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Singapore health benefit costs set to increase by 10%
SINGAPORE - Media OutReach - 19 September2019 - Medical costs in Asia Pacific are forecastedto increase from 8.6 percent in 2019 to 8.7 percent in 2020, according to the 2020Global Medical Trend Rates Report released by Aonplc(NYSE: AON).
In Singapore, employer-provided medical benefit costswill increase by 10 percent in 2020, outpacing average general inflation of 1.4percent. This is due to a combination of factors such as an ageing populationand a rise in chronic diseases including diabetes and high blood pressure.
However, projected medical trend rates vary significantlyby location. In Asia, costs are expected to increase the most in Malaysia and Thailand,with average medical trend rates forecasted at 14 percent and 13.9 percent respectively.
In contrast, China and Hong Kong are projected to see anaverage medical trend rate increase of 7.5 percent and 8.1 percentrespectively. Due to the adoption of advanced technology, the prices of medicalgoods and services are increasing at a level two to three times of generalinflation. The penetration of mobile applications for online claims management hasalso contributed to the increase in claims reported by supplemental medicalplans in China. In Hong Kong, the medical trend rate is driven by increasinglevels of stress and respiratory infections.
Tim Dwyer, CEO of Health Solutions, Asia Pacific, Aonsaid, "Cost containment strategies are no longer enough to address medicalinflation. Organisations in the region must introduce comprehensive programmesthat address the physical, emotional, social and financial wellbeing of theiremployees. A proactive people strategy focusing on all these factors will leadto a healthier, engaged, and more productive workforce."
HealthCare Benefit Cost Growth from 2019 to 2020
|
| 2019 | 2020 | |
| China |
| 6.0% | 7.5% |
| Hong Kong |
| 8.3% | 8.1% |
| India |
| 9.0% | 8.5% |
| Indonesia |
| 13.0% | 13.0% |
| Malaysia |
| 16.0% | 14.0% |
| Philippines |
| 10.0% | 9.2% |
| Singapore |
| 10.0% | 10.0% |
| Thailand |
| 9.0% | 13.9% |
| Vietnam |
| 12.0% | 11.0% |
| |
Aon's report confirms the increasing impact ofnon-communicable diseases on health care costs globally. In Asia Pacific, cardiovascular,cancer, musculoskeletal, ENT and gastrointestinal were the most prevalenthealth conditions driving health care claims.
Leading Medical Conditions in Asia Pacificand the World
| Asia Pacific | Global | |
| 1) | Cardiovascular | Cardiovascular |
| 2) | Cancer | Cancer |
| 3) | Musculoskeletal | Diabetes |
| 4) | ENT | High blood pressure |
| 5) | Gastrointestinal | Musculoskeletal |
Aon's report also confirms the growing prevalence ofrisks in Asia Pacific due to high blood pressure, obesity and ageing andunhealthy personal habits such as physical inactivity and bad nutrition.
Leading Health Risk Factors in Asia Pacific andthe World
| Asia Pacific | Global | |
| 1) | High blood pressure | High blood pressure |
| 2) | Physical inactivity | Physical inactivity |
| 3) | Bad nutrition | High cholesterol |
| 4) | Obesity | Bad nutrition |
| 5) | Ageing | Poor stress management |
"Many of the risk factors lead to chronic conditionswith long-term medical costs that make them difficult to treat and result inlong-term medical cost increases," said Tim Nimmer, Aon's global chief actuary forHealth Solutions. "As a large portion of our waking hours are spent on the job,the workplace is a logical place to create a healthier culture and changebehaviours. Our goal is to guide employers as they become more critical in helpingindividuals and their families to take a more active role in managing theirhealth, including participating in health and well-being activities and bettermanaging chronic conditions."
To view the report, visit https://healthresources.aon.com/reports-2/2020-global-medical-trend-rates-report.
Methodology
The survey was conducted among 105 Aon offices, each onerepresentative of a country, that broker, administer, or otherwise advise onemployer-sponsored medical plans in each of the countries covered in thisreport. The survey responses reflect the medical trend expectations of the Aonprofessionals based on their interactions with clients and carriers representedin the portfolio of the firm's medical plan business in each country.
About Aon
Aon plc (NYSE:AON) Aon is aleading global professional services firm providing a broad range of risk,retirement and health solutions. Our 50,000 colleagues in 120 countriesempower results for clients by using proprietary data and analytics to deliverinsights that reduce volatility and improve performance.
Aon has five specific global solutionlines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions,Health Solutions and Data & Analytic Services.
FollowAon on Twitter: https://twitter.com/Aon_plc
Visit the Aon Newsroom: https://www.aon.com/home/newsroom/index.html
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