Myanmar to begin sales of health insurance from 1 July

Deputy Minister Dr Maung Maung Thein claridies health insurance policies of Myanmar Insurance. Photo: Khaing Thanda Lwin
Deputy Minister Dr Maung Maung Thein claridies health insurance policies of Myanmar Insurance. Photo: Khaing Thanda Lwin

Yangon, 15 June —Health insurance policies will go on sale for the first time in Myanmar under a one-year trial as of 1 July, Deputy Finance Minister Dr Maung Maung Thein told media on Monday.
State-owned Myanma Insurance and 11 private domestic companies will offer identical policies, with customers able to buy between one to five units of coverage, with a single unit providing the most basic level of coverage.
“People can buy health insurance premiums worth K50,000 per unit,” said Dr Maung Maung Thein, who is also the chairman of the Insurance Business Regulatory Board.
“Persons aged between 6 and 65 years will be eligible for health insurance.”
Myanmar citizens and foreigners residing in the country can buy the insurance, Myanma Insurance managing director U Aye Min Thein said at a media briefing.
People living in areas without insurance company branches “may get the services through agents, who will get a 10 percent commission on the insurance premium from insurers,” U Aye Min Thein said.
“This is a type of private health insurance aimed at reducing people’s medical treatment costs to a certain degree. Only healthy persons will be allowed to buy this insurance.”
If a single-unit policy holder is hospitalized, insurers will pay K15,000 a day. He or she may receive 30 days worth of hospitalization costs per year.
If a policy holder dies in hospital, their designated beneficiary will receive K1 million per unit of insurance in compensation.
Since May, 2014, a task force including the Ministry of Finance and related ministries and representatives from local private companies has worked to adopt the health insurance scheme, with consultation from foreign insurance companies with representative offices in the country.—GNLM

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