PUTRAJAYA (Jan 24): The newly-launched mySalam B40 national protection scheme shows the commitment of the government to assist low-income groups in getting the necessary healthcare when needed, said Finance Minister Lim Guan Eng. 

Guan Eng also said that the scheme is an example of a true public-private partnership (PPP) that raises the level of social welfare and health protection of Malaysians.

“The scheme will be managed in a sustainable manner by professionals in the private sector, who are responsible to the government and to the people,” he said at the launch of the scheme today.

The mySalam scheme kick-starts with a RM2 billion fund contributed by Singapore-owned Great Eastern Life Malaysia. The contribution allows the insurer to be exempted from the minimum local shareholding threshold of 30% set by the government. 

According to Guan Eng, the RM2 billion will cover a breakeven premium of RM112 per year across five years for 3.69 eligible Malaysians within the B40 income group. 

“The decision to contribute is in line with the government’s objective to provide a special and direct focus on the B40 group, so that it will benefit millions and not just a select few,” he said.

He added that mySalam covers 36 critical illness with RM8,000 one-off payment for patients, as well as income replacement of up to RM700 per year for those who receive treatment in any government hospitals.

“The government is also confident that the size of the fund under the scheme will continue to grow with the participation of other private insurers operating in Malaysia,” said Guan Eng. 

“This step will contribute towards a significant shift in the effort to provide a comprehensive social security network for Malaysians, which comprises the government, social protection institutions, professionals and the private sector,” he added.

The finance minister said the government is also in the view that the scheme will be a catalyst for more Malaysians to utilise similar healthcare insurance services moving forward. 

“The federal government intends to raise the awarness level of the B40 group on the benefit of protection and healthcare insurance,” he added. 

Those eligible will receive a notification via SMS, and will be able to conduct claims beginning from March1, 2019. Upon approval, the claim will be credited to the recipient’s account bank.