PETALING JAYA: PSM’s Dr Michael Jeyakumar has continued his criticism of the MySalam insurance scheme for the B40 group, this time questioning the government’s assurance that unutilised premiums will be channelled back into the MySalam Trust Fund.
The former MP for Sungai Siput said the statement issued by the finance ministry on Monday did little to dispel the notion that the scheme will not meet its target of helping those in the low-income group.
The ministry had made the statement to emphasise the non-profit nature of the scheme, saying there is no incentive for the administrator, Great Eastern Takaful Bhd, to hold back on qualified claims.
Under MySalam, which was launched in January, Great Eastern contributes RM2 billion to the scheme while Putrajaya pays RM400 million a year in premiums.
However, Jeyakumar estimated over the weekend that Great Eastern would only pay out RM3 million in benefits. He based his conclusion on figures from the first six months of MySalam’s operations, which showed that only some RM1 million had been paid out as of July 22.
He said the underlying issue is MySalam’s requirements for claims, which make it difficult for many to qualify for assistance.
“It also raises the question of what will happen to the money in the trust fund because if the rate of claims approved continues like this, the money in the trust fund will continue to be under-utilised,” he told FMT.
“So unless you lower the requirements or increase the benefits, it’s hard to see how this scheme really benefits the people.”
Jeyakumar urged the government to re-look the entire scheme and consider how the RM2 billion from Great Eastern could be used more effectively.
“This time, the finance ministry should engage with the relevant stakeholders including the health ministry, medical professionals, health experts and NGOs,” he added.
He also asked if Great Eastern was charging the government anything for administering the scheme, calling on the finance ministry to explain if any interest is being generated from the money in the MySalam Trust Fund.
The MySalam scheme offers eligible candidates health protection for 36 critical illnesses including cancer, heart attack and Alzheimer’s disease.
Recipients will receive assistance of RM8,000 and a daily payment of RM50 for a maximum amount of RM700 a year as replacement income. - FMT
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