New study examines financial readiness of Singapore residents to tackle cancer costs: preliminary findings point to importance of financial literacy

Key finding #1: Respondents perceive difficulty coping with the cost of cancer care

Key finding #2: Cost concerns may significantly impact decisions about treatment[1]

Respondents without critical illness insurance coverage cited unaffordable premiums as a key reason for not purchasing policies.

Respondents with insurance coverage may not be knowledgeable about their own insurance plan(s), specifically, policy benefits, exclusions, co-pays and claim amounts.

More needs to be done to raise awareness and understanding in this space, particularly as healthcare policies change. Only 33% of the 1,200 respondents were aware of the recent changes to the financing of outpatient cancer treatment based on the Cancer Drug List (CDL), which had been announced prior to the survey.

A correlation likely exists between household income, perceived financial preparedness, as well as one’s understanding of and confidence in insurance.

Key finding #3: Improving financial literacy is crucial as part of the solution^[1] Financial toxicity among adult cancer survivors in Singapore: does it exist? https://journals.lww.com/smj/fulltext/9900/financial_toxicity_among_adult_cancer_survivors_in.53.aspx

Chinese Glossary

National University Cancer Institute, Singapore (NCIS)

新加坡国立大学癌症中心
(国大癌症中心)

DBS Singapore

星展银行新加坡

Dr Jen Wei Ying
Consultant
Department of Haematology-Oncology
National University Cancer Institute, Singapore

任玮瑛
顾问医生
肿瘤血液科
新加坡国立大学癌症中心

Dr Joanne Yoong
CEO and Principal Economist & Behavioural Scientist
Research For Impact

Adjunct Professor
Centre for Behavioural and Implementation
Science Interventions
NUS Yong Loo Lin School of Medicine (NUS Medicine)

熊淑妍博士
总裁, 首席经济学家与行为科学家
Research For Impact

客座教授
行为与实施科学研究中心
新加坡国立大学杨潞龄医学院

Mr Jeremy Soo
Head of Consumer Banking Group
DBS Singapore

苏孝进
消费银行部董事总经理兼主管
星展银行新加坡

Ms Alexis Koh
Principal Medical Social Worker
National University Hospital

许玲莉
首席医疗社工
国立大学医院

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