With rising healthcare costs, people are worried about buying health insurance.
The rising cost of healthcare and the unpredictable health risks in recent times have led many people to turn to health insurance as an essential financial safety net for their lives.
Medical costs are rising.
According to Aon's Global Medical Trend Rates report for 2022, 2023, and 2024, healthcare costs in Vietnam have been steadily increasing, at 5.5%, 6.5%, and 6.7% respectively. On average over the past three years, the rate of increase in healthcare costs has been 1.6 times higher than the economic inflation rate. This partly indicates that healthcare costs may become a significant financial burden for many people in the future.
In fact, healthcare costs in Vietnam are projected to increase in the near future. According to the new Law on Medical Examination and Treatment, from 2024, more than 1,900 categories of medical examination and consultation services will have their prices adjusted upwards. Specifically, technical services and laboratory tests will increase by 1-4%, with some services seeing price increases of up to 10%, and the price of hospital bed days will increase by approximately 10-14%.
Mr. Lam Duc Thinh (45 years old, garment factory manager, Ho Chi Minh City) observed: “If prices rise, I can cut back on living expenses and food. But if hospital fees increase, even significantly, then when I get sick, I still have to seek treatment. Last year, I suffered from a herniated disc, and I spent a whole year on treatment and medication, followed by surgery. The total cost was nearly 200 million VND. At that time, I didn't have insurance, so I had to use my entire year's savings to pay for the hospital bills.”
According to Manulife's Asia Care 2024 survey, when asked about their predictions for healthcare inflation, Vietnamese respondents indicated that healthcare costs had increased by an average of 24% over the past year. The categories of healthcare expenses that saw the largest increases included prescription drugs; screening and preventative care; outpatient visits; and healthcare services. 72% of Vietnamese respondents also stated that rising healthcare costs posed a significant financial challenge.
A contingency insurance plan is needed.
Rising medical costs and increasing health risks are driving a shift in people's perceptions of the importance of health insurance. Le Tuan Anh (39 years old, department head at a company in Hai Duong) said: “Previously, I didn't pay much attention to health insurance because my company already provided it. However, after several unfortunate hospital visits, I realized the need for insurance to prepare for these unexpected accidents.”
Mr. Pham Hoai Nam (30 years old, a businessman in Hanoi) said he decided to get health insurance after witnessing a relative unexpectedly suffer a broken leg in an accident and have to pay 100% of the hospital fees themselves. After proactively researching, he decided to purchase Manulife's life insurance, along with the "Healthy Living Every Day" health insurance (2024 version). According to Mr. Nam, he chose "Healthy Living Every Day" because of its high coverage for inpatient treatment. In addition, he can choose other flexible benefits according to his needs without complicated conditions, helping him optimize his insurance costs.
As the main breadwinner for her family, Ms. Nguyen Thi Thanh Thu (32 years old, self-employed, Bac Ninh) has purchased life insurance from Manulife and recently decided to add health insurance "Healthy Living Every Day". She said: "This is one of the few products with outstanding benefits for serious illnesses."
According to Ms. Thu, this product supports special treatment costs such as: dialysis; organ transplantation; outpatient treatment and surgery costs; hospitalization allowance... In addition, the cancer benefits of this product also suit her concerns when paying for inpatient, outpatient, or outpatient cancer treatment using common cancer treatment methods such as chemotherapy, radiation therapy, etc., especially covering the cost of breast reconstruction after mastectomy for breast cancer.
"Understanding the concerns of Vietnamese people regarding health risks amidst rising healthcare costs, Manulife Vietnam continuously innovates to provide suitable products that meet the diverse protection needs and financial capabilities of the people. Upgraded from the 2019 version, the 2024 version of 'Live Healthy Every Day' boasts many superior features and a wide range of benefits, helping customers have a financial contingency plan when facing health risks," said Ms. Tina Nguyen, General Director of Manulife Vietnam.