As cancer survival rates rise due to medical advancements and earlier detection, so do the price tags of these life-saving treatments. The financial burden of high out-of-pocket medical costs can add a heavy burden on the patient’s physical and mental distress.
“The MediShield Life Council has reported to the Ministry of Health (MOH) that spending on cancer drugs was increasing at 20 per cent a year, as against 6 per cent for other drugs. Together with more cancer patients seeking treatments, MediShield Life payouts for outpatient cancer treatments had gone up by more than 50 per cent from $109 million in 2017 to $168 million in 2020.”1
From September 2022, MediSave withdrawal and MediShield coverage will be limited to drugs and treatments on the Cancer Drug List – collated from cancer doctors in the public and private sectors. Currently, MediShield Life allows a flat-rate claim amount of up to $3,000 per month for all cancer drug treatments and services. Under the revised changes, the claim will cover amounts ranging from $200 to $9,600 a month; applicable for drugs on the approved list only.1
By following this newly drawn-up list of clinically-proven cancer drugs that are also cost-effective, it also means that cancer treatments or medications not found on the list cannot be covered. The use of MediShield Life and IP insurance (setting in from April 2023) to reimburse outpatient cancer treatments will also not be allowed if other drugs are used, or if the drugs are used for other indications.2
Whilst these strategic moves are intended to keep the costs of cancer treatment affordable, it is important to understand that Critical Illness insurance is still necessary to fill the gaps in protection, especially if you foresee the need for a source of income replacement during the recovery period.
Cancer can be debilitating and may affect your ability to work, leading to financial insecurities for yourself as well as your loved ones. Critical Illness insurance is designed to offer a helping hand and some much-needed financial support during these tough times. Connect with me today and I will be happy to share more about what we can do for you.