Why Insurance Prices SO EXPENSIVE in Malaysia?! Co-payment?

[@af6597-1]

Thanks Peter. This kind of 'education' is good for both young and old. Your sharing method is simple and it helps when you add in some bahasa / Chinese which allows easier understanding. Malaysians lack knowledge in (i.e. financial, insurance, career, health & etc) because we hardly have podcasts that gives good information /advice. Hopefully with your podcasts, more people can be exposed to what is important so that they can 'plan/manage' their lives better. Thank you 👍

[@MrMoneyTV]

Thank you very much for your encouragement!

[@felreizmeshinca7459]

Agreed, I always think that we need to include financial awareness in our education system to avoid from at the very least scams if not have a good management of their personal finance.

[@richardkanna5093]

@@MrMoneyTV CPF, not CFP, you dumb twat

[@csoffline7820]

if you need podcast to get your info, general knowledge or survival skills, then, you don't deserve to live. save the insurance premiums.

[@christinensp7652]

peter - thanks for speaking out vocally ( i shared your same concerns - really worry on seeking medical treatment @ msia in future ) - yes - is been the normal practice when we are admitted / seek treatment at private hospitals- first thing at registration ...they will ask if you have insurance coverage !!! ( the bills will end up different ) at govt hospital - they will quickly discharge patients- at private patients- you can stay as long as you like !! (afterall - you pay for the bill only ma - those who are insurance covered - insurance co picks up the bill ma )- the itemised bill is damn long + tedious - no one will bother to check the details - esp if is covered by insurance - we wont bother to read the details !

[@limann8866]

No regret subscribing to your channel. Truly informative.

[@MrMoneyTV]

Thank you Sir!! 👍🏽

[@edwinang3724]

the essence behind the idea of free market is for fair competition among producers, as well as fair prices to consumers. when the market fails to self-regulate, government has the obligation to regulate.

[@csoffline7820]

depends on what government. how do you expect a country's government which failed to regulate to regulate others?

[@Kitsune101]

there is no such thing as "fair" price. A free market is a market that is free of coercion/force and the price is just the price and its ALWAYS fair. You have no sense of economics at all, your meaning of "fair" price is whatever the government feels is "fair" which is literally the opposite. A price that is manipulated through coercion/force of the state. This is communism and it is always bound to fail. What government should regulate is force, to ensure there is NO coercion/force by bad actors (Criminals) against market participants, not become the bad actor or criminals themselves.

[@荀彧-i7p]

Capitalism and free market cannot applies across every industry. Yes, entertainment or luxury related should be 100% free market, but not basic neccessity such as food, shelter, healthcare. The govt must intervene and regulate such industries.

[@GIZMO3380]

Exactly, he basically said make money lol, you guy pay for it lol. 😂

[@myncm3]

This guy always used capitalist and free market to justify every industry . Firstly for a free market to happen , then government should be open to all competition , allowing all hospital to compete without restriction and license .

[@swah47]

Fully agree. Atleast for B40 and M40, there should be some regulations to control pricing especially for basic and life saving treatments. Other than that, if its a request for premium service/treatment, then its the right for private hospitals to charge more.

[@sarahregine4184]

As common residents of Malaysia, we should feel relief because we're not in a capitalist system, therefore businesses will have limitations and restrictions. It's kind of balancing between the common and rich residents. If he as a successful businessman lives in the West then he may find capitalism is good, if he lives as a common resident I don't think capitalism is a good idea. Especially the economy now in the West. Only those who have lived there for a longterm range can feel it. Otherwise, why lots of the West get out toward Asia? Those migrated to the West for a long time came back to their own country or to a lower-cost-of-living country for their retirement. Asian migrated cost their currency is low, thinking to make a move will live better. Well, it always has pros and cons..

[@lkl5677]

something to mention as well ya, people that heavily rely on GOV hospital are also one of the reason why medical cost increases as well people who can afford for it thought of it as unnecessary cost which is absolutely no brainer causing the gov that wants to serve to the people in need harder, our GOV is actually really good providing low cost health care system for the public and people that has leaching intent destroys this accessibility. (The GOV hospital are meant for people who actually needs it not for people that can afford insurance to abuse this free access) really think about ~

[@kathykwok8200]

Thank you for a clear explanation of the insurance issue, there isn't much source for such information, really appreciate your content, easy to understand too. This premium headache is not going away as you said. Do keep us posted. 🙏🙏🙏

[@swah47]

Need Airasia-type of no frills hospital and govt price control/regulations. You pay for what you only need. Also need a system of check and balance for those that claim in order to prevent overclaim issue.

[@ireneyaw4814]

Very good sharing Peter. Learn/understand more why is this hike. Good idea co sharing and less investment link more on insurance

[@lkl5677]

depends on financial background as well, yes having this option available is good but at the same time it causes alot instability imagine you opted for a co-insurance of 10k per entry and u happen to enter 3 times a year, your financial stability will be at risk. while having this option may be good for just having more choices but it increases risk for policy holders so depends on what your financial goals are :/ (i happen to enter hospital twice last year)

[@TeeBinOng]

Hi Peter, thanx for the great video. I agree with most of the points you mentioned. The problem in the US healthcare become so expensive is partly due too profit driven by drug companies and hospitals, well, capitalism at its best. Perhaps hospitals should be systematically rated like hotels, so when ones choose health insurance (premium) they can choose according to type of hospital they wish. Insurance companies should also now separate health care from investment and savings plan. Thanx for the sharing Peter!

[@samliew6610]

Peter is right. Me and some friends have had that kind of experience before. Hospital is very happy to hear if the patient has medical insurance. We also know that the charges are totally different when one has medical insurance. Two different sets of fees and those with insurance are much higher . Very disappointed with that as now we got to pay more.

[@lkl5677]

human greed :)

[@nasrulhilmi868]

Sharing some experiences about my parents and grandparents. Weird thing is during admission, wow... really fast admission. But, when you want to check out 😢 It's like a battle. Report from doctor x ready la, waiting insurance approval la, clerk keyin data do stocktake la (true "rubbish" reason from counter person), Bla bla bla. Waiting for ages...

[@ranjinirajainfilm]

Yes you are right Peter, the future with health and education is so questionable, you should do one video about private and gov education. Haih, one day we may end up with massive protest like Bangladesh for better policies !

[@Eugenewong794]

As someone working in healthcare, truth is all 4 sides are to blame, hospitals for overcharging patients with insurance, doctors for overcharging (though this is somewhat debatable, cos many ppl dunno that doctors fees are controlled and limited by MMC, and they can get into trouble if they simply overcharge, and every doctor knows, u dun mess with MMC or risk losing ur license), insurance companies - though this is also somewhat debatable, cos they wont simply raise premium without losing customers to competitiors, and also patients, ive seen many cases of people wanting to 'admit' cos they have insurance and wan to 'use' it, and usually healthcare providers and hospitals wont deny admission cos of both monetery incentive and also legal repercussion if anything goes wrong, and also increased claims due to msian population being the most unhealthy in SEA with the highest obesity rate, and while the idea of cost transparency or standardised billing is a good idea, you can expect more denials, delays and paperwork when it comes to claims Everything has trade off, u cant have ur cake and eat it too, a good idea is maybe to implement NCD similar to car insurance, but i dunno how fisable is it, but on paper its good cos it incentivises good health and discourage abuse

[@lkl5677]

cannot be anymore real amazing i totally support this and agree with this all parties are to blame there is a chain reaction

[@ronaldphoong]

Retirees today are faced with increasing premium rates. The question is how many retirees can afford to sustain paying the high premium

[@lkl5677]

Unfortunately, we all suffer from the same predicament nothing can be done as mentioned each parties are utilizing off each other eg: hospital some are over charging, policy holder complains and jumpsship from each insurance company which cause insurance company to "just pay" any amount causing higher cost of medication which also ultimately increases the price. Every party involved is at fault, hospital, insurance company, insurance holder all with the intent of doing business and leaching so ultimately gov need to step in to regulate the price of hospitalization and maybe insurance company can create plans cater to specific hospital with mid/low tier unlike certain hospital like a 5 star hotel but at the same time policy holders will also be upset so whatever the result is one or two of the parties need to suffer inorder for 1 to be happy :)

[@NT-80x]

There could be options of 1) insurance policy by hosp service level - lite/basic, premium and luxurious 2) insurance policy by original and oem/generic drugs or supplies 3) co payment (already exists) 4) no claim bonus/refund

[@johankasah1121]

It is up to the insurance company to negotiate with the hospital for the charges! If not don't qualify them as panel hospital.

[@stargazeronesixseven]

OMG! Insurance premiums are expected to go up 40% , while not much salary increment is expected anytime soon , even if there is salary increase , it will hardly reach 40%! We already experiencing so many inflations in our daily groceries , service payments , fees etc., government must step in to maintain inflations in manageable rates & to control prices in insurance & medical cares as these are life saving services for the people ... Thank You So Much Master Peter for having this rather important discussion on the rising cost of insurance premiums especially related to hospitalization , medication & support! Life is getting tougher for many people nowadays!

[@drdin06]

I like the non panel approach ... Its should be consolidated. Insurance are based on trust.. So all party should practice according to the guideline

[@alexlim2788]

Good sharing and thanks for speaking it out!👍 Somehow, i have foresee tis happening in msia (5 years back) ess during retirement age, will have diff to pay the premium Not to angkat on our neighbouring country (SG) but they doing q well on healthcare cost by implementing several policies such as: - table surgical code: price range for each surgical btwn government and private hospital - implementing co-payment, they have removed zero co-payment few years back ago. Lately, they have implement cost control on cancer drugs as well. & I totally agreed with you its the whole ecosystem. Mine own relatives/ friends don’t even bother “private hospital” charging them extremely high price coz they will say, insurance will cover/pay why should I bother. They forget that they will be paying the premium in the future. 😢 > sad to see how ignorance.

[@Celeryman3721]

Very insightful. Thanks!!!

[@youraveragepasser-by7367]

Luigi Mangione we need you here

[@kayjr9795]

Integrity and honesty is very important, genuine people who honest and God fearing are very few, these days everyone just wanna make money and ruins the systems for everyone

[@JSmith11967]

You are spot on about the unnecessary inflated medical bills for insured and the uninsured! The difference is ridiculous!

[@liewliwei2002]

Very insightful video 🎉

[@joelleong2529]

Thanks Peter. Would like to request to upload all videos to Spotify too

[@hgalactic5185]

just set standardised charges, if any people want to go to luxury hospital, then they just top up any extra charges themselve

[@lkl5677]

Great idea but when implemented to the public it will always cause problem like with the thinking of "i paid insurance i should get to choose" mentality and this ultimately boils down to human greed. While not entirely shooting down your idea, i think if insurance company and gov get to work on these type of options and provide it to the public it can be beneficial but at the same time if hospital wants to take advantage of this group, it will cause another instability again because policy holder will just complain if there is any delays and etc. (Knowledge on insurance is very important especially financing but it's rarely thought in school aside from just telling us to save that money for future literally very limited) both primary and secondary schools.

[@hgalactic5185]

@@lkl5677the public will get to choose which hospital to receive treatment . if the hospital they choose charge above the standardised fee, extra amount paid by the person own money

[@coffee8785]

Thank you Peter 🙏🏻 I strongly agree with what you said. Here are some of my POV 😇 1) This isn’t just insurance companies’ issue, it’s the entire healthcare ecosystem issue. Government, private hospitals, insurance companies, rakyat, we’re all involved and responsible. 2) For both insurers and private hospitals, it’s important to find a good balance between profit and social responsibility. 3) Most insurers have good medical plans under investment-linked policy (compared to standalone policy). Regarding ‘putting more money in medical coverage and less money in investment’, my POV is that policy holder can select preferred sustainability age, as in ‘you want to cover until how old?’ Higher sustainability age = higher premium = more cash value to sustain the policy. Hence higher premium doesn’t necessarily mean more investment saja, it also means you want to cover for longer period of time. Imagine if many people taking policy that sustain until age 60 only, would it become a society problem for the golden age community? (Well, we can choose the sustainability age we want, based on preference and affordability.) 4) About cataract surgery, the 6k lifetime limit is for the monofocal lens itself. Other charges like surgery fee, doctor’s fee, OT, hospital charges, etc, these are claimed under the medical plan annual limit. And you’re right about the ‘double standard’ charges for many medical treatments. It’s good that this issue is being voiced out by public. - SC green horn, Munich -

[@csoffline7820]

create your own podcast then. don't hijack and tunjuk pandai

[@livenewsbox579]

Well said...u be spoken for many....hope the government will do something for the people like bundle billing or something..

[@philyeo]

Lack of "HONESTY" of all parties

[@yoonkent]

As ex-liam member , yup , co insurance is good if you hope u have maintain good health. good health means incurring good income . no one hope visit hospital one. if really did , small accident just paid the co insurance. make your plan more sustainable for late age. get a good Life insurance as debt cancellation , the rest just invest. insurance is for risk sharing , not for gain profit . stay invest , see ya.

[@BulanTerkenal]

as an ex-liam members, what are best value life/medical insurance in your opinion?

[@lkl5677]

@@BulanTerkenal Depends on your financial goals and what you want to achieve on the short + long run there is no right or wrong plans all planning works for that certain individual because everything is made based on what you need.

[@sue7014]

Tks quite educational & easy to understand

[@lynk2758]

I went to a hospital in Sunway for 2 occasions. When I first when as a self paying client, the registration fee was $11. The next time, I was asked if I am paying medical insurance, the registration fee was $66! Why is there a 6x increase! The funny thing is the insurance company says it does not pay the registration fee, so I had to incur the $6 ! Such trickery!

[@MrMoneyTV]

Wow. Such daylight robbery. That’s why we as policyholders should complain such unreasonable charges. I can only imagine is insurance company willing to pay for registration what will it cost 😅

[@felreizmeshinca7459]

Yeah, when I saw our insurance increasing being discussed, US healthcare definitely comes to mind even though I believe our country will not reach such extremes. What I really love about this video is how balanced it is. In the old days, people were honest & did not abuse their privilege. It is always unfortunate that bad apples always is the cause of good things being taken away. That is just the world we live in, we need rules & restrictions where necessary. I always believe in the (very) long game, which is to tackle from the perspective of humanity itself. We can create both capitalists, service providers & consumers that are ethical & responsible. Obviously starting with ourselves.

[@hoyewhong]

Let me give you another context: if someone can gather the price for implants/drugs/consumable for the past 10 years, one would be amazed that those have not increase more than 10% in 10.years duration. And yet the hosp charges have increase double triple of that in the past 10 years.

[@sjneow]

how is it legal that hospital can charge different prices based on whether the patient got insurance or not?

[@regiejohn15126]

Even hearing this, it is quite worrying where the scheme is evolving like the ones in US - especially with the copay option. Heard countless stories where people get bankrupt or debt because of their medical bill. If nothing is intervened, the outcome will be the same as we are seeing in US. People will be upset and a whole Pandoras box would open. I support capitalism, but sustainably and responsibly - especially not at the expense of the people.

[@onetwo7712]

Even Socso is feeling the heat

[@KhaiRidzwan]

How do we explain the insane bonuses paid to insurance CEO and staffs ? I think hospitals would need to earn as well.

[@MrMoneyTV]

Both industry CEOs highly paid, insurance agents, doctors too. All industries and everyone need to earn something. The key is to find a balance between profit and social responsibility. How can government ensure healthcare is provided to citizens in a sustainable fashion. Government can either have such high tax that healthcare can be taken care by government or have private corporation to provide in exchange for a profit. This is the delicate balance almost all government need to manage

[@derickhochinfai]

​@@MrMoneyTV maybe an earning ratio can be introduced. Highest paid employee vs lowest paid employee should not exceed 1:7? Studies need to be done to determine the ratio. Shareholder dividends should be kept in check, some form of targeted taxation. Private hosp shareholder dividends tax channelled to national health infrastructure, services, policies, manufacturing and medical science education and research. Perhaps we could achieve some balance. Anyway, Malaysians need to get sick less la. Hahaha look at our diet, the amount of physical activity. 😅😅😅 National burden.

[@RedSparrow5418]

Good explanation ....your agency & P co trained u well

[@michpete7136]

Thanks for sharing your tot. How do we access if the investment link or stand alone more worth? Pls provide some handles to help making the decision.

[@lkl5677]

investment link is always the better alternative because it has CV (CashValue) accumulation to tank future cost, whereas standalone will start to sky rocket at a senior age around 50+ to 60+ eventually you wont be able to sustain the insurance and be forced to ditch it. (we are talking about 1k per month almost)

[@alvincw3228]

This 10:41 is not hotel or hawker price. This is same service with 2 different tier price. What difference in service btwn with and without medical card? That's same.

[@lkl5677]

Wellllll if you really think about it, its just the hospital trying to take advantage of the insurance company which swiftly pays out for quick service so the policy holder doesnt switch to other companies :) (each industry has bad apples)

[@r.sakarollsafe1285]

sure when you boil it down to the basic needs only. Just to paint the picture more, when you order the cola from hawker you scream one. Ane! Cola satu. that if the ane hear you, so you scream multiple time, or more civilised way you wave wave wave til the ane see you. In Hotel restaurant ar, you walk in terus kena greet one. sit down terus kena asked what drink you want. so not really the same services. Like he said, want to be a normal person or treated like a king? Now, lets paint it even more. you realized or not, panadol from GH is actually not panadol. it's non brand paracetamol. the same way your hawker stall use tap water make ice, hotel use coway. Then Bed so soft so advance, your family waiting also comfortable, but GH bare necessity only, use curtain only divide you. at the end of the day, same medical treatment lorrr.. Waiting list also one thing. hawker stall cheap2, long queue i tell you. hotel, reservation can, direct walk in also can because not everybody eat at hotel mahh. that's why I always laugh at people who eats mee mamak or bihun at hotel. so stupid pay premium for simple dishes. Same thing with GH and private lorrr.. GH got lot more patient to serve so wait your turn. Mama always say want to go GH must wake up at 4am then go. But i tell you one thing, go find hawker make wagyu steak cheap. kenot i tell you. end up serve ramli beef only Hotel and the premium restaurant only. the same thing also with hospital lah. certain illness can be treated better and more efficient through swasta hospital, because better expert mah and their tech better mahhh Don't go to Sheraton hotel check in then ask for OYO price arr.. Petrol also got different price but still make your car move one leh.

[@tongsm3994]

Capitation/ bundle payment might help. This is what Singapore's government is going to do. However, this method also will come with its own problem too! For example the train system in Singapore. As they would like to save money, they may not be willing to spend money on the least important stuff. This eventually will affect the quality of the service.

[@clesterng3572]

Well said

[@absthzaraysff302]

Yup spot on in whichever way you're looking at the problem it's about time insurers opt in for referral letter no more free and easy access to get admission if let it every thing at their whim and own accord really worried somewhere may not be too far ahead in the future might end up making insurance as something luxury and unaffordable...plus like it or not drs also playing a role in it I've notice many have treated patients like pie they among themselves slice it every bit so that everyone has a fair share...DRG probably the way forward...

[@conniechan4576]

这集你做得特别好

[@luqmanhamdan9285]

This is one of the reasons I still haven't take any personal insurance other than the one my current company provide. It almost feels like your insurance bill every month goes into black hole that end up never being used. I might be wrong but who knows.

[@kfchao]

Hi, 1 vial insulin can have 100u or 300 u depending on brand Which usually can last 1 week to 1 month depending on dose requirement too But I do get ur meaning for 10x Thx Very expensive

[@brenfroster9122]

Mind sharing your insights about Brian Thompson Murder Case since yoy worked in the insurance field?

[@mitv-qw6bb]

Is it true that some insurance company only have investment link policy for medical insurance? My agent told me their company don't offer standalone medical plan and keep promoting me investment link plan. I do have some investment myself, so I prefer standalone plan... But agent told me standalone plan is not guaranteed to renew next year if I got big medical claims

[@shahizwann]

Better check their website..they need to maximise their comission..

[@af6597-1]

True. I can't really remember when this started but that's what it is and will be when you buy medical and/or life insurance nowadays.

[@MrMoneyTV]

Yes some companies don’t offer stand alone medical. And unfortunately many standalone medical plans in the market are not that attractive in terms of benefits.

[@MrMoneyTV]

Some, not all, standalone plan does offer guaranteed renewal.

[@steely8888]

I have only medical card but its increasing every year its not much but last year has been the highest increase, this year so far not yet receive any letter. Pening already lo like this.

[@shriramvenu]

one part I think you failed to cover is that in Malaysia, the big hospital chains are all GLCs or GLICs. So there is a conflict of interest, because the government and their cronies earn money from the profits of private hospitals.

[@drdin06]

The our healthcare use sling price despite floor price which are more favorable to protect doctors and the doctor fee should follow the inflation rate ...

[@choysum]

Regulate

[@oehpets]

insurance company have no choice to play along with the list price of hospitals that are owned by big conglomerate and stake holders. And doctors in these private hospital are becoming more and more like corporate salesman out of no choice as they need to hit revenue target / quota set by hospital CEO in order to maintain their residency.

[@leelaitiam19]

Dr & Hospital overcharged. Insured trying to get their money worth.

[@carlosmale9209]

i share your fear, monopolies in whatever forms create.... corruption? greed?. Singapore model very iffy at best. They can't even afford to live in their own country.

[@kellietan418]

Thanks for sharing❤

[@guardian7keys]

Hospitals and doctors who overcharge are not something new. Even in Singapore the so-called "medical inflation" is ridiculous. Medical insurance increases annually especially for zero out of pocket payment, which means you don't pay anything when you leave hospital. The Singapore government instead of investigating hospitals, allowed insurance companies to increase the premium and forced the patients to at least pay a small amount out of pocket. Of course this forced patients to be more diligent in their bills. But again as a patient who doesn't have knowledge in medicine, how do you know what you can or cannot choose? So, thank you, Malaysian government who says no to this type of increase.

[@LimWeeChoon]

Insurance company structured their premium based on risk and it doesn't help when Malaysian has one of the highest diabetes and related disease in Asia. It's no difference if you buy a vehicle insurance in the UK as an example. The premium is based on risk factor, as an example a sports car and a young driver will attract higher insurance premium.

[@monster88]

Do not forget GPs also charge a lot. Some prescribed generic charge original medicine price. Some gave drip and charge d RM300+ where the cost is less than RM10. Be a smart patient and please complain to KKM if they just simply charge. Google reviews can be manipulated and not reflect the true situation. Check your medication given whether is original or generic, it differ a lot in price.

[@SiaZS]

1 more important point you miss is now more and more ppl are aware of the importance of medical insurance especially with the things going on with government hospital where you need to wait months for a operation to be done. More and more ppl are going into medical insurance. but all this people are taking advantage of the fact that "i've paid for this insurance, so my health is non of my concern mentality" because what ever happen, i have medical insurance. So what medical insurance are doing right now is to also making sure that ppl that are buying medical insurance take care and be responsible of their own health.

[@MrMoneyTV]

Yes. People have to understand that insurance doesn’t means medical bill is “free”. If uncontrolled and irresponsible claim, end up still need to pay

[@aaronchong7087]

Got to look at insurance claims over the last few years after the covid jab. Insurance co claims might hv skyricketed bec of health issues and excess deaths still remaining high.

[@manharpreetsinghsandhu5101]

A big reason is the insurance companies want to inflate their bottom line and their ceo bonus and company yearly trips... Drs fees have not been raised for past 10 years so where does the expenses and biz cost go? We need to ask this question

[@kashfisharifuddin2390]

If customers were to falsely claim insurance, almost always, for sure, insurance companies would be able to detect, deny, & take action. But yet, its a blatant practise by private hospitals?? Something is not adding up.. i suspect both the insurance companies & private hospitals are working hand in hand..

[@annechow4407]

Stay in the hospital unnecessarily to claim for daily allowances. Never heard before. Btw for thoes who are doing this, i look down on you and your mother

[@davehie]

When you say Co-payment. Isn't that also called deductable?

[@MrMoneyTV]

Yes

[@simonthur]

Bad actors will have a record of abusing the system. Insurance company can simply deny future renewal of coverage. Not pass the cost to those who have never once claimed insurance yet being punished for it!

[@mercurysolace]

I've just received this lengthy letter from P insurance company explaining the price hikes, medical inflation etc but one sentence that caught my attention that honestly made me boil is this - "While the average medical inflation is based on the bill amount, the actual cost of your medical plan is directly linked to the number of policy owners who made a claim and their average medical claims amount." Is this normal? Am I the only one who thinks that this is unfair? Due to the amount of claims that other people have made, we who didn't and haven't made any claims have to bear the price hike? Why? Even after their offer to 'reduce' the price, it is still high and I'm paying for my retired dad. Imagine other retirees that don't have income, don't have children to help ease their financial burdens..what other alternatives are there for their age?

[@YC9678]

inflation of medical cost due to advanced technology has nothing to do with insurance claim. For example, knee cap replacement conventional treatment is only covered by medical insurance, not robotic type surgery...

[@SK-zr2dd]

Maybe one thing they can do it to identify and take action on the bad actors whether it's the insurance companies who just wants high profits, their customers who take advantage of the situation, and hospitals and medical professionals who charge exhorbitantly. How about a national insurance company who is positioned as an alternative to the private ITOs.

[@lkl5677]

Not a bad idea can be considered but gov wont have the time to do this for sure so end up we citzen suffers because of business competition over business.

[@henrypor79]

Here in one of my experience.... I found out that there a lot charges added into final bill, yet there is not such medication given, I know well because the nurse asked me if i need the pain relief injection, i told her no because i not really in pain........... I raise the question, hospital insisted the had given the medication, however fail to prove it; they told me when the nurse given medication they will key into system; I disagree with argument, because there is no procedure of guarantee proof the information key in is correct... I question issue with traceability............. Pain relief is just one of questionable charges..... ended up they waive part of billing....... What i don't like..... the insurance company unable to help, CKAPS another useless gov agency.... the insurance company just asked me to pay 1st the balance and claim back which i refuse..... The do not play an active to understand the issue nor send someone to attend the meeting arranged between myself and hospital (1 vs 8 people include the CEO of the PH)

[@niz11]

The relationship between private healthcare and insurance often feels like a well-orchestrated cycle that benefits the industry at the expense of consumers. Private healthcare providers are able to charge exorbitant prices, and their costs seem to rise at an unsustainable rate every year. This is largely because insurance companies act as a "pool of money" that allows healthcare providers to continue inflating their charges, with little immediate consequence. Essentially, when a patient seeks treatment at a private hospital, they become the vehicle through which money flows-much like an ATM card, while the insurance companies function as the ATM machine. When insurance funds are exhausted or stretched thin, the burden doesn't fall on the healthcare providers; instead, the insurance companies raise premiums to cover the increasing costs. This creates a perfect feedback loop for the private healthcare sector-higher prices for treatment, higher premiums for insurance, and little accountability for the escalating costs. This vicious cycle continues to repeat itself, reinforcing a system that benefits the healthcare industry, but leaves consumers and policyholders paying the price.

[@VincentMiaw]

LOVE IT

[@荀彧-i7p]

The govt of the past need to be blamed. If let say taxpayers money were to be used to build decent hospital. Shouldn't even have room for capitalist to build hospital.

[@lkl5677]

citizen with capabilities are to be blamed as well for abusing "free" or "low cost" hospital such as the gov hospital if they could afford it

[@lkl5677]

lets be honest if we really want to blame there wouldnt be an end to it, such as low salary, hospital bills, insurance premium, flood issues, malaysia polution, malaysia obesity rate and more so much topic to cover and so much problem where the root all started within each and everyone alive in the world (no one wants to take responsibility and just point fingers)

[@yinkuen1691]

Patient also waste insulin like mad here. 30 packs returned untouched and hot. Malaysian patients are most ungrateful lot when it comes to cheap gomen medications given.

[@MrMoneyTV]

Oh wow. Really ah that I did not expect 🥲

[@devious17]

"They are in the business of helping......" themselves. If gohmen hospital are kept updated and fully equipped then we dont even need insurance nor private hospitals. No? I think tax payers should get discounts for not utilizing substandard public hospitals so we can use it for private consultation.

[@SiaZS]

@@devious17 by your statement, are you prepare to pay standard hospital bill? I’m not talking about government subsidies price.

[@cstkl1]

Bank Negara. when will ppl with limited knowledge learn. every thing is regulated by them including life mortality table, pricing etc.

[@r.sakarollsafe1285]

Think about it guys.. instead of doing STR and bunch of bantuan, the government need to be Malaysian insurance company itself. We pay lah, got B40 M40 T20 tier. they got our income info what from hasil, they should know. On top of that, the benefit is they get to monitor the private hospital charges. so end up got regulation for their pricing already. So less pressure lah for the public healthcare system. no more sad sad video minta donation here and there for medical. Guarantee you the PM who takes my idea, will be in power til he die one. if can be insurance and give STR, he die also still be PM i tell you

[@tzaqw]

Very interesting topic, but as a malaysian i can't even finish watching this show because the english used was too broken and too much rambling. I think you could have better structure the thoughts and conversation since it's not even a live show.

[@thehocuspocus9]

Why not use deductibles, such as car insurance, on medical insurance too? Reward those who have not made claims with discounts on premiums.

[@lkl5677]

???? using car insurance on medical insurance ???? i am genuinely confused 😅 or do you mean NCD

[@thehocuspocus9]

@ apologies for my illiteracy. I meant to say: Why not use deductibles, a mechanism used in car insurance, also known as NCD like you mentioned, on life insurance as well? Reward policyholders with discounts on their medical insurance for not making claims.

[@lkl5677]

@ i think its not possible because i think human life is more prone to enter hospital instead of car accidents (the chances and risk scales are different) car only requires accident whereas hospitalization can be from many sources which indicates the risk being higher and NCD wont be a good idea which will cause heavy losses on Insurance company.

[@thehocuspocus9]

@@lkl5677 fair point. im no actuary but i think there could be some adjustments made or designed to medical insurance industry's specificity, in contrast to car insurance. it doesnt have to be 55% discount on a monthly premium. it could be, say for example, an exemption of price hike if a policyholder has not made claim in certain number of years. you're right that the frequency of people using the medical card is much higher than car being in an accident. my point is, however, to introduce a mechanism that incentivizes or rewards people to not claim, or not abuse the medical insurance. i think this would go a long way. having said that, like what peter said; everyone plays a role in this ecosystem. consumers, agents, insurance providers, healthcare providers and government need to do their part collectively in order to solve this nationwide problem. using United States as an example, it's a scary prospect that we could turn into them should none of the aforementioned party do anything to mitigate this problem.

[@Karazure]

True that, we are not expecting hospital and insurer for charity. But yet they are not suppose to be the bloody vampire that take advantage of you when you need care the most.

[@GIZMO3380]

Co-payment does not mean the insurance will not increase premium regularly. 😂😂😂

[@imJianz]

Peter for minister

[@knfk]

But the insurance company is still making billions. Why they need to raise the premium by such a high percentage? The gomen needs to put their foot down and stamp out this unreasonable increase. If only we have a gomen that cares for the rakyat.

[@reubensher8144]

Tutup private hospitals. Specialists stay back in govt hospitals. Capex and rest of opex govt pay

[@micy9714]

CEO wants his bonus

[@kaizerkid2968]

whos the ceo?

[@justinkuek7777]

I like the part... Pay more, u scold the nurse... Haha

[@holypkdead4]

W Pita!

[@taroahh6201]

why the government does step in and put a capped on the private hospital unreasonable pricing?

[@hawkishy]

One word: GREED on all levels especially policy holders. 😂😂😂

[@myncm3]

This guy not comparing apple with apple . US hospital payment with Malaysia earning . Government must monitor private hospital charges who may overcharge and insurance limit premium policy on health care , maybe used the chicken prices hike limit policy . Or either grade hospital with A,B,C,D . Insurance policy can only go up to grade B hospital , Grade A hospital have different policy charges that they pay higher premium for insurance .

[@auntymarys6815]

Me likey👍

[@zionchong4875]

Hi Peter, Thank you for sharing your thoughts and it very informative. Maybe you can help to get the audience to understand how insurance companies work and how the premium work like how & why the premium increases.. what is the agreement between insurance company & policy holders? I think this basic fundamental to let the audience to understand better so that they know the fairness and transparency.. Hope you able to find the info, let me know if you need further details.

[@liewwanyong6955]

Private Hospital is 8 stars hotel😂

[@imjuzsayin..5017]

I think insurance companies still making moneys because every packages they offered have their own amount of limit. If hospitals charge too expensive beyond the insured limit, patients need to pay for excessive amount. Also insurance companies margin will be squeezed. Then patients & insurance companies will scrutiny the bills. But the cost must've limit for uninsured people. This is because they're competing with foreign patients who can pay more for the service.

[@lkl5677]

Both Hospital and Insurance company will 100% make money, it is already mentioned in the video like multiple of times. Its a business if they dont make money how are they going to provide to the public 🤣its a business so there is competitiveness which causes all of this issues to arise. Policy holder are also to be blamed here for abusing their insurance, all parties involved has bad apples around and many people are too self-righteous to admit it.

[@alanyeequanchua6630]

The social responsibility should play a role in capitalism economy. Otherwise, once people suffers in generations, they will fight violently to impose a balance to the new economy, worse case would be leaning towards communism. For US medical bill issue, Americans need to stand up for themselves. Their insurance schemes are also shitty until the insurance CEO got shot to death lately. Perhaps Americans still have firearms as their last straws to revolutionise the problems, but not for Malaysians.😢

[@rambutans5857]

Capitalism & free market? No, government must be regulate for essential service for the rakyat. Foreignor utilize our regulate benefit is another issue.

[@izzuddinmnasir4884]

Despite all excuses, healthcare insurance CEO still had new Volvo & BMW at their VIP parking spot. Im talking to you Takaful

[@TheAshrafcharles]

[@calvienchan]

I right click and select "don't recommend this channel"