Administrator
A new Manulife study on critical illness found that close to 40 percent of respondents have spent all or most of their savings battling illness. Furthermore, Singaporeans who become seriously ill do not just struggle with their disease and medical bills, they often feel like a burden to their friends and family (76 percent), experience emotional and psychological distress (72 percent) and face the fear of abandonment (58 percent).
These are among the key findings of the survey that polled 500 critically-ill patients and caregivers to gain an insight into the reality of being sick in Singapore. The survey is unique in that it focuses on respondents, all of whom either have a serious illness or are caring for a sick friend or family member. This helps shed light into the real experiences, challenges and fears that they face.
First illness, next financial distress
As one might expect, financial concerns are among the biggest challenges faced by the very sick. Half of the respondents suffered serious financial problems after being diagnosed with critical illness. On average, patients spent about S$32,000 treating their critical illness conditions, while 15 percent spent in excess of S$50,000 or more.
As a result of their medical conditions, one in three patients applied for subsidies or sought cheaper medical care, while one in four borrowed money or re-mortgaged to afford treatments. An astounding 20 percent of respondents admitted to facing trouble paying for basic necessities. This could be an indication to why people with serious medical conditions are reluctant to seek medical attention and healthcare.
The survey also found that a prolonged period of critical illness could lead to a permanent reduction in one’s income. Thirty-three percent of patients are worried that they will have to stop working after being diagnosed and 24 percent fear that they will end up losing their jobs. The medical bills will keep mounting while sources of income gradually shrink and eventually diminish. A shocking six percent of patients surveyed ended up declaring bankrupt as a result of their critical illness.
Emotional trauma of being critically-ill
The costs of illness are not always limited to medical bills. The effects of a serious illness can disrupt all aspects of life, bringing about emotional upheaval – from fear and worry to grief and despair.
Besides worrying about their health, the Manulife survey revealed that most patients experience anxiety as their life enters a world of the unknown. Many patients fear the loss of independent existence (77 percent). At the same time, 72 percent are also worried about being diagnosed with another illness and 77 percent fear that their current condition will worsen. Seventy-two percent indicated that the illness has brought about additional emotional and psychological disorders.
They are also unsure about their ability to come back stronger and continue building a future for themselves. Seventy-one percent are afraid that they do not have sufficient savings to continue long-term medical care and worry that they will eventually lose the ability to earn an income (65 percent). Over half of the patients surveyed are unsure if they will be able to pay off all the loans they have taken to cover their critical illness.
Almost 100 percent of respondents felt that being diagnosed with a critical illness have made them a burden to others. In addition, six in 10 are afraid that their friends and family will abandon them. A worrying 50 percent of patients surveyed indicated that they would rather die than experience a relapse.
Strain and distress on caregivers
Critical illness can also put a financial strain on the patient’s family members or friends who are looking after them. According to the study, one in four caregivers depleted most or all of their savings on healthcare needs. One in three sought cheaper medical care alternatives, and one in 10 could not afford to pay for basic necessities. Fourteen percent among those surveyed worried about having to quit or change their jobs to cope with caring for a critically-ill friend or family member.
Nine in 10 caregivers admitted that their family or loved one diagnosed with critical illness is a burden that puts a strain on their financial situation. Seventy-one percent of caregivers surveyed felt emotional pressures and ended up developing stress-related diseases and conditions.
“There is a general perception amongst Singaporeans that critical illness will not strike them or their family members. With our Manulife survey, we wanted to dig deeper into the realities of being very sick. The main thing that stood out was how critical illness does not just impact you, but affects the ones closest to you, especially the caregivers,” said Darren Thompson, chief product officer of Manulife Singapore.
(** PHOTO CREDIT: Unsplash/Bret Kavanaugh)
