Tackling costs of cancer treatment
World Cancer Day (Feb 4) raises awareness of the disease, and encourages its detection and treatment. In Singapore, recent findings suggest some urgency for consumers to review their cancer insurance coverage but also highlight how financial institutions, insurers, government/healthcare/social workers can come together to better support patients.
IN AN ideal world, cost would not be an obstacle to anyone seeking medical help, such as cancer treatment, which could run up to a significant amount. In reality, there are many stories of individuals who suffer from “financial toxicity” that may come about when they are financially ill-prepared to manage a severe sickness, unable to foot their medical bills or in a worst-case scenario, forgo treatment to avoid burdening their loved ones.
In a recent survey of 1,200 Singapore residents, about four in 10 respondents said they would not be financially prepared to manage the costs of cancer treatment. The key reason cited for not getting cancer insurance was unaffordable premiums.
The study aimed to assess not only the awareness of potential costs associated with a cancer diagnosis, but also the understanding of its financial implications, emphasising the critical role of financial literacy. Conducted in August and September 2023, the study was sponsored by DBS Bank, designed by National University Cancer Institute, Singapore (NCIS) and Research For Impact (RFI), and conducted by Blackbox Research.
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