Malaysia floats co-payment medical and health insurance feature

It also increased tax relief for medical expenses to over $2,300.

The Malaysian government has raised the individual income tax relief for medical expenses to RM10,000 ($2,324.23), which now includes medical and health insurance plans with co-payment features.

The Life Insurance Association of Malaysia (LIAM) noted that encouraging these co-payment insurance plans can help policyholders manage long-term medical premium costs whilst preparing for future medical needs.

Additionally, the government increased the tax relief for education insurance premiums from RM3,000 ($697.27) to RM4,000 ($929.69), which may incentivise more Malaysians to invest in medical and health insurance as well as education policies for their children, LIAM added.

(RM 1 = $0.23)