Kuala Lumpur, 15 August 2019 – Healthcare costs are set to rise further this year with Malaysia’s medical trend rate projected to hit 13.6% in 2019, the third highest in Asia.
To help companies manage rising healthcare plan costs, Mercer Marsh Benefits (MMB) recently launched BenefitMAP™, a smart digital solution, at its Malaysia Health Forum in Kuala Lumpur.
“This digital platform, using a combination of data, analytics and technology, will provide employers with an anticipatory approach to manage costs associated with their benefits programs,” said Ho Mun Kiat, National Practice Leader, Mercer Marsh Benefits Malaysia.
Ho said medical costs have continued to rise, outpacing inflation. Malaysia’s medical trend rate, which measures medical cost inflation, rose to 13.4% in 2018 and is projected to rise to 13.6% in 2019, according to Mercer Marsh Benefits' 2019 Medical Trends Around the World report.
With rising medical and healthcare costs, Ho said companies are facing complex healthcare challenges that could impact on their ability to grow. Hence, there is a need for companies to find a balance between meeting their expense expectations and effectively taking care of their workforce.
With BenefitMAP, companies can identify savings tailored to their specific needs and project their plan costs with greater certainty by incorporating trends such as historical experience and medical inflation, as well as Mercer Marsh Benefit's proprietary ageing factor.
They can then better manage their current healthcare costs as well as project future costs, make strategic decisions and improve benefit program outcomes for a happier, healthier workforce.
Ho also focused on MMB’s consulting capabilities to help clients design appropriate plans to control their cost, adding that the company provides smart solutions tailored specifically for its clients by determining optimal saving plans and initiatives.
The 2019 Malaysia Health Forum hosted by MMB, a leading employee benefits consultancy and insurance broker, gathered together various industry experts and leaders to highlight the importance of managing the holistic aspects of physical, emotional as well as the mental well-being of employees.
Themed “Healthy People=Healthy Business, the forum provided effective approaches to create a healthy business through managing health profiles, technologies and best practices.
At the forum, other key speakers include Prashant Chadha, CEO of Mercer Malaysia who spoke on the future workplace and driving talent trends, and consultant clinical psychologist, Dr. Paul Jambunathan on wellness and mental health.
Wellness issues and psychosocial factors in the workplace are not only detrimental to the individual, but also affect productivity and output of an organisation. Companies that adopt preventive wellness measures, promote mental health awareness and support those experiencing mental disorders are more likely to increase productivity and benefit from associated economic gains.
For more information on Marsh Insurance Brokers and Mercer Marsh Benefits, visit www.marsh.com.