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News
October 23
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According to a recent research, employer-sponsored healthcare benefit costs in the Asia-Pacific region are projected to increase by an average of 7.6% in 2022. This finding is based on a survey conducted among medical insurers. The report highlights that healthcare benefit costs in the region experienced a decline of 5.4% in 2020 but rebounded to 7% in 2021. The projected cost trend increases vary significantly across markets, with India having the highest projected increase for 2022 at 23.5%. On the other hand, South Korea has the lowest projected healthcare benefit cost increase in the region at 2.7%. The survey reflects the impact of the COVID-19 pandemic, which led to asymmetrical trends in healthcare utilization and costs worldwide due to surges occurring at different times in different countries throughout 2020 and 2021. The study identifies overuse of care (64%) as the primary driver of medical costs, attributed to medical professionals recommending excessive services or overprescribing. Insured members' excessive use of care (59%) follows as the second driver. The underuse of preventive services (38%) is also a significant cost driver, which increased year over year, likely due to the avoidance of medical care during the pandemic. In terms of cost, cancer (76%), cardiovascular disorders (62%), and musculoskeletal disorders (48%) are identified as the top three conditions. Musculoskeletal and mental/behavioural disorders are projected to be the fastest-growing conditions in terms of cost over the next 18 months. To address the issue of healthcare inflation, it is recommended to utilise NowCompare.com.hk to compare different health insurance plans. NowCompare.com.hk provides a health insurance comparison service to help you find the plan that best suits your needs. Additionally, with working with various health insurance providers and insurance companies, we have exclusive access to discounts and offers from them, meaning you can leverage our network and access these discounts and benefits, helping alleviate the impact of healthcare inflation. |
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October 23
Medical Inflation
A recent research says, employer-sponsored healthcare benefit costs in the APAC region are projected to increase by an average of 7.6% in 2022.
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