Rethinking medical protection beyond the price tag

Rethinking medical protection beyond the price tag: MediAsas aims to offer accessible coverage throughout life

Malaysians often begin their search for medical insurance or takaful by considering the initial cost, but affordability must be evaluated beyond the upfront price. As people age, healthcare needs may increase, and medical costs can rise. MediAsas, part of the RESET strategy, introduces a base medical and health insurance/takaful plan to ensure affordability remains consistent over time.

Balancing cost and coverage, MediAsas provides two options: MediAsas Teras and MediAsas Fleksi. MediAsas Teras offers an annual limit of RM100,000 for those under 60 and RM150,000 for those 60 and older, while MediAsas Fleksi provides a more substantial limit of RM300,000. Neither plan has a lifetime limit.

MediAsas incorporates deductibles to encourage responsible healthcare utilization and manage rising costs. Premiums are structured based on age and adjusted according to the overall pool's medical costs, claims experience, and sustainability. The product seeks to predict healthcare costs more accurately through Diagnosis-Related Group (DRG)-based payments and introduces a cancer drug list initiative to increase transparency and sustainability in cancer treatment costs.

To make medical protection accessible to individuals with stable, well-managed pre-existing conditions, MediAsas does not automatically exclude these applicants but may impose premium loadings or exclusions after an assessment. The plan includes 35 major exclusions and specifies waiting periods for certain illnesses, ensuring fair and affordable coverage.

The seven-year moratorium, or "no-look-back" period, allows policyholders to make claims without fear of contestation due to undisclosed information or misrepresentation, provided they have been continuously covered for seven years. This feature grants policyholders greater peace of mind while enabling insurers to verify information when needed.

Piloted currently, MediAsas is set for nationwide rollout in January 2027, allowing Bank Negara Malaysia and the insurance and takaful industry to fine-tune implementation ahead of the launch. Ultimately, affordable medical protection requires a holistic approach to healthcare delivery, pricing, financing, and insurance product design. Consumers should consider not only the immediate coverage they can obtain but also the long-term affordability of that protection as they age.