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IF7 > 2 Healthcare outside the UK > Flashcards

2 Healthcare outside the UK Flashcards

(58 cards)

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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)

25
French PMI system
– Most healthcare spending is publicly funded – Have to make co-payments (10%-30% or 35-85%) – insurance can cover this
26
Why can GDP and $/capita be misleading?
1. Health expenditure slow changing relatively slow changing 2. Currencies can change against the dollar
27
Irish healthcare system
– No universal entitlement to public healthcare – Eligibility varies according to residency, age and socio-economic status
28
Two-tier system in Ireland
Those with an income below a defined threshold or with certain medical conditions (32% – 2019) qualify for a Medical Card
29
Medical Card
Provides access to primary care and hospital services free of charge and medicines with limited co-payments
30
GP Visit Card
– Available for 1/10 – Covers GP charges
31
% PMI of total health spending in Ireland
14%
32
Lifetime community rating
Premium payable is based on age when joining the plan – cover cannot be cancelled.
33
% USA population covered by insurance
91%
34
Medicare
For aged 65 and over
35
Medicaid
For low income groups
36
What % total health spending in USA paid by the Government?
50%
37
9 Ways to compare countries' healthcare systems
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
PHE stands for?
Public Health Expenditure
39
THE stands for?
Total health expenditure
40
Top 3 PHE as a percentage of THE
1.Germany 2. USA 3. France
41
Top 3 PMI as a percentage of THE
1. France 2. USA 3. Australia
42
Economist Intelligence Unit Healthcare Rankings
– Japan & Switzerland best – UK = 15 – USA = 22
43
Bismarck systems
Systems based on social insurance, where there is a multitude of insurance organisations
44
Beveridge systems
Systems where financing and provision are handled within one organisational system
45
Top 3 EHCI rankings
1. Switzerland 2. Netherlands 3. Norway (UK 16th)
46
How many expatriates around the world?
30m
47
How many expats from the UK?
1m + 1/2m retired
48
How many people own a property abroad?
1.4m
49
5 typical inclusions of IPMI insurers
1. Home nursing 2. All expenses 3. Surgeon fees 4. Road ambulance 5. Drugs and dressings
50
10 Additional benefits on IPMI plans
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
Pricing structures for IPMI
1. Specific country or region 2. Europe only; 3. Rest of the world (exc. North America) 4. Rest of the world (all)
52
7 characteristics of IPMI policies
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
Travel insurance ratings (5)
1. Age 2. Country 3. Additional risks 4. Duration of cover 5. Pre-existing conditions
54
Max sum insured for travel insurance
Usually £5m-£10m
55
Pre-existing conditions and travel insurance
May be covered, but must be disclosed
56
Difference between IPMI and travel insurance
With travel, you are expected to return home to continue treatment asap
57
4 circumstances when international treatment is covered on UK PMI plans?
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
Healthcare arbitrage
Choosing to have treatment abroad in the lowest cost country offering similar quality

IF7 (11 decks)

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