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Steep 14% Spike in Health Insurance Premiums: What It Means for Malaysians in 2025

A sudden escalation in health insurance premiums has alarmed many Malaysians. According to the Department of Statistics Malaysia (DOSM), health insurance saw a staggering 14.2% month-on-month increase in July 2025, contributing significantly to the 5.5% jump in the insurance and financial services category — a sharp rise from just 1.5% in June. On a year-on-year basis, health premiums surged 14.7% compared to July 2024. Why this matters: With inflation hovering at a modest 1.2% in July, health insurance inflation stands out — and not in a good way. The implications are more than statistical. These premium hikes hit Malaysians where it hurts — in their wallets and their peace of mind. Impact on Households and Public Healthcare Public health services in Malaysia are already stretched thin: overcrowded wards, long wait times, and overworked medical staff are daily realities. Long before these premium surges, many Malaysians relied on public hospitals as their main lifeline. A premium spike of over 14% in just one month not only makes obtaining private insurance more difficult — it closes the door on affordable protection. This in turn limits options for accessing medical care more efficiently and comfortably. What’s Driving the Spike? Several factors may be fueling this sudden jump: - Rising operational costs and inflation within the healthcare sector - Increasing claims due to higher utilization rates - Shifts by insurers in risk assessments or underwriting practices However, pinpointing just one cause can be oversimplifying a complex issue. The result? Prices have outpaced affordability — fast. Fincrew’s Perspective For years, Fincrew has championed financial empowerment through accessible and transparent insurance solutions. This sudden hike in health insurance premiums presents a critical challenge — but also an opportunity to rethink protection strategies. Here’s how Malaysians can navigate this turbulent landscape: What You Can Do Why It Matters Compare medical plans Find affordable coverage tailored to your needs and budget Explore step-down plans Gradual coverage gaps that ease premium costs Adjust deductibles or co-payments Lower premiums in exchange for shared contributions Consider corporate group insurance Employers often offer more affordable options Final Thoughts Sudden inflation in health insurance premiums is more than a statistic — it's a stark reminder of the importance of financial resilience. At Fincrew, we remain committed to helping Malaysians find effective, budget-friendly insurance solutions, no matter how volatile the market gets. Read the full article

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JPJ’s Ops Luxury: Seizing High-End Cars With No Road Tax or Insurance – What It Means for All of Us

Owning a luxury car in Malaysia might come with prestige — but it also comes with responsibility. In a bold move to ensure compliance and road safety, the Road Transport Department (JPJ) has launched Ops Luxury, an ongoing enforcement campaign targeting high-end vehicles operating without valid road tax and insurance coverage. Since its launch on July 1st, JPJ has seized 270 luxury cars across the country. Among the seized were head-turners like a Ferrari, a Lamborghini Huracán (with a whopping RM12,000 road tax), and a Rolls-Royce with unpaid tax amounting to RM29,000 per year. Alarmingly, some vehicles had not renewed their road tax for up to three years. JPJ’s Director-General Datuk Aedy Fadly Ramli emphasized that this is not a one-off action. The operation will continue and expand nationwide to places like Sabah, Sarawak, and Perlis. The message is clear: no road tax, no insurance, no driving. Why This Matters — Even If You Don’t Own a Luxury Car While this might seem like a crackdown on only the ultra-rich, there’s a broader issue at play — road safety. Driving any vehicle without valid insurance coverage puts other road users at serious risk. In the event of an accident, the consequences could be financially devastating for both parties. Insurance isn't just a legal requirement — it's a safety net for everyone on the road. Fincrew’s Take: Why You Shouldn’t Skip on Insurance At Fincrew, we often highlight how vital it is to renew your road tax and insurance on time, regardless of the vehicle you drive. Skipping insurance might save you a few hundred or even thousands in the short term, but it could cost much more in fines, court action, and liability in the long run. If you’re overwhelmed by the renewal process or unsure if your policy is up to date, Fincrew offers hassle-free online renewal for road tax and insurance — so you’re always covered. And yes — even if you drive a Perodua Axia or Myvi, JPJ isn’t just coming for Lambos. Stay protected. Read the full article

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EPF's Pension-Style Withdrawal: What It Means for Malaysia’s Future Retirees

As Malaysia considers transitioning the Employees Provident Fund (EPF) into a pension-like system, contributors may soon face a major shift in how they access their retirement savings.

What’s the Proposal All About?

Finance Minister II, Datuk Seri Amir Hamzah Azizan, recently confirmed that the government is still studying a monthly pension-style EPF withdrawal system. If implemented, this system would replace the current lump-sum withdrawal model with monthly payouts, similar to a pension scheme. The new approach, proposed under the 13th Malaysia Plan (RMK13), is part of a broader goal to ensure long-term financial security for retirees and reduce the risk of contributors outliving their savings. How Would It Work? The envisioned structure will divide EPF contributions into two main components: Retirement Savings – which members may still withdraw in a lump sum. Retirement Pension – which will be disbursed monthly upon retirement. This dual approach gives contributors access to part of their funds while also maintaining a consistent income stream during retirement.

Why Is This Proposal on the Table?

According to the Finance Minister, many contributors deplete their EPF savings too quickly after retirement. This leaves them financially vulnerable in old age — a growing concern given Malaysia’s ageing population and rising living costs. By introducing monthly payouts, the government hopes to: Prevent rapid depletion of retirement funds Promote financial discipline Ensure sustainable income during post-retirement years

Who Will It Affect?

The policy — if approved — will initially apply to new EPF contributors. However, existing members may also be allowed to opt in voluntarily. This flexible structure aims to give individuals a choice while nudging the system toward longer-term stability.

What’s Next?

For now, this is only a proposal under review. A detailed feasibility study is ongoing, and no timeline has been confirmed for implementation. The government is emphasizing a careful, inclusive approach to avoid unintended financial burdens on contributors.

Fincrew’s Take

As an advocate of financial literacy and security, Fincrew supports initiatives that encourage sustainable retirement planning. We believe Malaysians deserve options that ensure financial well-being well into their golden years — whether through structured savings, affordable insurance, or smart investment choices. While the EPF's proposed changes signal positive progress, it’s important for all contributors to stay informed, plan ahead, and explore complementary coverage options, including health and life insurance. Read the full article

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Top 10 Household Appliances That Drain the Most Electricity in Malaysia (2025 Update)

With electricity bills constantly on the rise—despite a slight tariff adjustment—understanding which appliances consume the most is essential for managing household budgets. Current Electricity Cost in Malaysia As of July 1, 2025, Tenaga Nasional Berhad’s average base tariff stands at 45.40 sen/kWh, down marginally from 45.62 sen/kWh in 2024. While most households (under 1,000 kWh/month) may see small savings, real relief comes only with reduced energy usage. Top 10 Electricity-Guzzling Appliances in Malaysian Homes A study of middle-income terrace homes in Malaysia found the average monthly household energy use is about 648 kWh, broken down as follows: Rank Appliance Avg Monthly Consumption (kWh) 1 Refrigerator 118.8 2 Air-conditioner (AC) ~100 (part of “active” group) 3 Washing Machine part of 87.8 total 4 Shower Heater part of 87.8 total 5 Water Dispenser ~52.5 ("cold and hot") 6 Rice Cooker, Microwave, Toaster within 87.8 ("active" class) 7 TV ~0.9 (standby negligible) 8 Phone/Laptop Charging etc. part of socket group 9 Iron part of total active group 10 Massage Chair/Fan/Other plug-ins part of “active” group Although individual “active” appliances share the 87.8 kWh/month bracket, ACs and fridges alone account for the lion’s share. Why It Matters With higher average bills… and tariffs hovering at 45 sen/kWh, reducing usage from these top appliances can lead to notable savings. Especially given that hot, humid weather drives up AC and fridge use—unlike temperate climates where standby items dominate more. Fincrew's Budget Tip Save electricity, and smartly redirect those savings toward something that protects your financial wellbeing—like health or home insurance. At Fincrew, we help you compare policies for your peace of mind. Read the full article

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What Anwar’s Latest Economic Announcement Means for Malaysians

In a bold display of fiscal empathy and national solidarity, Prime Minister Datuk Seri Anwar Ibrahim delivered a sweeping announcement this morning — one that Malaysians won’t soon forget. From frozen toll rates to historic one-off cash aid for all adults, the government's latest measures are designed to directly ease the burden of rising living costs while reinforcing its Madani commitment to shared prosperity. Toll Rate Hikes Postponed — Government Covers RM500 Million Anwar revealed that toll rates for 10 major highways will remain unchanged in 2025, despite contractual obligations for increases. The government will shoulder over RM500 million in costs to uphold this freeze. Highways such as the MEX, SKVE, LPT2, and Senai-Desaru Expressway are among those benefiting. This isn’t just a delay—it’s a financial relief strategy, especially vital for daily commuters. It reflects a broader narrative: a government willing to absorb short-term costs for the people’s long-term financial resilience. RM100 for Every Adult: Independence Day Comes With a Gift Possibly the biggest surprise: every Malaysian aged 18 and above will receive RM100, credited directly via MyKad under the Sumbangan Asas Rahmah initiative. This unprecedented move will reach 22 million adults, with the RM2 billion allocation boosting total Rahmah spending to RM15 billion in 2025. The aid is usable only between Aug 31 and Dec 31, strictly for basic goods at over 4,100 participating outlets nationwide. Unused funds will be reallocated in 2026 for vulnerable group support—smart policy recycling at its best. Strong Economy Fuels Stronger Welfare Anwar wasn’t just handing out goodies—he painted a compelling economic backdrop. Malaysia’s GDP grew 4.4% in Q1 with expectations for 4.5% in Q2. The ringgit is rebounding, hitting RM4.23 per USD, one of the best-performing Asian currencies. Investments soared to RM384 billion in 2024, while the unemployment rate fell to 3.0%, the lowest in a decade. Such macro-level progress is the foundation for the government’s ability to implement people-centric policies without compromising national finances. RM3,100 Living Wage & Rising Minimum Pay The announcement also touched on salary reforms. Government-linked companies now ensure a RM3,100 living wage, while the minimum wage increased to RM1,700 starting February 1. These adjustments aim to match rising costs and preserve household purchasing power. What It Means for You Whether you're a salaried worker commuting daily, a small business owner, or a student juggling expenses, these policies offer tangible relief. At Fincrew, we see this as a great time to reassess personal finance strategies—especially insurance and budgeting. With the government stepping in to ease everyday expenses, there’s more room to protect your future. Read the full article

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What Employee Benefits Do Malaysian Companies Offer? Why Health Screening Is Gaining Priority

In Malaysia’s competitive job market, employee benefits are more than just perks — they’re a critical part of attracting and retaining top talent. From annual bonuses to paid leave, Malaysian employers are stepping up their game. But among the most valued and increasingly essential benefits is healthcare, especially annual health screenings. Common Employee Benefits in Malaysia Most companies in Malaysia offer a combination of the following benefits: Medical and Hospitalisation CoverageA standard across most mid-sized and large employers, this includes panel clinics, specialist referrals, and hospitalisation insurance. Annual Leave & Public HolidaysEmployees typically enjoy 14–20 days of annual leave, plus gazetted public holidays. Some even offer replacement leave or flexible off-days. EPF & SOCSO ContributionsMandated by law, employers contribute to the Employees Provident Fund (EPF) and the Social Security Organisation (SOCSO) for employee retirement and social security. Performance Bonuses & IncrementsMany organisations tie bonuses to individual KPIs and company performance, often disbursed during year-end or festive seasons. Maternity/Paternity LeaveIn addition to government-mandated leave, some companies offer extended maternity/paternity days as part of family-friendly policies. Flexible Work ArrangementsHybrid working models, flexible hours, and work-from-home options have become mainstream benefits, especially post-pandemic. The Rising Trend: Annual Health Screenings One benefit now gaining momentum is annual health screenings. Employers are recognising that preventive care isn’t just good for employee wellbeing — it’s good for business. According to recent workplace health surveys, more than 60% of Malaysian employees say they'd appreciate having regular health screenings included in their benefits package. Screenings help detect early signs of illness, reduce long-term medical costs, and support overall productivity. Why Companies Are Prioritising Health Screening: Early Detection = Lower CostsIdentifying risks such as high blood pressure, diabetes, or cholesterol early can avoid costly complications later. Boosts Employee Morale & TrustOffering on-site screenings signals care and commitment to employees' wellbeing. Improves ProductivityHealthy employees are less likely to take sick leave, resulting in a more engaged and efficient workforce. Fincrew’s On-Site Corporate Health Screening Solutions At Fincrew, we provide customised on-site health screening packages for companies across Malaysia, making it easy to implement this benefit without logistical headaches. Flexible screening packages Certified medical professionals Digital health reports for employees HR reporting for employers Optional add-ons: flu vaccines, eye checks, BMI analysis Whether your company has 20 employees or 2,000, Fincrew makes health screening seamless and cost-effective. Read the full article

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What Does An OPR Cut Actually Mean For Your Wallet?

Bank Negara Malaysia (BNM) occasionally makes headlines when it adjusts the Overnight Policy Rate (OPR), and for good reason — it directly affects your financial life. But what exactly does an OPR cut mean for everyday Malaysians? Let’s break it down. What Is the OPR and Why Does It Matter? The Overnight Policy Rate (OPR) is the interest rate at which banks lend to each other overnight. Set by Bank Negara Malaysia, it’s a critical tool used to control inflation and stimulate (or cool down) the economy. A lower OPR typically encourages people and businesses to borrow and spend more, as loans become cheaper. On the flip side, a higher OPR helps slow down spending and control inflation — but can make borrowing more expensive. So, What Happens When the OPR Is Cut? If BNM decides to reduce the OPR, here’s how it impacts your personal finances: ✅ Cheaper Loans Your monthly repayments on variable rate loans like home loans, personal loans, or car loans could go down. This means extra cash in your pocket each month. ✅ Credit Card Rates May Drop Slightly Although not directly linked, some banks may revise down their credit card interest rates over time. But don’t expect dramatic changes here. ✅ Fixed Deposits = Lower Returns Bad news for savers — FD interest rates may also drop, meaning you earn less from keeping your money in the bank. Why Would BNM Cut the OPR? BNM uses the OPR to help manage the country’s economy. A cut is often intended to: Stimulate economic growth during slowdowns Encourage consumer and business spending Help borrowers manage rising living costs It’s especially helpful during tough times, such as inflation spikes or post-pandemic recovery. What Should You Do As a Consumer? Review Your Loan Agreements – See if your loans are pegged to the Base Lending Rate (BLR) or Base Rate (BR). These will usually follow OPR trends. Refinance If It Makes Sense – With lower interest rates, it might be a good time to refinance a mortgage. Rethink Savings Plans – If FDs are no longer attractive, consider other investment options like insurance savings plans or unit trusts (but always assess your risk appetite). Don’t Over-Borrow – Cheaper loans are tempting, but remember: debt is still debt. Bottom Line An OPR cut may seem like economic jargon, but it has a real impact on your daily financial decisions. Whether you’re paying off a home, saving for the future, or running a business, it’s important to stay informed and adjust your strategy accordingly. At Fincrew, we keep a close eye on policy changes so you can make better, smarter financial choices. Read the full article

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Why Malaysia’s Basic Health Insurance Plan Could Be a Game-Changer for the B40 Community

As Malaysia’s healthcare costs continue to rise year after year, more and more low-income families find themselves at a crossroads—unable to afford basic medical care, yet also lacking access to private insurance plans. Recognising this growing gap, the government is taking a major step forward by exploring the introduction of a Basic Health Insurance Plan aimed at ensuring equitable healthcare for all Malaysians, especially the underserved B40 group. At Fincrew, we believe this proposal couldn’t have come at a better time. The Growing Need for Financial Protection in Healthcare For many in the B40 category, even a simple outpatient visit or emergency room bill can strain household finances. With Malaysia’s healthcare costs rising faster than wages, the idea of a universal basic health insurance plan is both a social and financial necessity. Without it, out-of-pocket expenses continue to push families into deeper financial distress—something insurance was meant to protect against in the first place. What Should the Basic Plan Include? A well-designed national health insurance scheme must strike a balance between affordability and effectiveness. Here’s what we believe should be core components of this plan: Affordable Premiums: The B40 group, senior citizens, persons with disabilities, and unemployed individuals should not be left out due to inability to pay. Government subsidies will be key in making this scheme viable for all. Essential Coverage: The plan should offer coverage for outpatient care, emergency treatment, chronic disease management, and preventive screenings—real-world needs that can reduce the long-term burden on the healthcare system. Simple and Transparent Structure: One of the biggest hurdles for Malaysians when it comes to insurance is understanding how it works. The basic health plan must be easy to comprehend and navigate—no hidden clauses, no confusing fine print. Strong Oversight: Regulatory frameworks need to be established to prevent misuse and ensure that the quality of care under the scheme remains high. Why It Matters for the Nation This isn't just about health insurance—this is about economic security and social equity. A healthier population means a more productive workforce, reduced pressure on public hospitals, and less strain on families trying to stay afloat. Public education and clear communication will also play a crucial role in ensuring nationwide adoption and success of the plan. At the end of the day, a policy like this is only as strong as the trust people place in it. Final Thoughts from Fincrew At Fincrew, we see firsthand how Malaysians struggle to balance health, finances, and family responsibilities. A Basic Health Insurance Plan isn’t just a policy proposal—it’s an investment in the wellbeing and resilience of our country. We applaud the government’s intention and urge all stakeholders to ensure this plan is inclusive, sustainable, and empowering for every Malaysian—regardless of income level. Read the full article

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What Malaysians Need To Know About The Expanded SST — And How It Affects Financial Services & Insurance

As Malaysia rolls out an expanded Sales and Service Tax (SST) regime from 1 July 2025, many consumers and business owners are bracing for price changes. But beyond groceries and gadgets, the financial and insurance sectors aren’t spared either. Here's what you need to know. What Is Happening? The Ministry of Finance has introduced several updates under the revised SST structure: Goods are now taxed at 0%, 5%, or 10%, depending on their essentiality. Services, including financial, rental, construction, education, healthcare, and beauty services, are now subject to higher SST rates—ranging from 6% to 8%. While essential goods like chicken, vegetables, rice, milk, and medicines remain zero-rated, it’s the services—particularly financial and insurance-related—that have drawn attention. SST & Financial Services: What’s Changing? Starting 1 July 2025, financial services that operate on a fee or commission-based model will now be subject to 8% SST. This includes services provided by banks, investment platforms, and yes—insurance providers. But not all financial services are affected: Exempted from SST: Basic savings and checking accounts Interest/profit-based Islamic financing Capital market gains (e.g., forex and stock trading profits) Outward remittance fees Insurance underwriting/brokerage services for life, medical & family takaful Services for Bursa Malaysia and Labuan This means that your insurance premium itself (especially for life or medical insurance) may not see a direct tax, but associated administrative fees, commissions, or additional services (such as advisory or service handling charges) could be affected by the 8% SST. What About Other Insurance-Adjacent Services? Insurance is often bundled with other services or financial tools. Here’s where SST might impact your experience: Insurance claim advisory services: Could be taxed if provided as paid consultation. Wealth planning with insurance-based instruments: Subject to SST if commissions or service fees are involved. Car leasing with bundled insurance: The leasing component may now carry an 8% service tax. What Should You Do as a Consumer? Review Your PoliciesAsk your insurer if any new service charges will be introduced in light of the SST changes. Understand Your CostsClarify whether your premiums include administrative fees that may now be SST-inclusive. Be Aware of ExemptionsIf you’re covered under a life or medical plan, it’s likely your protection remains SST-free—but any value-added services or changes might be taxed. Shop SmartUse tools like Fincrew’s insurance comparison platform to evaluate how SST changes are reflected across providers. Why This Matters? With the cost of living already rising, even small changes in financial service fees can impact your budget. While SST is meant to widen the tax base without burdening the B40 directly, the accumulated cost from services—insurance included—can quickly add up for the middle-income group. Final Thoughts The SST expansion marks a new phase in Malaysia’s fiscal policy. While it tries to protect essential goods and basic services, financial literacy and awareness are more critical than ever. At Fincrew, we’re committed to keeping you informed so you can continue to make smart financial decisions—even in a changing tax environment. Read the full article

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Malaysian Insurers Extend Medical & Health Insurance Reinstatement Deadline to August 31, 2025

Good news for Malaysian policyholders! If you’ve recently let your medical and health insurance (MHIT) policy lapse or surrendered it due to last year’s price adjustments — you now have more time to get your coverage back on track. In a recent joint statement, the Life Insurance Association of Malaysia (LIAM), Malaysian Takaful Association (MTA), and Persatuan Insurans Am Malaysia (PIAM) announced that the special reinstatement period for affected policies is now extended to August 31, 2025. Why is this important? This extension gives affected policyholders — especially those in rural or digitally underserved areas — extra time to restore their protection without needing new medical checks or serving a new waiting period. Essentially, you can resume your coverage as if it was never interrupted! What Led to This Extension? In December 2024, insurers introduced this special reinstatement initiative after recognizing that price hikes in 2024 led many to surrender or allow their MHIT plans to lapse. The aim is to help these individuals regain their insurance coverage seamlessly, without added barriers. With healthcare costs on the rise and medical inflation continuing to impact Malaysians, having an active health insurance policy is more crucial than ever. This extended grace period ensures no one is left behind in securing vital medical protection — whether they live in urban centers or remote areas. What Should Policyholders Do? If your policy lapsed or you surrendered it after the 2024 price adjustments, now’s the time to contact your insurance company or takaful operator and take advantage of this reinstatement window before August 31, 2025. By doing so, you can avoid: ✅ New medical underwriting✅ Additional waiting periods✅ Gaps in your health insurance protection At Fincrew, we always encourage Malaysians to maintain active medical and health coverage — not only to protect yourself but also to safeguard your financial future from unexpected healthcare costs. Read the full article

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EPF Account 2 May Soon Be Used for Health Insurance Premiums: What You Should Know

Good news may be on the horizon for Malaysians! The government is currently studying a proposal that would allow EPF members to use their Account 2 savings to pay for monthly health insurance premiums, according to Health Minister Datuk Seri Dr Dzulkefly Ahmad. If this becomes a reality, up to 16 million EPF members could soon have improved access to private healthcare, helping to reduce Malaysia’s current reliance on out-of-pocket healthcare spending (currently a significant 32% of costs).

How would this work?

A small percentage from your EPF Account 2 could be allocated for health insurance premiums. Since this would not come directly from your monthly cash flow, it would be a seamless way to maintain insurance coverage — without feeling the pinch. Participation would be entirely voluntary, allowing flexibility for those who prefer different or more comprehensive plans from the market. This would also complement (but not replace) the existing i-Lindung initiative, which currently offers life, disability, and critical illness coverage.

Why is this important?

With medical inflation rising yearly, maintaining private health insurance is becoming more challenging for many, especially middle- and lower-income earners. Using EPF savings would ease this burden and promote better long-term financial planning. More Healthcare Initiatives Coming Soon The government is also rolling out the Rakan KKM programme, which aims to make better use of underutilized public hospital capacities and improve efficiency across the healthcare system — a move that should help reduce congestion in government facilities while improving healthcare options for all income groups. At Fincrew, we always remind our readers: health insurance isn’t just for the unexpected — it’s a key pillar of sound financial planning. If this EPF-linked option is introduced, it could be a great way to secure your future medical needs without stressing your wallet. Read the full article

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Why Fire Insurance Should Be the First Thing You Secure After Buying a Home in Malaysia

For most Malaysians, buying a home is one of life’s biggest milestones. But as exciting as it is, it also comes with serious responsibilities — and one of the most overlooked is insurance protection. Take Johan, for example. A 33-year-old senior executive, he recently purchased his first home. Like many Malaysians, his insurance was bundled with his housing loan. But when the devastating fire incident occurred in Putra Heights on April 1, he found himself anxiously checking his policy. “That’s when it hit me — this coverage isn’t just a formality. It’s essential,” Johan said. “I’m thankful it’s part of my loan. It makes payments manageable, and more importantly, it gives me peace of mind.” He's not alone in thinking that. Terry, a 36-year-old data analyst, echoed the sentiment. “This is my first property, and the first thing I did was ensure I had fire coverage. If something happens, I want to know I’m not starting from zero,” he shared. Fire Insurance: More Affordable Than You Think In Malaysia, fire insurance is often included with your mortgage. Premiums are relatively low — many homeowners pay less than RM200 a year for basic coverage. For those living in high-rise developments, the building management typically secures a master fire insurance policy. Astrid, a communications consultant who recently bought a condo, is considering getting extra protection. “I know the building has a policy, but I’m still reviewing if it’s sufficient. I want to avoid surprises if something goes wrong,” she said. Her mindset reflects a growing awareness among property owners — insurance is no longer a “nice to have.” It’s part of a smart, long-term investment strategy. Beyond Fire: Are You Really Covered? Tan Kian Aun, President of the Malaysian Institute of Estate Agents, believes many Malaysians still lack awareness about the scope of home insurance. “It’s not just about rebuilding after a fire,” he said. “There are other financial risks to consider — temporary housing, relocation, damages, and even rental income loss if you’re a landlord.” In fact, landlord insurance is one area he believes needs more attention. “It can protect property owners from tenant damage, unpaid rent, and even liability issues.” Fincrew’s Takeaway Whether you’re a first-time homeowner or a seasoned investor, don’t underestimate the role of home insurance. Start by understanding what your current plan covers — and what it doesn’t. If needed, top up with additional protection tailored to your property type and risk exposure. At Fincrew, we believe financial protection starts at home. And with the right insurance, you can ensure your dream home doesn’t turn into a costly nightmare. Read the full article

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Healthcare Costs Are Rising in Asia — Are Malaysians Prepared?

As we step deeper into 2025, one alarming reality is surfacing across Asia — healthcare costs are rising faster than our salaries. A recent study by Mercer Marsh Benefits reveals a sobering truth: 1 in 5 employees in Asia fears they can’t afford proper healthcare for themselves or their families. And for those in lower income brackets, it gets worse — 1 in 3 are worried about how they’ll pay for medical treatment when the time comes. Medical Inflation Outpacing Pay Raises While average medical trend rates in Asia have jumped to 13%, salary growth has been lagging far behind, especially in developing markets like Malaysia, Indonesia, the Philippines, and India. This imbalance is creating a dangerous gap between healthcare affordability and employee income. For many Malaysians, this means out-of-pocket expenses are on the rise — and skipping care is becoming more common. Limited Insurance Coverage = Delayed Care Despite growing demand, basic health benefits like prescription drugs and routine doctor visits are still not widely covered by employers. Critical illness plans and personal accident insurance are also less common among lower-wage workers. As a result, many employees — particularly younger Malaysians — are delaying or avoiding necessary medical attention simply because they can’t afford it. Unfortunately, this short-term decision may lead to more serious and costly treatments down the line, not to mention a loss in productivity at work. What About Mental Health? Mental health is another area where benefits fall short. While 38% of male employees in Asia say mental health screenings are important, only 1 in 4 currently have access to such benefits through their jobs. In Malaysia, mental wellness is still a taboo topic in many workplaces, further limiting support for those who need it most. What Can Be Done? This is a wake-up call for both employers and insurers. To bridge the gap, companies should consider: Expanding outpatient coverage for general practitioner visits and medications Providing critical illness protection and accident plans tailored to different income levels Including mental health benefits as part of standard group plans Offering preventive screenings to catch health issues early Introducing climate-related health risk protection, as extreme weather impacts health in Malaysia too With rising costs and shrinking coverage, employers have a growing responsibility — not just to attract talent, but to safeguard the wellbeing of their teams. Final Thoughts from Fincrew As Malaysia continues to grow and evolve economically, health protection can no longer be considered a luxury — it’s a necessity. Whether you’re an employee evaluating your personal policy or an employer designing a group plan, choosing the right insurance can make all the difference. Read the full article

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Insurance & Tax Relief in Malaysia: What Can You Claim?

As the annual tax season rolls around, many Malaysians scramble to gather receipts and calculate allowable deductions to lighten their tax burden. But did you know that several insurance policies qualify for income tax relief in Malaysia? Whether you’re looking to make smarter financial decisions or claim what’s rightfully yours, here’s a breakdown of insurance-related tax reliefs under the Lembaga Hasil Dalam Negeri (LHDN) guidelines for your annual tax filing. 1. Life Insurance & EPF (Up to RM7,000 Combined) If you’re a Malaysian with a life insurance policy AND contributing to EPF (Employees Provident Fund), you’re entitled to a combined tax relief of RM7,000. What’s eligible: Life insurance premiums (personal and spouse) EPF mandatory and voluntary contributions Takaful life plans Deferred annuity schemes 💡 Note: Civil servants under the pension scheme (who don’t contribute to EPF) can claim up to RM3,000 for life insurance alone. 2. Education & Medical Insurance (Up to RM3,000) You can also enjoy RM3,000 tax relief on insurance premiums for policies that cover: Your child’s education Medical treatment or critical illness Hospitalisation and surgical plans This applies to both conventional insurance and takaful policies. 💡 Keep all payment receipts from your insurance company as proof during e-filing. 3. SOCSO Contribution (Up to RM350) If you’re employed, your SOCSO (PERKESO) contributions are automatically eligible for a separate RM350 tax relief. This includes contributions to the: Employment Injury Scheme Invalidity Scheme Self-Employment Social Security Scheme 4. Private Retirement Scheme (PRS) (Up to RM3,000) If you’ve invested in a Private Retirement Scheme, you can claim up to RM3,000 per year. PRS is a voluntary long-term savings scheme aimed at supplementing your retirement income—plus, it comes with this tax incentive! 5. Lifestyle & Personal Accident Add-ons (Partially Eligible) While not all general insurance qualifies for tax relief, personal accident insurance and selected riders or add-ons attached to your policies may be claimable under: Lifestyle relief (up to RM2,500) – if bundled with a gadget or internet package Medical expense relief (under RM10,000 cap) – if related to disease or treatment Always check with your insurer if the policy is structured to qualify.

Pro Tips for Claiming Insurance Tax Relief

Ensure your insurance provider is licensed under Bank Negara Malaysia Keep your premium payment receipts Use the correct categories when filing via LHDN’s e-Filing system Consult your insurer or financial advisor to clarify eligibility

Final Thoughts

Insurance is not just a financial safety net—it’s also a smart way to reduce your tax burden. From life insurance to PRS contributions and medical coverage, Malaysians can take advantage of multiple reliefs that directly reward your planning and protection. Read the full article

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Why Your Credit Card Application Got Rejected (Even If You Thought You Qualified)

So, you’ve applied for a credit card—convinced you met all the basic requirements—only to find out your application was rejected. Frustrating, right? You're not alone. Many Malaysians face this situation and wonder what went wrong. The truth is, banks assess more than just your salary before approving a credit card. Here are five common reasons your application might be declined, and how you can improve your chances next time. 1. You Already Have Too Much Financial Commitment Even if your income looks good on paper, your existing financial obligations—such as loans or hire purchases—could be eating into your budget. Why it matters: Banks use something called the Debt Service Ratio (DSR) to calculate how much of your income goes toward repaying debts. A high DSR signals financial strain. What to do: Try to reduce your existing debt before reapplying. 2. You Don’t Have a Credit History If you’ve never used credit—no loans, no past cards—it may actually work against you. Why it matters: Banks assess your creditworthiness based on your history. No history means no track record, which makes it hard to judge how reliable you are. What to do: Start small—try a secured credit card or a basic financing plan to build your profile. 3. Your Income Isn’t Stable or Properly Documented Freelancers, gig workers, and self-employed applicants often face challenges proving stable income—even if they earn well. Why it matters: Lenders want to see consistency. Without proper documentation like salary slips or EPF contributions, your income may not be considered “verifiable.” What to do: Maintain proper records and bank statements. If you’re newly employed, wait a few months before applying. 4. You Submitted an Incomplete or Incorrect Application A surprising number of applications are rejected due to missing documents or inaccurate details. Why it matters: Even minor errors can raise red flags or delay processing. What to do: Double-check everything before submitting. Ensure you’ve included all the necessary documents like utility bills, salary slips, and identification. 5. There Are Red Flags in Your Credit Report Missed loan payments? Unresolved debts? These can all hurt your application. Why it matters: Banks rely on your CTOS or CCRIS report to determine how responsible you are with money. What to do: Get a free credit report to check your status and resolve any outstanding issues before applying.

Final Thoughts

Getting rejected for a credit card isn’t the end of the road—it’s a chance to understand and improve your financial standing. Whether it’s reducing debt, building a credit history, or improving your documentation, every step you take brings you closer to approval. At Fincrew, we help Malaysians make smarter financial decisions, from comparing insurance to understanding credit. Stick with us as we guide you through every money move that matters. Read the full article

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Top 5 Affordable Cars in Malaysia for RM2.5K–RM3K Salary (2025 Edition)

Owning a car in Malaysia is a significant milestone, especially for those starting their careers. With a monthly salary between RM2,500 and RM3,000, it's crucial to choose a vehicle that balances affordability, reliability, and low maintenance costs. Here are five cars that fit the bill in 2025 1. Perodua Axia 1.0 G AT Price: RM33,490 Estimated Monthly Instalment: ~RM423 Fuel Efficiency: ~22.5 km/L Why It's a Good Choice: The Axia is Malaysia's most affordable automatic hatchback, offering excellent fuel economy and low maintenance costs. It's ideal for city driving and first-time car owners. 2. Proton Saga 1.3 Standard AT Price: RM35,800 Estimated Monthly Instalment: ~RM450 Fuel Efficiency: ~14–18 km/L Why It's a Good Choice: The Saga provides a spacious interior and comes equipped with Electronic Stability Control (ESC) as standard, ensuring a comfortable and safe ride. 3. Perodua Bezza 1.0 G AT Price: RM36,580 Estimated Monthly Instalment: ~RM460 Fuel Efficiency: ~22 km/L Why It's a Good Choice: Known for its reliability, the Bezza offers a spacious boot and is popular among e-hailing drivers for its low running costs. 4. Proton Iriz 1.3 Standard CVT Price: RM42,800 Estimated Monthly Instalment: ~RM540 Fuel Efficiency: ~15–17 km/L Why It's a Good Choice: The Iriz boasts a sportier design and enhanced safety features, including ESC and Traction Control System (TCS), making it suitable for those seeking a dynamic driving experience. 5. Perodua Myvi 1.3 G AT Price: RM44,300 Estimated Monthly Instalment: ~RM560 Fuel Efficiency: ~20.1 km/L Why It's a Good Choice: Dubbed the "King of the Road," the Myvi is renowned for its reliability, fuel efficiency, and features like Eco Idle and Advanced Safety Assist (A.S.A) in higher trims. Note: Monthly instalments are estimated based on a 9-year loan tenure, 3% interest rate, and a 10% downpayment.

Additional Monthly Costs to Consider

Beyond the car's price and loan instalments, consider the following recurring expenses: Petrol: RM250–RM400/month, depending on usage and fuel prices. Insurance & Road Tax: RM80–RM120/month, varying based on the car model and driver's profile. Maintenance: RM50–RM100/month for regular servicing and minor repairs. Choosing the right car involves balancing your budget with your transportation needs. The models listed above offer a combination of affordability, efficiency, and reliability, making them suitable choices for individuals earning between RM2,500 and RM3,000 monthly in Malaysia. Read the full article

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When RM10,000 Isn’t Enough: A Malaysian’s Struggle with Financial Pressures​

In a recent Threads post that has since gone viral, a 32-year-old Malaysian man shared his financial struggles despite earning a monthly salary of RM10,000. His candid breakdown of expenses highlights the challenges many face in balancing personal needs with familial responsibilities.​

Breaking Down the Expenses

The man detailed his monthly expenditures as follows:​ Car Loans: RM2,000 (covering his own and family members' vehicles) Student Loan Repayment: RM200 Rent & Utilities: RM1,800 (RM1,600 for rent and RM200 for utilities) Food & Entertainment: RM1,500 (primarily for transportation and meals) Phone Plan, Internet & Insurance: RM670 This totals approximately RM6,170, leaving him with just under RM4,000. However, he plans to purchase a house for his parents, which would add an estimated RM2,800 in monthly mortgage payments, reducing his disposable income to about RM1,200. The Sandwich Generation Dilemma This scenario underscores the challenges faced by the "sandwich generation"—individuals who financially support both their aging parents and their own families. Despite a seemingly substantial income, the combined pressures of personal expenses and familial obligations can make financial stability elusive. Community Reactions Netizens expressed empathy and offered advice. Some suggested that he reconsider taking on the mortgage for his parents' house, while others recommended exploring additional income streams or adjusting certain expenses. A Broader Perspective This individual's experience is not isolated. Many Malaysians, even those earning above-average salaries, find themselves grappling with similar financial pressures. Rising living costs, familial responsibilities, and aspirations for a better life contribute to this complex financial landscape. Read the full article