Health Insurance In Malaysia

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Health insurance becomes a widespread topic nowadays. Health insurance is a type of compensation for you when you are getting injured or sick. It enables you from paying the full costs of medical services. By the way, you need to pay a certain rate or premium each month. There are various types of insurance in Malaysia, Great Eastern Life Assurance Berhad, American International Assurance (AIA) Berhad, Allianz Life Insurance Malaysia Berhad, Prudential Assurance Malaysia Berhad, so on and so forth. There are some examples of risks that you might be encounter, your car or other property will be stolen, you will lose some of your possessions due to a fire, flood, storm, or other natural disaster and your car will be damaged in an accident. As…show more content…
For instance, when disposable income of someone is greater than his or her expenditure, they are not willing to request for health service if there is only a slightly illness. For the health service, we should consider also the taxes charged, private health services are normally high. In Malaysia, the awareness of health care is still less among the citizens. This is because our country is the developing country and most of the citizens are from the moderate family. There are two reasons why consumers demand for health. The first reason is health is a consumption commodity, it makes the consumer feel better. The second one is health is an investment which defined that health will determine the amount of time available to the consumer for productivity (Grossman, 1972). Despite of this, education is a considerable factor in the demand for health care, education have a negative effect on the demand for health care, this is because people with high educated are presumed to be more efficient in health (Mengiste,…show more content…
Demand theory tells us that P goes up, Q will go down. If demand for physician service is inelastic and the price is rising, then total revenue will increase. Undeniably, healthcare purchasing is under the limitation by your income, you are forcing to confront with the trade-off on purchase other things to gain the medical care you wish to. This is why we often read stories about people without insurance being bankrupted by medical expenses. In my opinion, health service is considered as a monopolistic structure market because there are a lot of health services in Malaysia, but it has some differentiated services in the aspect of health care. Consumers are free to choose whether which type of treatment they wish to carry on. For example, people are freely to choose whether he or she would like to do the surgery or just by doing the laser treatment. The medicine provided also slightly different compare among the

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