Medical repricing & sustainable healthcare: a shared duty

Healthcare costs are rising globally, making sustainable solutions a pressing concern for individuals, organisations, and healthcare providers. Medical repricing is necessary to maintain Takaful coverage's sustainability while ensuring that participants receive quality care. In this article, we explore how healthcare sustainability is a shared responsibility, and the role participants, providers and Great Eastern Takaful play in achieving it.

1. Understanding the need for Medical Repricing 

The increasing cost of healthcare in Malaysia is driven by advancements in medical technology, growing demand for services, and rising inflation. In 2024, medical cost inflation in Malaysia reached 15%, surpassing the global average of 10% and the Asia-Pacific average of 11%. Consequently, medical repricing - adjustments in contributions and benefits - has become necessary to ensure the sustainability of Takaful medical coverage. 

Medical repricing involves evaluating and revising the costs of medical Takaful plans to reflect current healthcare trends. This process ensures that funds remain adequate to cover claims while maintaining the quality of care participants receive. Without this adjustment, the financial stability of Takaful funds could be compromised, potentially affecting participants' access to essential healthcare services.

2. Collaboration between providers, participants, and corporations

Healthcare sustainability relies on a collaborative approach. Participants play a crucial role by making informed choices about their medical care and using resources responsibly. Providers, on the other hand, must ensure transparency in billing and pricing to foster trust and affordability. 

Great Eastern Takaful, as a trusted Takaful operator, is committed to bridging the gap between participants and providers. By implementing fair medical repricing practices, we ensure that participants continue to benefit from comprehensive healthcare coverage while preserving the long-term sustainability of Takaful funds.

3. Fostering a Sustainable Future for All

Achieving sustainability in healthcare is not just about financial adjustments; it’s about building a future where everyone has access to quality care without compromise. Medical repricing enables better resource allocation, ensuring that essential services remain accessible to all participants.

Great Eastern Takaful is committed to ensuring healthcare sustainability for all parties involved, following Shariah principles. By regularly reviewing and engaging with those affected, we strive to achieve a balance between affordability and quality care, while upholding ethical and fair practices. This proactive approach fosters a shared responsibility towards
healthcare sustainability, ensuring all participants gain, without compromising Shariah compliance.

Achieving healthcare sustainability requires collaboration between participants, providers, and corporations. Medical repricing is not just a financial adjustment but a step towards ensuring quality care and coverage for the long term. To learn more about how we effectively balance costs and care, visit our Medical Sustainability Guide. Together, we can build a healthier, more sustainable future. 

• Medical Sustainability Guide 
• BNM Announcement