PETALING JAYA: The newly unveiled MediAsas Health Insurance programme is expected to see a gradual take-up despite its lower-than-expected premiums, as the voluntary scheme still requires consumers to pay deductibles and co-payments.
The pilot phase will begin end of July with indicative monthly premiums of between RM60 and RM550, broadly lower than the earlier indicative RM50 to RM780 discussed during the consultation stage, BIMB Research said.
The pilot base medical and health insurance/takaful plan will involve six insurers together with selected private hospitals in the Klang Valley. Its nationwide rollout is slated in January 2027.
“The lower pricing reinforces the government’s commitment to improving affordability while advancing broader reforms, including standardised hospital billing, digital health records and gradual transition towards value-based healthcare.
“Nevertheless, we expect take-up to be gradual as the plan remains a voluntary, out-of-pocket product with deductibles and co-payment features,” the research firm said.
According to BIMB Research, near-term impact on private hospitals should be limited, but the long-term structural story remains intact.
It believes MediAsas is likely to attract first-time buyers and individuals who have lapsed or downgraded their medical coverage following recent premium repricing, rather than significantly cannibalising existing comprehensive medical plans.
“We expect adoption to build progressively as awareness improves and the product establishes its value proposition.
“For private hospitals, we see no change to the investment thesis. The pilot is limited in scope and should have minimal earnings impact over the near term,” it added.
BIMB Research maintains an “overweight” call on the healthcare sector, with a “buy” call on IHH Healthcare Bhd
with a target price of RM10.16.
