Ms Sylvia Lim (Aljunied): Sir, cancer remains the leading cause of death in Singapore, claiming nearly 24% of all recorded deaths in 2022. One in four Singaporeans is expected to develop cancer in their lifetimes. According to the Singapore Cancer Society, over the five-year period from 2017 to 2021, an average of 46 people per day were diagnosed with cancer in Singapore, while 16 people per day died of it.
A study last September commissioned by DBS Bank and conducted by Black Box Research surveyed approximately 1,200 participants on their financial readiness to tackle cancer costs. Three key findings emerged: first, that responders perceived difficulty coping with the cost of cancer care; second, that cost concerns may significantly impact decisions about treatment; and third, part of the solution lay in improving financial literacy.
The survey is ongoing. Among those surveyed on why they did not purchase additional coverage, some cited unaffordable premiums and a lack of understanding about policy benefits. One in three participants expressed concerns about the exorbitant cost of cancer care. An earlier study by National University Cancer Institute and Research for Impact showed that patients of lower socioeconomic status were at higher risk of financial toxicity.
Financial toxicity means that patients are likely to experience significant financial distress due to the cost of care, which usually coincides with a period of lost income. This not only affects their quality of life and mental well-being, but also that of their family members.
Empowering people early with financial knowledge on private insurance options would instill confidence to prepare for the unexpected catastrophic medical expenditure and allow patients to focus on treatment. It is also important to ensure that the national coverage for cancer under MediShield Life remains meaningful. How is the Ministry working with the relevant stakeholders to raise awareness of cancer treatment costs and to mitigate financial toxicity?
Ministry of Health
5 March 2024
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=budget-2378
Office of the Leader of the Opposition 