thank you, YB, for helping us fight for this,' Siti Balqis wrote.
Free Malaysia Today
06-05-2025
- Health
- Free Malaysia Today
Govt mulls restructuring nation's healthcare financing system
Prime Minister Anwar Ibrahim said the MySPC meeting today discussed the National Ageing Action Framework 2025-2045, presented by the economy ministry. (Facebook pic) PETALING JAYA : The government is looking into restructuring the nation's healthcare financing system to make it more sustainable, inclusive and effective in the long-term, said Prime Minister Anwar Ibrahim. In a Facebook post today, he said this was discussed at a meeting of the Malaysian Social Protection Council (MySPC) with six ministers and top public healthcare officials. 'The meeting focused on a phased roadmap and transformation initiatives for the healthcare financing system, including a proposal to establish a national health fund,' he said. Yesterday, Bayan Baru MP Sim Tze Tzin criticised the sharp increase in medical insurance premiums based on age, citing the financial burden it imposed on senior citizens. He questioned the logic of raising premiums up to 50% when policyholders moved into new age brackets and urged Bank Negara Malaysia to reform the insurance premium pricing mechanism. Anwar said the meeting also looked into the National Ageing Action Framework 2025-2045, presented by the economy ministry. 'I took note of the preliminary steps being taken to address the challenges of an ageing population, including more thorough and integrated inter-ministry administrative mechanisms,' he said.
New Straits Times
05-05-2025
- Business
- New Straits Times
Sharp insurance premium hikes for senior citizens irrational, says MP
KUALA LUMPUR: Bayan Baru Member of Parliament Sim Tze Tzin has criticised the sharp insurance premium hikes for seniors, arguing that the combined impact of age bracket changes and medical repricing in the same year imposes a heavy financial strain. Sim said insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of "age bracket." He said although an interim measure by Bank Negara Malaysia caps premium increases at no more than 10 per cent, it does not apply to increases due to 'age brackets' or 'age bands', which refer to changes in age categories within insurance policies. "Logically, a policyholder only becomes one day older after their birthday, yet their insurance premium can rise by 40 per cent to 50 per cent simply for moving into a new age bracket. "This is irrational. "Insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of 'age bracket.' "More worryingly, these increases happen when individuals have retired, no longer have a fixed income, and depend solely on their EPF savings. "In the end, senior citizens are forced into a cruel choice (of either) pay an exorbitant premium or give up the coverage they've maintained for decades," he said in a statement. Sim cited a case of one policyholder, aged 61, who had made a complaint after receiving a notice of an increase for his insurance premium amounting to RM3,023 for a supposed "transition to the next age bracket." His insurance medical repricing also amounted to RM906. "Another policyholder, aged 65, purchased an insurance plan in 2008. "In 2025, he paid a premium of RM9,019.50. "However, for 2026, the insurance company raised the premium by RM4,099.50 (a 45 per cent increase) solely due to the 'age bracket' factor," he said. He called for BNM to implement a comprehensive reform of the insurance premium pricing mechanism, especially regarding the steep changes linked to age brackets. In December, BNM announced that insurers had agreed to spread the increase in insurance premiums over a minimum of three years, limiting the annual rise to under 10 per cent. This interim measure, which will remain in place until the end of 2026, is expected to ensure that at least 80 per cent of policyholders will experience annual premium adjustments of less than 10 per cent, in line with medical claims inflation. In March, Finance Minister II Datuk Seri Amir Hamzah Azizan said the government, in collaboration with key stakeholders, is implementing long-term solutions to control the rising costs of healthcare.
Free Malaysia Today
05-05-2025
- Business
- Free Malaysia Today
Age-based premium hikes for senior citizens make no sense, says Sim
Bayan Baru MP Sim Tze Tzin urged Bank Negara to reform the insurance premium pricing mechanism, especially concerning sharp age-based increases. PETALING JAYA : Bayan Baru MP Sim Tze Tzin has criticised the sharp increase in insurance premiums based on age, citing the financial burden it imposes on senior citizens. Sim questioned the logic of raising premiums up to 50% when policyholders move into new age brackets. He noted that while Bank Negara Malaysia's interim measures cap increases at 10%, such safeguards do not apply to hikes resulting from age bracket changes. He said one policyholder, aged 61, had made a complaint after receiving a notice of increase for his insurance premium amounting to RM3,023 for a supposed 'transition to the next age bracket'. 'Another policyholder, aged 65, who purchased the plan in 2008, was told the premium will increase by RM4,099 next year – a 45% increase solely for an 'age bracket' change. 'Insurance companies offer affordable plans to customers when they are young, then drastically increase the premiums once they are 60 years old and above, justifying them with the 'age bracket changes',' he said in a statement today. Sim said the current system penalises retirees by imposing steep premium increases at a time when they no longer have a stable income and are forced to rely on their EPF savings. 'Logically, even though policyholders only become one day older after their birthday, their insurance premiums can still (immediately) spike by 40% to 50% just because they have moved to the next age bracket. 'This makes no sense,' he said. He urged BNM to reform the insurance premium pricing mechanism, especially concerning sharp age-based increases. 'Senior citizens must be protected, not victimised. It is time for the insurance industry to prioritise fairness and humanity, not just profit,' he said. Previously, Prudential Malaysia said medical insurance premiums would be increased due to a rise in claims, as the average number of claims has risen by 19.6% compared with a year ago. The insurer said the increasing costs may warrant an annual review of medical plans and insurance charges to ensure policyholders are well protected. At the time, Sim accepted the insurance company's justification and assurance that the changes made were in line with the interim measures imposed by BNM.
