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IF7 > 2 Healthcare outside the UK > Flashcards

2 Healthcare outside the UK Flashcards

1
Q

Cost of healthcare definition

A

How much does a country spend each year on healthcare (per capita and as an overall % GDP)

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2
Q

Average spend on healthcare in OECD countries in 2019?

A

$4,224/year or 9% GDP

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3
Q

Why is healthcare an investment?

A

Well citizens can contribute to a better economy

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4
Q

5 reasons healthcare spending is rising

A
  1. Ageing population
  2. Rise in chronic conditions
  3. New and more effective treatments
  4. Medical inflation
  5. Pharmaceutical costs
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5
Q

Medical inflation definition

A

Growth of medical treatment costs over and above general inflation levels

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6
Q

OECD

A

Organisation for Economic Co-operation and Development

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7
Q

2021 UK healthcare spending

A

11.9% or $5,387/capita

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8
Q

2021 USA healthcare spending

A

17.8% or $12,318/capita

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9
Q

2021 OECD average healthcare spending

A

8.8% or $4,224

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10
Q

Top 5 countries with highest healthcare spending as % GDP

A
  1. USA
  2. Germany
  3. France
  4. UK
  5. Switzerland
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11
Q

Top 5 countries with highest healthcare spending per capita

A
  1. USA
  2. Germany
  3. Switzerland
  4. Sweden
  5. Netherlands
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12
Q

Country with highest spend as percentage GDP

A

USA (17.8%)

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13
Q

Country with lowest spend as percentage GDP

A

Turkey (4.6%)

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14
Q

Country with highest spend per capita

A

USA ($12,318)

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15
Q

Country with lowest spend per capita

A

Turkey ($5,387)

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16
Q

Equalisation systems/risk sharing

A

In countries where insurance is mandatory, insurers have to pay premium income into a common health fund to subsidise other insurers.

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17
Q

Country with the highest % spend on voluntary payment schemes

A

Australia (13.4%)

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18
Q

USA % spend on voluntary payment schemes

A

5.4%

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19
Q

UK % spend on voluntary payment schemes

A

4.8%

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20
Q

What % of health spending in France comes from public insurance schemes

A

84.7% in 2020

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21
Q

Main public healthcare fund in France?

A

Caisse Nationale d’Assurance Maladie des Travailleurs Salariés (CNAM) - 92% population

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22
Q

France % spend GDP on health (2020)

A

12.2%

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23
Q

Germany % spend GDP on health (2020)

A

12.8%

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24
Q

UK % spend GDP on health (2020)

A

12.0%

25
Q

French PMI system

A

– Most healthcare spending is publicly funded
– Have to make co-payments (10%-30% or 35-85%) – insurance can cover this

26
Q

Why can GDP and $/capita be misleading?

A
  1. Health expenditure slow changing relatively slow changing
  2. Currencies can change against the dollar
27
Q

Irish healthcare system

A

– No universal entitlement to public healthcare
– Eligibility varies according to residency, age and socio-economic status

28
Q

Two-tier system in Ireland

A

Those with an income below a defined threshold or with certain medical conditions (32% – 2019) qualify for a Medical Card

29
Q

Medical Card

A

Provides access to primary care and hospital services free of charge and medicines with limited co-payments

30
Q

GP Visit Card

A

– Available for 1/10
– Covers GP charges

31
Q

% PMI of total health spending in Ireland

A

14%

32
Q

Lifetime community rating

A

Premium payable is based on age when joining the plan – cover cannot be cancelled.

33
Q

% USA population covered by insurance

A

91%

34
Q

Medicare

A

For aged 65 and over

35
Q

Medicaid

A

For low income groups

36
Q

What % total health spending in USA paid by the Government?

A

50%

37
Q

9 Ways to compare countries’ healthcare systems

A
  1. Life expectancy and improvements
  2. Infant mortality
  3. Number of doctors/1,000
  4. % GDP on healthcare
  5. Priv v public funding split
  6. Priv v public provision split
  7. Proportion covered by insurance
  8. How equitable systems are
  9. Customer satisfaction surveys & self-reported good health
38
Q

PHE stands for?

A

Public Health Expenditure

39
Q

THE stands for?

A

Total health expenditure

40
Q

Top 3 PHE as a percentage of THE

A

1.Germany
2. USA
3. France

41
Q

Top 3 PMI as a percentage of THE

A
  1. France
  2. USA
  3. Australia
42
Q

Economist Intelligence Unit Healthcare Rankings

A

– Japan & Switzerland best
– UK = 15
– USA = 22

43
Q

Bismarck systems

A

Systems based on social insurance, where there is a multitude of insurance organisations

44
Q

Beveridge systems

A

Systems where financing and provision are handled within one organisational system

45
Q

Top 3 EHCI rankings

A
  1. Switzerland
  2. Netherlands
  3. Norway
    (UK 16th)
46
Q

How many expatriates around the world?

A

30m

47
Q

How many expats from the UK?

A

1m + 1/2m retired

48
Q

How many people own a property abroad?

A

1.4m

49
Q

5 typical inclusions of IPMI insurers

A
  1. Home nursing
  2. All expenses
  3. Surgeon fees
  4. Road ambulance
  5. Drugs and dressings
50
Q

10 Additional benefits on IPMI plans

A
  1. Chronic conditions
  2. Pre-existing conditions
  3. GP costs
  4. Dentistry
  5. Pregnancy & childbirth
  6. Health screenings
  7. 24/7 A&E
  8. Evac
  9. Repat
  10. Security info
51
Q

Pricing structures for IPMI

A
  1. Specific country or region
  2. Europe only;
  3. Rest of the world (exc. North America)
  4. Rest of the world (all)
52
Q

7 characteristics of IPMI policies

A
  1. Premiums depend on area
  2. Multiple currencies
  3. Maximum sum insured
  4. Deductibles are common
  5. In Europe, premiums attract IPT based on insured residing location
  6. Local rules pay apply
  7. Local taxes may be payable
53
Q

Travel insurance ratings (5)

A
  1. Age
  2. Country
  3. Additional risks
  4. Duration of cover
  5. Pre-existing conditions
54
Q

Max sum insured for travel insurance

A

Usually £5m-£10m

55
Q

Pre-existing conditions and travel insurance

A

May be covered, but must be disclosed

56
Q

Difference between IPMI and travel insurance

A

With travel, you are expected to return home to continue treatment asap

57
Q

4 circumstances when international treatment is covered on UK PMI plans?

A
  1. Where treatment abroad is no more expensive
  2. Emergency treatment while working or on holiday
  3. Where the insurer gives specific permission for the insured to travel abroad for treatment
    (when travelling expenses may also be covered);
  4. Insurer hospital arrangements
58
Q

Healthcare arbitrage

A

Choosing to have treatment abroad in the lowest cost country offering similar quality

IF7 (11 decks)

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