AIA research reveals Sri Lankans facing critical illness ‘financing gap’and the AIA Healthy Living Index 2018 also shows a sharp decline in the number of people who are satisfied with their health.
The AIA Group has found that people in Sri Lanka face a considerable ‘financing gap’ where savings, current levels of insurance and government health provisions may not be enough to pay for the treatment for critical illnesses (such as cancer, heart disease, diabetes or other serious conditions).
The findings are part of the latest AIA Healthy Living Index Survey, the fourth since 2011, which highlights the prevailing health trends, motivations and concerns for individuals and communities across Asia-Pacific. CEO AIA Sri Lanka Pankaj Banerjee said, “Most people underestimate the financial impact that a serious illness has on their assets and savings…both in terms of being able to afford the best care and in recovery from a serious illness.
“It is, therefore, vitally important for people to be conscious of the need to make healthy lifestyle habits while also ensuring to be well prepared to handle any eventualities. As an insurer, this is where AIA can help, with products, propositions and programs that help you live healthier, longer, better - so you can make the most of life.”
In Sri Lanka, 41% of people are concerned about the potential costs of critical illness. When asked to estimate the expected cost of treatment for heart disease they would have to bear, over one-fifth (21%) estimate an amount that would have serious financial implications for them.
The concern is justified when the expected financing gap is taken into account. For cancer treatment, respondents who think they would not be able to afford treatment expect an average shortfall of 83% of the costs they would have to bear. Across people who cannot afford treatment in Sri Lanka, the financing gap for heart disease is 75% and for diabetes 92% of direct costs. Overall, people’s satisfaction with their health and habits in Sri Lanka has declined since the previous AIA Healthy Living Index in 2016. Some 77% of respondents are satisfied with their health.
Some 35% of people in Sri Lanka rate themselves positively on the amount of exercise they are getting - down twenty eight percentage points since 2016. A 35% are satisfied with their frequency of medical check-ups.
On average, respondents in Sri Lanka claim to do 1.4 hours of exercise each week - a decrease from 2.1 hours claimed in 2016.
Healthy habits can be hard to sustain among Sri Lankans. Only 49% of those who have ever adopted a weight loss scheme continue to use one now. And just 30% of those who have ever joined a gym or fitness class have gone to one in the past four weeks.
The AIA Healthy Living Index surveyed 11,000 adults in 16 markets and was commissioned by AIA and conducted by IPSOS, a leading consumer research company.