Employers to face 17.3% expected increase in medical costs in Malaysia
Bad news for employers providing medical care to staff – medical costs is expected to vastly outpace inflation in most major economies.
According to a new research by Mercer Marsh Benefits, in Asia, medical costs are expected to increase by 11.5% against an inflation rate of 2.1% in Asia.
The research, based on a survey of 171 insurers across 49 countries found that across Asia in 2016, the highest cost increases are expected in Vietnam (19.3%), Malaysia (17.3%) and Indonesia (11.8%).
It also pointed out that in the region, diseases of the circulatory system (59%), cancer (52%), respiratory conditions (46%), and gastro-intestinal diseases (46%) were the main cause of claims cost last year.
Rose Kwan of Mercer Marsh Benefits in Singapore explained that, “In Asia, the role of governments in specific markets has greatly impacted how consumers are experiencing healthcare.
“One core and fundamental strategy available to employers is to help employees live a healthier life, improve their productivity, reduce absences and increase engagement.
“Wellness programs, education of the impact of lifestyle choices and the redesign of medical insurance plans have all had an important role to play in better controlling long-term medical plan cost trends,” she added.
Globally, the average per person increase in healthcare costs is almost three times the rate of inflation with 2015 seeing an average 9.9% increase in medical costs and forecast for this year being pegged at 9.8%. While average overall price inflation reduced from 3.9% to 3.5% over the same period.
The research pointed out that the cost increases were being driven by non-communicable diseases – those that cannot be caught from other people but are frequently caused by the lifestyle choices of individuals such as smoking, lack of exercise and a poor diet.
Jacques Goulet, Mercer’s president of retirement, health and benefits, commented: “Stakeholders need to embrace disruption in health care. The window of opportunity is now for employer-led healthcare transformation – in the United States but also in other geographies where employers have not played a direct traditional role but where having a cost effective and high quality health care system is an enabler for business success.”
The research also asked insurers about the greatest risks facing medical costs in the future and found that the top two risks were metabolic factors – such as high blood pressure, cholesterol, and dietary risk – like obesity, and physical inactivity.
While the third most cited risk varied by region with environmental risk being taking the spot in Asia.
Graham Pearce, partner at Mercer, said: “We believe that, quite frankly, a medical cost inflation rate close to three times that of overall inflation is just not sustainable. It is therefore of the utmost importance that employers become much more serious about ‘bending the trend’ with a long-term healthcare strategy. This approach, however, will require some initial investment, strong executive support and rigorous analysis of what is, and is not, working for specific workforce populations.”
Source: http://www.humanresourcesonline.net/employers-foot-17-3-expected-increase-medical-costs-malaysia/
Photo / 123RF
- Published in Uncategorized
Merancang pengurusan harta melalui hibah
Perancangan kewangan penting kepada setiap individu supaya harta yang dimiliki dapat diuruskan sebaiknya. Kepentingan kepada perancangan yang baik juga dapat membantu kehidupan ahli waris ditinggalkan jika berlaku sesuatu yang tidak dijangka.
Islam menggalakkan umat merancang kewangan dengan baik supaya kehidupan ahli waris yang ditinggalkan akan terbela dan tidak berlaku persengketaan akibat perebutan harta. Harta adalah amanah yang perlu diuruskan sebaiknya mengikut kaedah perancangan kewangan telah ditetapkan.
Islam membahagikan perancangan harta kepada dua keadaan iaitu semasa hidup dan selepas kematian seseorang muslim. Di antara bentuk perancangan harta semasa hidup ialah wasiat, wakaf, hibah, sedekah, hadiah dan nazar.
Manakala pengurusan harta selepas kematian pula dinamakan pembahagian harta pusaka yang tertakluk kepada hukum faraid.
Dewasa ini pemberian hibah bukan lagi perkara baru, elemen hibah semakin disebut-sebut malah telah banyak digabungkan bersama pelan perlindungan takaful sebagai khidmat tambahan kepada pelanggan.
Jamin kepentingan pemberi, penerima
Ternyata aplikasi hibah amat digalakkan kerana dilihat sebagai perbuatan kebajikan yang bakal menjamin kemaslahatan umum seperti mana firman Allah SWT yang bermaksud: “Bukanlah suatu kebajikan itu kamu menghadapkan muka ke timur dan barat, tetapi kebajikan itu ialah berimannya seseorang kepada Allah, hari akhirat, malaikat, kitab dan nabi, dan mendermakan harta yang dicintai kepada kerabatnya, anak yatim, miskin, musafir, orang yang meminta-minta, yang memerdekakan hamba abdi, yang mendirikan solat, mengeluarkan zakat dan menyempurnakan janji.” (Surah al-Baqarah, ayat 177)
Hibah ialah pemberian seseorang kepada orang lain atau pihak tertentu dan pembahagian itu dilakukan ketika pemberi atau pemilik harta masih hidup atas keinginan sendiri, tanpa paksaan malah tanpa mengharapkan sebarang balasan (‘iwad).
Pelaksanaan hibah bertujuan untuk jaminan ketenangan hati dan minda kedua pihak iaitu pemberi dan penerima hibah. Biarpun asalnya hibah umpama pemberian, sedekah atau hadiah, namun pelaksanaannya tetap membabitkan akad.
Di dalam pelaksanaan takaful, hibah dilihat sebagai pemudah cara bagi ahli waris untuk mendapatkan manfaat takaful kerana penerima hibah akan sepenuhnya berhak ke atas manfaat takaful sekali gus memudahkan lagi proses pemberian manfaat takaful ketika berlakunya tuntutan.
Hibah dalam takaful
Produk takaful sememangnya telah digabungkan dengan elemen hibah dan telah diamalkan oleh semua pengendali takaful kerana ia berpaksikan amalan sedekah. Pelaksanaan hibah menerusi manfaat takaful diaplikasikan menerusi pemberian manfaat takaful yang akan diperoleh oleh waris.
Aplikasi hibah bagi produk takaful yang berkaitan pendidikan, ibu bapa sebagai pembayar sumbangan dikira sebagai pemberi hibah manakala anak dinamakan sebagai peserta takaful pula penerima hibah secara mutlak dan akan mendapat manfaat jika berlaku musibah kepada ibu bapa.
Hibah ini dikategorikan sebagai hibah bersyarat kerana hibah manfaat takaful hanya akan berkuatkuasa atau berlaku setelah peserta takaful meninggal dunia. Ilmuwan masih berselisih pendapat dalam hal ini kerana amalan hibah seharusnya dilakukan semasa hidup.
Malah, status manfaat takaful juga menjadi pertikaian sama ada ia dikira sebagai harta si mati atau tidak kerana jika dikira harta maka ia perlu dibahagikan kepada ahli waris mengikut hukum faraid. Jika sebaliknya, maka memadai dengan hibah yang telah dilakukan sebelum itu.
Menurut keputusan Majlis Pengawasan Syariah Bank Negara pada mesyuarat kali ke 34, status hibah dalam pelan takaful tidak akan berubah menjadi wasiat kerana hibah itu adalah hibah bersyarat.
Penyelesai masalah harta
Manfaat takaful pula lazimnya berkaitan dengan kematian peserta dan tempoh matang sijil. Jika peserta masih hidup apabila sijil takaful mencapai tempoh matang, maka manfaat takaful akan dimiliki oleh peserta.
Jika peserta telah meninggal dunia sebelum mencapai tempoh matang, maka aplikasi hibah akan berkuatkuasa. Peserta mempunyai hak untuk membatalkan hibah sebelum mencapai tempoh matang.
Oleh itu, peserta dibolehkan membuat penamaan dengan menamakan beberapa individu untuk menerima manfaat takaful yang dibayar atas kematiannya sebagai benefiasiari hibah bersyarat secara bertulis.
Hibah adalah landasan kepada peserta takaful membuat amalan kebaikan. Hibah sejajar objektif takaful yang membantu peserta yang mengalami musibah dan seterusnya menggunakan dana tabarru’ bagi membantu peserta.
Masalah berpanjangan membabitkan harta selepas berlaku kematian semakin bertambah dan membimbangkan, maka masyarakat perlu didedahkan dengan cara pengagihan harta semasa hidup.
Source:https://www.bharian.com.my/node/217589
- Published in Uncategorized
Don’t ignore Malaysia’s retirement crisis, says think tank
SUBANG JAYA: Malaysia will soon face a retirement crisis, according to social and economic thinktank Blindspot.
This is because more than half of its citizens do not have enough savings or no retirement savings at all, its co-founder Azlan Awang said.
Azlan said millions of Malaysians were in danger of not having enough money to maintain their current standard of living after retirement.
“The government should be looking into this issue. If the matter is left unchecked, it will only get worse.”
Azlan said the shortfall in savings could affect the national economy as the aged, who were increasing in number, would be forced to cut down on their consumption and depend fully or partially on their families.
Life expectancy in Malaysia has increased to 77.4 years for women and 72.5 years for men. This is a far cry from 1970 when life expectancy for women was 65.5 years and 61.6 years for men.
“We do not have social security, as practised in developed countries,” he told FMT.
Malaysia has a workforce of 14 million. Out of that, 6.5 million are Employees Provident Fund members. But 70 per cent of the members do not have enough savings for retirement.
The government employs 1.3 million people, who will receive life pension upon retirement.
“It shows the remainder, almost six million people, do not have any sort of retirement savings. What will happen to them?”
Azlan added that the figures for people not having retirement savings were increasing every year and that the majority of senior citizens were falling short in savings and would be below the poverty line.
The crux of the issue remains that Malaysians are being paid low wages, according to him.
He said this was where the seeds of the crisis were being planted.
“They don’t earn enough money to put away extra for later years. Malaysians are being paid low but are unable to raise the issue as only six per cent of Malaysians are in unions.”
In terms of gross domestic product (GDP), which is the monetary value of all the finished goods and services produced in a country within a specific time period, the wages to GDP ratio in Malaysia is 33 per cent.
“This means only 33 per cent goes towards wages of workers, while 67 per cent goes to companies as profits.
“In advanced countries, the distribution is almost reversed where 50 to 60 per cent of GDP goes towards wages and the remainder goes to the company as profits.”
Azlan said it showed capital owners in Malaysia could accumulate more money by paying lesser wages.
This was because Malaysian workers did not have bargaining powers similar to that possessed by workers in countries such as Sweden.
He said almost all the employees there were in unions, after being encouraged to join unions by the government.
“The employers there find that when staff join unions, they manage to improve the company’s productivity because issues are discussed. Of course, not everything that is demanded is given but at least both are on a level playing field.”
Azlan added that the 1Malaysia People’s Aid (BR1M) given by the Federal Government to Malaysia’s poor was different from the social security offered in Sweden to the unemployed or old.
“The Swedish Government helps those who do not have a job to get a job. Their policy is everyone must work.
“Once a person is employed, a tax account is opened and money from the taxes is used for the welfare of others.
“Their wages are high. Taxes are high. But they have the social security they can depend on when in need. The aged are also looked after.”
Azlan said the government should look at ways to hike up the salary of Malaysian employees and assist them in saving for old age.
Source: September 17, 2016 www.freemalaysiatoday.com
- Published in Uncategorized
Retirement of college funding: which comes first?
If you’re working your way out of debt, one of the most difficult questions you might face is how to prioritize college savings and retirement.
If you’re like most parents, you’ll phrase the question this way: What is more important—my own security at retirement or my child’s education and future? It’s easy to think about it that way because it’s an emotional issue.
Lately, a lot of parents have decided that college savings should come first. The economy has seen better days, and desperate, misguided parents have dipped into their 401(k)s to pay for their child’s college tuition.
According to a Sallie Mae and Gallup study, 7.4% of parents took out a loan from their 401(k)s in 2010. That’s more than double the amount in 2009. It’s an alarming trend—one based on fear and desperation. And, after taxes on the loan and an early withdrawal penalty, it’s a trend that will get quite expensive and stressful.
It’s never a good idea to pull money out of your retirement fund before the time comes. But the more difficult question is this: Should you delay saving for retirement to pay for your child’s tuition?
prioritizes retirement over college savings because you need retirement money to live, eat, and pay for shelter—the basics. You’re not working, so that money is your only source of income.
Saving for college is extremely important, but it’s a luxury. Your child will have other ways to pay—scholarships, grants, part-time jobs. They can select a more affordable school. Pay for your child’s college if you can, but remember that it’s not as important as retirement.
Retirement is a necessity. If you don’t have retirement money saved up, then you’re working until you die or living on Alpo. Get to a place financially where you can start putting 15% of your income toward retirement first, then begin working on an ESA or 529 for your kid’s college.
Don’t guilt-trip yourself into doing something you’ll regret in a few years, like taking money out of your retirement. Your child will be okay—with or without your help. This isn’t child abuse. It’s wise parenting.
Remember: College is a luxury. Living, eating, and having shelter during retirement is a necessity.
We all face challenges in both our parenting and our money. Financial Peace University offers practical answers to many of the questions you have, including saving for retirement and college. Find the class starting nearest you!
Source: www.daveramsey.com
- Published in Uncategorized
Medical negligence: Court awards girl, 9, RM2.78 million
KUALA LUMPUR: A nine-year-old girl was awarded RM2.78 million in damages by the High Court here today, in a suit against the government, a hospital and 28 others over medical negligence which allegedly caused her to suffer brain damage.
Counsel Manmohan S. Dhillon, representing the child, Nurul Husna Muhammad Hafiz told reporters that Judicial Commissioner Vazeer Alam Mydin Meera ordered the money to be paid to her parents, Muhammad Hafiz Abd Wasit and Dr Nor Azalina Mohd Songib who acted as the child’s trustees.
He said the court awarded the amount after hearing testimonies on the quantum of damages from the parents and three medical experts.
Manmohan said last Sept 3, the government, hospital and all the defendants admitted to liability for negligence.
He further said the amount of RM2.78 million involved RM345,031.90 for special damages, RM151,330 for pre-trial damages, RM350,000 for pain and suffering damages and RM1,937,810 for future damages.
“The court told the parents that they are the trustees and must use the money for the child,” he said, adding that the court had also ordered the defendants to pay RM213,864 in costs to the plaintiff.
The father, bank officer Muhammad Hafiz, when asked to comment on the ruling said he was satisfied with the quantum as the money would be used to take care of his daughter in future.
In December 2012, Nurul Husna filed her suit through her parents. Nurul Husna and her mother, Nor Azalina were not present in court today.
In the statement of claim, Nor Azalina claimed that Nurul Husna had suffered severe and irreversible brain damage as a result of the negligence of the defendants.
Nor Azalina said she had delivered Nurul Husna at Selayang Hospital on July 22, 2005.
In the suit, they named the Government, 21 doctors and eight medical staff including nurses, who were involved in treating and managing the child at the hospital, as defendants.
Nor Azalina said the negligence and breach of contractual duty to exercise reasonable care and skill had caused her to suffer anxiety and mental anguish.
She said Nurul Husna was, and would for the rest of her life be dependent on others for all of her activities in daily living.
Senior Federal Counsel Zaliha Mohd Janis acted for the defendants
Source: http://english.astroawani.com/malaysia-news/medical-negligence-court-awards-girl-9-rm2-78-million-37314
- Published in Uncategorized
