New Version of Health Insurance to be Introduced Next Year

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Myanmar Insurance said it will launch a new version of health insurance, beginning January 2017.

The MI has classified the premium rates based on the age groups. Myanmar citizens aged between 6 and 65 and foreign citizens who have already got a temporary stay permit can purchase the product. People can purchase three others insurance coverage in addition to the basic health insurance.

“Under the old system, each person can purchase a one-year health insurance with a premium of Ks 50,000 per unit and buy up to five units. People can get hospitalization costs for 30 days. They can get Ks 15,000 for one unit even if they cost either Ks 7,000 or Ks 150,000. The MI will give the remaining amounts  – after deducting hospitalization expenses –  up to Ks1,000,000 compensations for deaths. The change is because people showed little interest in the old insurance system,” said Aye Min Thein, the  managing director of Myanmar Insurance.

“The new version includes basic insurance cover. The MI has increased the number of hospitalization days from 30 to 60 days. People can purchase from two to ten units of primary health insurance coverage for accidental deaths and hospitalization due to diseases and accidents. The MI will pay hospitalization expenses of Ks 1.2 million (for 60 days with Ks 20,000 per day). Under the old system, people get hospitalization expenses of just Ks 450,000,” he added.

 

Source: Eleven Myanmar

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