KUALA LUMPUR: The government has been urged to Investigate the hike in medical insurance premiums with the same fervour as the rise in egg prices.
Sim Sze Tzin (PH-Bayan Baru) said Bank Negara Malaysia should look into insurance companies that hiked premiums.
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“Do not just let this go, saying it’s the companies' business decision.
“Bank Negara has the authority to regulate these decisions.
“If the Domestic Trade and Cost of Living Ministry can open investigation papers on excessive profiteering over a 10 sen price increase in eggs, why can’t Bank Negara look into insurance premium increases that go into the hundreds of ringgit?” he told a press conference at the Parliament media centre on Wednesday (Nov 27).
He said increased healthcare insurance premiums have close links to private hospital charges.
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“The already high charges of private hospital services creates an even heavier burden on insurance companies and it results in the cost being passed down to consumers who have health insurance.
“The people only buy insurance as they want access to private yet affordable healthcare,” he added.
Sim said he and other PKR MPs had received 71 complaints from constituents on rising health insurance premiums and high private hospital charges.
It was reported that medical insurance premiums are expected to rise between 40% and 70% next year, with notices sent by insurance providers to policyholders citing the rising cost of medical care in private hospitals as the primary reason.
