KUALA LUMPUR: Bank Negara Malaysia (BNM) plans to set up a governance framework to ensure that MediAsas, Malaysia’s base medical and health insurance and takaful (MHIT) product, remains affordable and sustainable over the long term amid rising healthcare costs.
Deputy governor Aznan Abdul Aziz said the framework would be overseen by an independent board comprising representatives from various stakeholder groups to ensure different perspectives across the healthcare and insurance ecosystem are taken into account.
"Medical costs will continue to increase and this will continue to evolve. Therefore, we plan to put in place a governance framework to continually review the features and affordability of MediAsas,” he said during the plenary session today titled "RESET Strategy and MediAsas Navigating Cost Pressures for a Sustainable Future”.
Aznan also said the MediAsas product is entering its pilot phase today at the Sasana Symposium 2026, and is on track for its public launch in January 2027.
He noted that the pilot was necessary despite the extensive discussions and testing already undertaken by regulators, the insurance and takaful industry, healthcare stakeholders and other parties involved in developing the product.
"The pilot programme will enable end-to-end testing covering areas such as enrolment, underwriting and claims, as well as operational processes including the issuance of guarantee letters and appointment booking.
"MediAsas is also expected to serve as a benchmark or baseline for other medical insurance and takaful products in the market, potentially influencing how insurers price their other offerings," he said.
He added that at least seven of the 11 initiatives under RESET have recorded significant progress over the past year.
"The progress can broadly be grouped into three areas, namely, information and transparency, medical services delivery and medical payment reforms.
"Measures undertaken include greater transparency on medicine prices and price ranges for common medical procedures, as well as efforts involving electronic medical records and MyEHR interoperability,” he said. - Bernama
