Falling sick can cripple you financially. Here’s why.
“Die, can. Sick, cannot.” We have all heard the old Singapore adage, often in jest, but it’s time to give it serious thought. Are we able to afford to fund our own life-saving treatment?
Healthcare in Singapore is expensive and rising at an astronomical rate. In 2018, medical inflation in Singapore hit 10%, outpacing economic inflation by 10 times. And it is expected to rise by 9.3% in 2019, according to Mercer Marsh Benefits 2019 Medical Trends Around the World report.Healthcare in Singapore is expensive and rising at an astronomical rate. In 2018, medical inflation in Singapore hit 10%, outpacing economic inflation by 10 times. And it is expected to rise by 9.3% in 2019, according to Mercer Marsh Benefits 2019 Medical Trends Around the World report.
Medical inflation can increase healthcare costs and according to insurers, is largely attributed to inpatient care costs like surgeries, diagnostic procedures, drugs and medications, prosthetics and room and board.
Listed in the table below are the leading causes of death in Singapore in 20181, here is an idea of the associated treatment costs. These costs are estimates, and they are generally subject to variables such as severity of condition, type of tests, class of wards, length of hospital stays, subsidies, and if a patient is seeking treatment at a public or private healthcare institution.
|Condition||Example of Treatment Cost|
|Cancer||$8,000 to $17,000 per month|
|Heart Disease||Open heart surgery: $20,000 to $40,000|
|Kidney Failure||Kidney dialysis: $2,500 to $4,000 per month at private|
Treatment for Type 1 Diabetes: $7.69 to $120 per cartridge, and $3.85 for a syringe to $6,000 for a pump
Medication for Type 2 Diabetes: $0.06 to $6 per pill (taken once to three times a day)
Can You Afford Life-Saving Treatment?
Assuming you are relying on your savings and day-to-day income, you may want to think about these:
• How will such costs affect your wealth generation?
• Does your protection plan adequately cover you?
• Would you be able to manage the costs of treatment and its associated costs, such as ongoing expenses, inability to work, dependant support and more?
• How will the costs affect your quality of life, as well as that of those you support?
Being prepared for the unforeseen is key to growing your wealth, as well as safeguarding your future and that of those you love most. Take the first step and reach out to an IPP adviser.