KUALA LUMPUR: Bank Negara Malaysia says it is working with the Health Ministry, Finance Ministry, insurers and takaful operators, medical groups, hospitals and industry experts to develop a basic medical and health insurance/takaful (MHIT) plan.

The base MHIT plan is expected to be piloted in the second half of 2026, before a full rollout in early 2027.

It is aimed at expanding access to essential coverage, helping manage rising healthcare costs and promoting better value-based health outcomes.

Bank Negara also said it had made some progress on transparency that aims to support better decisions by consumers and policy makers.

"For the first time, insurance and takaful industry associations are making price ranges for common healthcare services available.

"Private hospitals and clinics must also now display retail drug prices. These initiatives enable patients to compare potential costs ahead of time," the central bank said in its 2025 annual report.

New and enhanced consumer tools are also available, including a Financial Education Network microsite and a healthcare budget planner. These serve to guide consumers in making more informed choices.

To further strengthen the evidence-based findings underpinning these initiatives, the World Bank, together with Insurance Services Malaysia, undertook a study on medical inflation cost drivers in MHIT claims.

Measures are also underway to reduce fragmentation in the healthcare system. This involves strengthening access to and interoperability of electronic medical records.

The Health Ministry is leading efforts to enable seamless sharing of clinical data, beginning with laboratory and radiology results through pilot initiatives with selected public and private hospitals.