Lies, Damned Lies and Statistics with Thai health insurance

Lies, Damned Lies and Statistics with Thai health insurance

Image courtesy of stockimages at FreeDigitalPhotos.net

Life and Critical Illness Insurance, especially amongst the expatriate community in Thailand are very much overlooked in favour of products that are designed to grow your wealth.

In this blog post, I am ONLY going to point out some statistics recently pointed out to me by Friends Provident International. If you do not have something that will pay a CASH LUMP SUM in the event of your death or earlier disability, these numbers might worry you. They should.

One of my old clients said to me last week, “I’m OK, I’ve got savings plans for myself and for the boys”

Great but; what happens if you don’t make it to pay the premiums on your Thai health insurance?

In Britain

Stroke

  • 1 in 6 people around the world will have a stroke in their lifetime
  • Every five minutes someone in the UK has a stroke
  • One in five strokes are fatal
  • 25% of strokes occur in people under age 65
  • In 2010 stroke was the fourth largest cause of death in the UK after cancer, heart disease and respiratory disease
  • Of those who survived a stroke:
    • 42% will be independent
    • 22% will have mild disability
    • 14% will have moderate disability
    • 10% will have severe disability
    • 12% will have very severe disability

Heart Disease

  • 1 in 6 males and 1 in 9 females died from coronary artery disease in 2011
  • Every 5 minutes someone in the UK has a heart attack

Cancer

  • More than 1 in 3 people in the UK will be diagnosed with some form of cancer in their lifetime
  • 1 in 35 men and 1 in 20 women will be diagnosed with cancer before age 50
  • 6 months is the average time people take off work to recover from chemotherapy and radiotherapy, after a diagnosis of cancer

In Hong Kong

  • Over 13,000 people died of cancer in 2013 – equivalent to 1.5 deaths per hour
  • Nearly 6,000 people died of heart disease in 2013 – equivalent to 1 death per hour
  • Over 1,500 deaths were due to external causes of mortality and morbidity – they weren’t ill – equivalent to over 4 deaths per day

Cancer

  • Over 24,000 people are newly diagnosed with cancer in Hong Kong every year
  • 1 in 4 males have a risk of developing cancer before age 75
  • 1 in 5 females have a risk of developing cancer before age 75

Cost of recovery

  • The mean first year cost for newly diagnosed coronary artery disease in Hong Kong is USD 11,477
  • The average monthly cost for cervical, ovarian, breast and small cell lung cancer can exceed HKD 20,000
  • To qualify for the low cost medical services in Hong Kong you must be a permanent resident

In America

Cancer

  • 1 in 2 men have a lifetime risk of developing cancer
  • 1 in 3 women have a lifetime risk of developing cancer
  • 1 in 29 men have a risk of developing cancer before age 50
  • 1 in 19 men have a risk of developing cancer before age 50
  • 68% of people diagnosed with cancer are still alive 5 years following diagnosis

Cardiovascular

  • >2,150 Americans die of cardiovascular disease each day, an average of 1 death every 40 seconds
  • 150,000 Americans who died of cardiovascular disease in 2010 were under age 65
  • An estimated 620,000 Americans have a new heart attack each year
  • Approximately every 34 seconds 1 American has a coronary event and approximately every 1 minute 23 seconds, an American will die of one
  • On average, every 40 seconds, someone in the US has a stroke and someone dies of one approximately every 4 minutes

In Australia

Cancer

  • 1 in 2 men and 1 in 3 women will be diagnosed with cancer by the age of 85
  • 66% of people diagnosed with cancer are still alive 5 years after diagnosis
  • Cancer accounts for about 3 in 10 deaths in Australia

Cardiovascular

  • Cardiovascular disease is the leading cause of death in Australia, one Australian dies every 12 minutes
  • Each year, 55,000 Australians suffer a heart attack – equivalent to one heart attack every 10 minutes
  • 1 in 6 Australians are affected by cardiovascular disease

Other

Cancer

  • There were an estimated 3.45 million new cases of cancer and 1.75 million deaths from cancer in Europe in 2012
  • In 2012 an estimated 14.1 million new cases of cancer occurred worldwide
  • In 2012 an estimated 8.2 million died from cancer worldwide

Cardiovascular

  • Each year cardiovascular disease causes over 4 million deaths in Europe
  • Overall cardiovascular disease is estimated to cost the EU economy almost EUR196 billion a year
  • An estimated 17.3 million people died of cardiovascular disease in 2008

 

Author: Mark Plummer
LinkedIn

Mark Plummer is currently a Wealth manager with Acuma Hong Kong Limited & founder of the experienced investor website Invest Offshore Direct

This is not an offer to invest. Nothing here should be construed as investment advice. If you want specific advice then you should consult a financial advisor.
The opinions expressed herein are mine and do not necessarily reflect the opinions of Acuma Hong Kong Limited or the deVere Group.

 

Sources

  • www.stroke.org.uk/sites/default/fils/Stroke%20statistics.pdf
  • www.bhf.org.uk/research/heart-statistics/morbidity/incidence.aspx
  • www.cancerresearchuk.org/cancer-info/cancerstats/keyfacts/
  • Department of Health, Government of Hong Kong SAR
  • www3.ha.org.hk/cancereg/all_2011.pdf
  • heartasia.bmj.com/content/5/1/1.abstract
  • www.cancer-fund.org/en/press_centre_press_releases_40.html
  • Cancer Council Australia
  • Heart Foundation Australia
  • www.ehnheart.org/cvd-statistics.html
  • www.who.int/mediacentre/factsheets/fs317/en/