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.
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 👍
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.
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!
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 😅
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. 🙏🙏🙏
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!
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.
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!
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 -
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.
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
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
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.
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 !
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.
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.
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.
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.
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...
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
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.
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.
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.
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.
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.
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
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...
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 ...
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.
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 .
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.
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..
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.
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.
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.
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.
"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.
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
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 .
Actually can blame govt. If govt hospital can strive to improve and reduce the gap w private, more ppl will go to govt hospital where pricing can be controlled. Govt need to market and change their image on govt hospital as being scolded by nurses. Let the private be consume by the T20 only. Even within govt can have a Budget vs Normal pricing. and also why cant podcast sound system be as good as this?
Capitalism & free market? No, government must be regulate for essential service for the rakyat. Foreignor utilize our regulate benefit is another issue.
It is a stupid statement, It has nothing to do with him, it is nothing of me supporting PMX , Insurance inflation is every where globally, just step into any country, medical bill has gone bonkers, food prices, housing , everything else except your salary, if you are a person who likes to blame....Blame the United States Federal reserve, expansion of money supply since 2008 causes inflation globally.
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.
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 👍
Thank you very much for your encouragement!
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.
@@MrMoneyTV CPF, not CFP, you dumb twat
No regret subscribing to your channel. Truly informative.
Thank you Sir!! 👍🏽
Very good sharing Peter. Learn/understand more why is this hike. Good idea co sharing and less investment link more on insurance
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!
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 😅
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. 🙏🙏🙏
Retirees today are faced with increasing premium rates. The question is how many retirees can afford to sustain paying the high premium
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!
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.
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!
Tks quite educational & easy to understand
just set standardised charges, if any people want to go to luxury hospital, then they just top up any extra charges themselve
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 -
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.
Mind sharing your insights about Brian Thompson Murder Case since yoy worked in the insurance field?
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
Thanks Peter. Would like to request to upload all videos to Spotify too
why the government does step in and put a capped on the private hospital unreasonable pricing?
How do we explain the insane bonuses paid to insurance CEO and staffs ? I think hospitals would need to earn as well.
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
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.
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.
You are spot on about the unnecessary inflated medical bills for insured and the uninsured! The difference is ridiculous!
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 !
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.
这集你做得特别好
I like the non panel approach ... Its should be consolidated.
Insurance are based on trust.. So all party should practice according to the guideline
Despite all excuses, healthcare insurance CEO still had new Volvo & BMW at their VIP parking spot. Im talking to you Takaful
Luigi Mangione we need you here
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.
Well said
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.
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.
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...
Thanks for sharing❤
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
Better check their website..they need to maximise their comission..
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.
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.
Some, not all, standalone plan does offer guaranteed renewal.
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.
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.
When you say Co-payment. Isn't that also called deductable?
Yes
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.
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
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.
LOVE IT
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
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...
Why not use deductibles, such as car insurance, on medical insurance too? Reward those who have not made claims with discounts on premiums.
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 ...
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.
Exactly, he basically said make money lol, you guy pay for it lol. 😂
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 .
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.
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..
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.
Tutup private hospitals. Specialists stay back in govt hospitals. Capex and rest of opex govt pay
Dr & Hospital overcharged. Insured trying to get their money worth.
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.
Co-payment does not mean the insurance will not increase premium regularly. 😂😂😂
Regulate
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.
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.
"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.
@@devious17 by your statement, are you prepare to pay standard hospital bill? I’m not talking about government subsidies price.
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
Peter for minister
One word: GREED on all levels especially policy holders. 😂😂😂
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 .
W Pita!
Actually can blame govt. If govt hospital can strive to improve and reduce the gap w private, more ppl will go to govt hospital where pricing can be controlled. Govt need to market and change their image on govt hospital as being scolded by nurses. Let the private be consume by the T20 only. Even within govt can have a Budget vs Normal pricing.
and also why cant podcast sound system be as good as this?
all back to tax to sustain public medical sector
@ Tax, the efficient use of it and the staff attitude.
Capitalism & free market? No, government must be regulate for essential service for the rakyat. Foreignor utilize our regulate benefit is another issue.
whos the ceo?
👍🏼
Gotta blame pmx
It is a stupid statement, It has nothing to do with him, it is nothing of me supporting PMX , Insurance inflation is every where globally, just step into any country, medical bill has gone bonkers, food prices, housing , everything else except your salary, if you are a person who likes to blame....Blame the United States Federal reserve, expansion of money supply since 2008 causes inflation globally.
Lemme guess, semua salah DAP? 😂
Mind to explain how it is pmx's fault? Insurance premium didn't increase under other PMs?