AIA Australia and New Zealand Chief Executive Officer Damien Mu commented on the results: “There is a real and justifiable concern amongst the public regarding their ability to cope financially at a time when they should be focusing on being well and getting well. This report informs us that one in three of the Australians surveyed are concerned about their ability to meet the potential costs of critical illness. When asked to estimate the cost of treatment for cancer, almost half (46%) of those surveyed, estimate an amount that would have serious financial implications for them.”
Average shortfalls in covering direct costs (as a percentage) respondents expect:
- 34% for Cancer treatment
- 29% for Heart Disease
- 24% for Diabetes.
In addition to this, research conducted by the Centre for Primary Health Care and Equity suggests that over 40% of individuals with depression, anxiety and other mental health conditions skip treatment and other care needs because of the cost.
It’s not all bad news however, with the report highlighting that people in Australia are ranked second in the Asia Pacific region for having had a medical check-up in the past six months (representing 52% of the total Asia Pacific sample).
For those who did not go for a check-up, cost and time are the most common reasons for not attending. Specifically, for Australians:
- Over 70% of those surveyed had a medical check-up in the past year, with a higher proportion in the 45 or above age group (85%)
- Regular medical check-ups are least popular in the 18-29 age group (57%).
- Confidence in their health is another key reason for not participating in regular check-ups, especially in the 18-29 age group (35%).
Mu adds: “As a leading insurer, at AIA Australia we believe that we should be there supporting Australians through all life’s twists and turns, not only protecting in times of need, but proactively helping create healthier, longer, better lives every day. The survey’s findings are important for our business community to better understand Australian households, finding ways to bridge these gaps by creating pathways to improving health and wellbeing.”
Read the full regional report here.
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