Why are medical costs in Malaysia rising?

With the advancement of medical technology, certain nations may experience a decline in healthcare costs as medical treatments become more accessible to the population. On the contrary, some nations might experience a rise in medical expenses due to a combination of factors, including Malaysia. In response to this issue, Malaysians are encouraged to take up personal accident insurance to combat rising medical and hospitalisation costs.

AIG Malaysia

Fast-paced lifestyle
A modern lifestyle is not necessarily equivalent to a healthy lifestyle. Despite the rising awareness of healthy eating and regular exercise, busy schedules and hectic lifestyle poses a huge obstacle to leisure and relaxation that improves our personal wellbeing. Besides that, an underdeveloped public transport system has made private modes of transportation a preferred choice for many people to get to their destinations quicker and more conveniently. Nevertheless, this has caused road congestion problems and road accidents due to careless motorists and poorly serviced roads.

Ageing population
With an ageing population in Malaysia that is forecasted to rise to 6 million in 2040, the demand for medical services is rising, causing the prices to soar. Older people are particularly vulnerable to accidents at home and incidences of co-morbidities where they suffer from more than one disease condition at the same time. According to a study, some common medications consumed by older people in Malaysia are hypertension medicines, heart medicines and diabetes medicines. Additionally, the cost of caring for older people increases with age, as we consider hospital health services, family health services and pharmaceutical services.

Preference for medical specialists over basic medical consultants
Increasing living standards among Malaysians entails higher consumption levels. These days, it is common for patients that suffer from accidents or sickness to seek home-based remedies or individual treatments, a personalised service usually offered with higher fees. The market mechanism for medical services is controlled by a medical specialist and private medical institutions, resulting in a spike in medical costs — it is important more than ever to be protected with comprehensive personal accident insurance.

Conclusion
If you are looking for insurance that goes beyond providing accident coverage together with medical benefits, look no further than AIG’s MyGuardian Personal Accident Insurance. The insurance provides the opportunity to enhance the coverage with optional add-on packages — all together in a single, comprehensive plan. Learn more about the product here: https://www.aig.my/personal/personal-accident-insurance-myguardian-online!