The need to protect people’s health has increased dramatically in recent years. In addition to the impact of the epidemic, which factors stimulate this demand even more?
Since Covid-19 appeared, people’s health problems have increased significantly and are expected to remain at a high level for the foreseeable future. Premium health insurance packages are constantly being “upgraded” in people’s idle spending list, making Vietnam one of the leading countries in terms of the percentage of consumers who spend a lot on purpose. this.
Our latest Manulife Asia Care Survey (published March 2022) shows that the percentage of Vietnamese planning to take out insurance within the next 12 months is 91% higher than the regional average.
What’s even more remarkable is that critical illness insurance and hospital expenses are at the top of the most interesting products. This is understandable in the context of an increasing number of people being diagnosed with serious illnesses and medical inflation in Vietnam has increased significantly in recent times.
Can you tell us more about medical inflation in Vietnam? What do you think is the cause of this inflation level in Vietnam?
Simply put, medical inflation is an increase in the prices of medical products and services and healthcare.
World Bank data shows that per capita health expenditure in Vietnam has continued to rise rapidly in recent years.
Statistics from the Ministry of Health also show that in Vietnam, the co-payment rate of health service users is still high at 43%, twice the level recommended by the World Health Organization, twice – 2.5 times as high as in developed countries. to land. High out-of-pocket expenses even mean that many families become impoverished, or fall back into poverty after treatment.
This has led people to look for suitable options to reduce medical costs associated with hospitalization.
The Vietnamese economy is in a period of rapid development, leading to higher health inflation rates than other countries in the world.
In addition, the aging of the population leads to greater health risks and thus to higher medical costs. According to a study by the National Hospital of Geriatrics, the medical costs for the elderly are 7-10 times higher than that of the young, because the elderly use up to 50% of the total amount of medicines.
Meanwhile, the public health system is overloaded, many people have to seek private medical services, leading to higher medical costs.
With such a reality, what role does the life insurance industry play in helping to reduce medical inflation and helping people reduce their costs?
Life insurance products can help provide a solid financial source in some unfortunate events, such as serious illness, total disability, or death.
By joining a life insurance policy early, participants can rest assured that they will be treated in first-class medical facilities, with modern treatment methods and a team of highly qualified doctors.
According to statistics from the Ministry of Finance in 2020 alone, the total amount of compensation and insurance benefits is estimated at VND 45,675 billion (4.1% more than in 2019), of which non-personal insurance companies will pay an estimated VND 20,560 billion, life insurance companies pay an estimated VND 25,115 billion.
What specific solutions has Manulife Vietnam implemented to reduce costs for customers, sir?
Manulife Vietnam wants to share the financial pressure with customers, patients and their families to give peace of mind and focus on the healing process. Therefore, Manulife Vietnam has launched a variety of products such as serious medical insurance. , Medicaid insurance, health insurance, death or total disability insurance.
Most recently, Manulife Vietnam launched two new generation of complementary insurance products: Prolonged Critical Illness and Comprehensive Medical Benefit – with the aim of guiding and supporting customers with health risks. strong.
Manulife has always been oriented to be a pioneer in meeting the practical needs of customers – especially in the elderly segment when it comes to health protection concerns, two new free insurance products from Manulife have expanded in coverage. Participation age up to 69 years and full protection up to 85 years. At the same time, with the first benefit of the special medical insurance on the market, customers will receive benefits based on certain criteria for treatment or surgery without having to meet the disease definition.
In addition to adding new features to the insurance market for the first time, Manulife continues to improve the attractiveness of existing benefits. With the additional product Extended Medicaid, Manulife increases the daily reimbursement in the event of a long hospital stay (longer than 6 days) or an admission to the intensive care unit (up to 4 times the reimbursement). during regular hospitalization). Meanwhile, the Extended Critical Illness product supports up to 325 percent of life insurance premiums for 134 serious early, mid, late-stage and major illnesses by gender. Count.
In addition, paying a client death benefit from age 70 contributes to the peace of mind of older clients, both in receiving care and in bequeathing part of their inheritance. in the same complementary product.
In 2022, Manulife is expected to continue to launch new protection solutions suitable for different customer segments, which will help reduce the financial burden on Vietnamese families.
Thank you sir!
Source: Nhip song kinh te
