Healthcare costs will continue to rise due to our ageing population, advancements in medical technology and healthcare cost inflation. The Ministry of Health (MOH) will review our financing schemes to ensure healthcare remains accessible and affordable for all.
A recent survey by WTW highlights that the cost of healthcare benefits worldwide is projected to increase in 2024, continuing the trend of significant cost hikes. The survey, which examined responses from over 250 insurers in 55 countries, forecasts an average global medical trend rate of 10.1% for the upcoming year.
This follows a sharp increase in 2023, when the rate jumped to 9.4%, nearly doubling from 2022's 5.5% rate.
Key Insights from the Survey:
Asia-Pacific is expected to see a notable jump in healthcare costs, with the projected medical trend rate reaching 10.2%, up from 9.4% in 2023.
In Europe, healthcare costs are forecasted to rise more moderately, with an average trend rate of 8.6%, reflecting a smaller but steady increase.
Latin America is likely to witness the highest surge, with a medical trend rate of 14.2%, the largest regional increase globally.
The survey attributes these rising costs to several factors, including inflation, increased demand for healthcare services, and higher costs for medical technology and pharmaceuticals. Additionally, the aging global population and the long-term impact of COVID-19 on healthcare systems continue to put pressure on costs.
Concerns for Employers and Insurers
With these rising costs, employers and insurers are facing growing challenges in managing healthcare benefits without passing the financial burden onto employees. The survey also highlights that many insurers are expecting further cost increases in the coming years, prompting businesses to explore alternative strategies to control costs while maintaining quality healthcare coverage for their employees.
CliniShield's Response to Rising Healthcare Costs
In light of these challenges, CliniShield offers a timely solution to address the impact of healthcare cost inflation. CliniShield is designed to complement existing insurance plans by providing an affordable, practical alternative for outpatient care. Here’s how CliniShield can help:
Cost-effective Access: By offering exclusive pricing on outpatient care at partner clinics, CliniShield helps reduce the financial burden on individuals seeking medical services.
Priority Booking: CliniShield’s priority booking services ensure that users can secure faster appointments, saving time and reducing the stress associated with scheduling medical visits.
Concierge Support: The service includes concierge support for hassle-free medical appointment scheduling, making it easier for users to navigate their healthcare needs.
Broad Network: CliniShield provides access to a network of clinics, offering a range of healthcare services at affordable rates.
Cost and Savings
For just $12 per year, CliniShield is an incredibly cost-effective solution. In fact, one booking can easily cover the annual fee. Here’s an estimate of the savings you can achieve with CliniShield:
Routine Dentist Check-Up: Save $60 (pay $70 instead of $130)
Twice-Yearly GP Clinic Visits: Save $26 (pay $12 instead of $25)
Health Screening: Save $100 (pay $350 instead of $450)
Maid Compulsory Screenings: Save $44 (pay $21.60 instead of $44, twice a year)
Specialist Visit and Follow-Up: Save $90 (first consultation at $100 instead of $160; follow-up at $80 instead of $120)
Spectacles Discount: Save approximately $70 (25% off)
Overall, CliniShield members can potentially save around $400 annually based on typical usage, making it an exceptional value for managing outpatient healthcare costs effectively.
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