Understanding the personal cost of critical health conditions today

Australians are increasingly living with – rather than dying from – critical health conditions

While Australians benefit from one of the world’s leading public health systems, the financial burden of healthcare is increasingly being borne by individuals.

This burden includes both the direct financial out-of-pocket costs paid by individuals for the diagnosis, treatment, and management of their conditions, as well as the indirect costs in the form of lost earnings potential.

Whilst Australians have inherently understood the value of life in mitigating some of these financial risks, several major trends are adding to the complexity of personal risk management strategies.

The Reducing the Trauma Whitepaper examines the most up to date data and trends on the financial impact of major traumatic health conditions, with a focus on the three biggest contributors to the overall burden of disease – Cardiovascular Disease (CVD), Cancer, and Musculoskeletal conditions.

Obtaining a life insurance policy such as income protection or disability and trauma cover could be one of the most important financial decisions a client makes.

Download our Personal Cost of Critical Health Conditions Today whitepaper here!

Depending on the cancer, the out-of-pocket cost differential (the ratio of out-of pocket costs experienced by private patients, to those experienced by public patients) was

In other words, prostate cancer patients with private health insurance will, on average, pay 6 times the out-of-pocket costs paid by public patients.

*‘Out-of-pocket medical expenses compared across five years for patients with one of five common cancers in
Australia’, AJ Rodriguez-Acevedo, RJ Chan, CM Olsen, N Pandeya, DC Whiteman, & LG Gordon, September 2021

Could the MUTUAL model be your competitive edge
in client retention?

In an industry constantly facing upheaval and transformation, financial advisers are always on the lookout for innovative strategies to enhance their service offerings.

Unlike traditional shareholder companies driven by profit maximisation and shareholder interests, mutuals are owned by their members.

By owning a part of the company, members develop a deeper investment in its success, fostering a stronger, more personal connection. For advisers, this translates into clients who are more engaged and committed, fostering enhanced loyalty and long-term relationships.

The advice industry and Adviser Ratings 2024 Australian Financial Advice Landscape Survey have again honoured PPS Mutual with multiple awards and accolades, reflecting a growing and esteemed reputation garnered by PPS Mutual, its adviser support, service standards and product suite amongst Australian financial advisers.