Latest news with #Account2


Daily Express
26-06-2025
- Business
- Daily Express
Government mulls basic insurance scheme as medical costs rise
Published on: Thursday, June 26, 2025 Published on: Thu, Jun 26, 2025 By: Bernama Text Size: Finance minister II Amir Hamzah Azizan acknowledged the growing concern among the public about rising medical costs. Kuala Lumpur: The government is considering introducing a basic insurance scheme to help reduce the impact of rising medical costs, says finance minister II Amir Hamzah Azizan. He said a joint committee had been established involving the finance ministry, Bank Negara Malaysia (BNM), the health ministry, and several related agencies. 'Among our efforts is the Reset programme to explore how we can create a basic insurance scheme for Malaysians,' he said after launching a RM211 million SME Bank initiative to support the growth of micro, small and medium enterprises. 'The proposal is at the discussion stage to ensure that its implementation is beneficial and will not burden any party.' The minister said those involved in developing the scheme included insurance and takaful operators and financial sector representatives. 'Once we are ready, we will announce the implementation model. We are also open to suggestions, including models like the Social Security Organisation. The priority is to develop a product that truly meets the needs of Malaysians,' he said. He was responding to questions on the government's proposal to allow withdrawals from EPF Account 2 to pay health insurance premiums.


New Straits Times
21-06-2025
- Health
- New Straits Times
Viability of using savings for medical coverage being assessed
KUALA LUMPUR: The proposal to let Employees Provident Fund (EPF) members use Account 2 for monthly health insurance premiums is still under review, says the fund. In a statement to the New Straits Times, EPF said it is working closely with the relevant authorities to assess the viability of the initiative. "EPF is aware of discussions on the proposal to allow the use of savings in Akaun Sejahtera (Account 2) to pay for health insurance premiums. "The proposal is still being considered, and the EPF is working closely with the relevant parties on the matter," it said. The fund added that, as with all proposals involving members' savings, a thorough assessment is being carried out to ensure any new measure balances short-term needs with long-term retirement security. "As with all proposals involving members' savings, careful assessment is being conducted to ensure that any new measures will strike a balance between immediate needs and members' long-term financial wellbeing." The EPF said further updates would be shared through official channels once available. On June 19, Health Minister Datuk Seri Dr Dzulkefly Ahmad said the government is considering allowing EPF members to use their Account 2 savings to pay for monthly health insurance premiums. He said that, if implemented, the initiative could enable 16 million EPF contributors to access private hospital treatment using their contributions. However, Dzulkefly later clarified that the proposed health insurance scheme — funded through EPF Account 2 — would be voluntary and not mandatory. The Association of Private Hospitals Malaysia (APHM) has welcomed the government's proposal to allow EPF members to use their Account 2 savings to pay monthly health insurance premiums, calling it a Its president, Datuk Dr Kuljit Singh, said while the plan is welcomed, it must be accompanied by clear safeguards to ensure its long-term sustainability. He said the responsibility now lies with the relevant agencies to determine the most appropriate funding model, whether through EPF or other mechanisms.