The Malaysian government has announced an increase in individual income tax relief for medical expenses to RM10,000 (approximately $2,324), now encompassing medical and health insurance plans with co-payment features.
The Life Insurance Association of Malaysia (LIAM) emphasized that promoting these co-payment insurance options could assist policyholders in managing long-term medical premium costs while preparing for future healthcare needs.
In addition to this, the government has raised the tax relief for education insurance premiums from RM3,000 ($697) to RM4,000 ($930). LIAM indicated that this adjustment may encourage more Malaysians to invest in both medical and health insurance, as well as education policies for their children.
(Note: RM 1 is equivalent to $0.23.)
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