Have you ever wondered how much do the most common critical illnesses in Malaysia cost?
Health is something we all care about deeply, and in an era where medical expenses are on the rise, understanding the financial implications of these illnesses is paramount.
In this article, we dive into the financial side of things when it comes to those critical health conditions that hit home for many Malaysians
We’ll help you navigate the numbers, so you can be better prepared and make smart choices for your health and wallet.
How Much Do the Most Common Critical Illnesses in Malaysia Cost
The cost of treating critical illnesses in Malaysia can differ significantly, depending on the specific condition, its severity, and the healthcare provider chosen.
Let’s take a closer look at the three most common critical illnesses in Malaysia.
A. Cancer in Malaysia
Did you know that cancer ranks as the fourth leading cause of death in Malaysia? The chance of developing cancer is quite high, with:
- one in ten males and
- one in nine females in Malaysia is at risk of developing cancer.
Even more concerning, the National Cancer Registry Report indicates an 11% increase in cancer cases from 2007 to 2011 and 2012 to 2016.
In 2021, Malaysia reported 48,639 annual cancer cases, and this number is expected to rise by 2030.
What’s more, the cancer survival rate in Malaysia is found to be lower than the average rate in developed countries, possibly due to factors like awareness and access to treatment.
B. Common Types of Cancer in Malaysia
According to data from the National Cancer Registry Report, the prevalence of cancer in Malaysia differs based on gender.
Among males, lung cancer and nasopharyngeal (nose) cancer are the most prevalent. In contrast, the common types among females are breast and cervical cancer.
Notably, colorectal cancer is a significant concern that affects both males and females in Malaysia.
C. Treatment Costs for Cancer in Malaysia
Cancer treatment in Malaysia generally involves surgery, chemotherapy, and radiation therapy and treatment costs can be quite high.
To give you an idea, a single session of chemotherapy at a government hospital can set you back up to RM200.
Furthermore, the overall cost of cancer treatment varies depending on the type and stage of cancer.
For example, treating lung cancer might cost up to RM56,000, while breast cancer treatment can reach as high as RM395,000.
A. Stroke in Malaysia
Stroke is a cerebrovascular disease where a clotted or ruptured blood vessel disrupts blood flow to the brain.
It’s one of the top reasons people end up in the hospital, and sadly, it’s also the third leading cause of death in the country, following coronary heart disease and pneumonia.
Dealing with stroke is not only tough on a person’s health but also on their wallets.
The costs of managing stroke in Malaysia can really add up, especially if you take into consideration the long-term expenses for people who end up with disabilities.
And here’s a startling statistic: by 2040, stroke is expected to affect 1 in 4 people in Malaysia.
B. Consequences of Stroke in Malaysia
Strokes can have varying impacts on a person’s abilities, and the extent of disability often depends on which part of the brain is affected.
Some common consequences of stroke include paralysis, difficulty with memory, and problems with speaking.
While total recovery from a stroke is possible, it’s important to know that the journey to recovery can be challenging.
In fact, more than two-thirds of people who survive a stroke end up with some level of disability as they work their way back to normal functioning.
C. Treatment Costs for Stroke in Malaysia
When it comes to treating a stroke, the approach can involve different methods, including medications and, in some cases, surgical procedures like brain aneurysm surgery and carotid artery surgery.
These surgical procedures are performed to correct aneurysms (swelling of an artery wall) and improve proper blood flow to the brain, respectively.
Now, let’s talk about the costs involved. The price tag for stroke treatment in Malaysia can vary quite a bit.
Depending on how severe the stroke is and the specific medical procedures needed, you might be looking at a bill ranging from RM35,000 to RM75,000.
3. Heart Attack and Coronary Artery Disease
A. Heart Attacks in Malaysia
Heart attacks are a significant concern for people of all genders and major ethnic groups in Malaysia. They rank as a leading cause of death in the country.
In 2020 alone, heart attacks were responsible for a substantial portion of deaths, accounting for about 17% of the total fatalities in Malaysia.
B. Coronary Heart Disease in Malaysia
Coronary heart disease is the underlying condition that can lead to heart attacks. It’s when plaque accumulates in the arteries responsible for supplying blood to the heart.
Based on data from the Department of Statistics Malaysia, coronary heart disease was the major cause of death for Malaysian males and the second-highest for Malaysian females in 2016 .
Some risk factors for coronary heart disease include smoking, high blood pressure, elevated blood cholesterol levels, and a sedentary lifestyle with insufficient physical activity.
C. Treatment Costs for Heart Diseases in Malaysia
Treatment for heart diseases typically involves a combination of medications aimed to reduce blood pressure and expand narrowed arteries.
In more severe cases, surgical interventions like coronary angioplasty and heart bypass surgery might be required to restore blood flow to the heart.
The cost of a coronary angioplasty in Malaysia can be approximately RM30,000, while a heart bypass surgery may cost up to RM70,000.
It’s worth noting that these costs can fluctuate based on the specific healthcare facility and individual circumstances.
How Can You Prepare for Critical Illness in Malaysia?
Preparing for critical illness in Malaysia is a smart and proactive step to safeguard your health and financial well-being.
Given the potential high costs of treatment and the prevalence of critical illnesses, it’s essential to have a plan in place.
1. Critical Illness Insurance
Critical illness insurance is like your safety net – it gives you a lump sum of money when you’re diagnosed with a critical illness that’s covered in your policy.
This cash can be a lifesaver, helping you handle medical bills, make up for lost income, and handle any other financial worries while you’re on the road to recovery.
To get the best fit for you and your budget, it’s best to do some research and compare different critical illness insurance options.
That way, you can find a policy that suits your budget and ticks all the boxes for your needs
2. Health Insurance
Ensure you have comprehensive health insurance that covers hospitalisation, surgeries, and other essential medical treatments.
This way, you’re not caught off guard when critical illnesses strike, and you won’t have to worry about the hefty medical fees or bills.
To step up your protection game even further, consider adding supplementary plans to your health insurance policy to enhance your coverage for specific critical illnesses or medical conditions.
3. Emergency Fund
Building an emergency fund or savings reserve is vital. It’s your go-to when life throws unexpected medical costs and everyday expenses your way, especially when dealing with a critical illness.
A good rule to follow is to stash away enough to cover at least three to six months’ worth of your usual living expenses.
This way, you’ve got a financial backup plan ready to support you during your recovery and beyond, helping you stay financially secure during challenging times.
4. Financial Planning
Craft and implement a comprehensive financial plan that includes budgeting, reducing debt, and long-term financial goals.
Having this plan will help you stay on track with your finances and build a secure future.
You can also work with a financial advisor or planner to develop a financial plan that meets your specific needs and circumstances.
5. Regular Health Check-Ups
Lastly, prioritise regular health check-ups and screenings to detect potential health issues early.
They can really make a difference, helping you dodge the worst and even make some illnesses less severe.
On top of that, taking care of your health day-to-day is extremely crucial. This includes eating right, staying active, keeping stress in check, and more.
Financial Strategies to Cope with Critical Illness in Malaysia
Dealing with a critical illness is challenging enough on its own, but the financial burden it can bring can make it even tougher.
Check out some smart financial strategies that can help you navigate the road ahead when it comes to critical illness in Malaysia.
1. Assess Financial Impact
When you’re dealing with a critical illness, the first thing you want to do is figure out how it’s going to hit your wallet.
You have to take a good look at the financial side of things. This means figuring out:
- How much you might have to shell out for medical bills
- What those hospital stays could cost you
- The price tag on treatments
- The income you might lose due to the illness
2. Review Insurance Coverage
Take a moment to go through your health insurance and critical illness insurance policies’ coverage limits, deductibles, and co-pays and assess whether your insurance will fully cover your medical expenses.
You want to make sure you’re not caught by surprise when the bills start rolling in.
3. Identify Financial Gaps
Next up, figure out the gap between what your insurance covers and the total expenses you’re expecting.
Think of it as finding the missing puzzle pieces between your coverage and the actual costs.
Once you’ve got that gap in sight, you’ll have a clearer picture of how much extra financial help you might need to bridge it.
It’s all about making sure you’ve got your bases covered when it comes to those critical illness expenses.
4. Explore Bank Loans
When faced with a critical illness and the resulting financial burden, many Malaysians resort to credit cards to manage the sudden surge in medical expenses.
However, instead of letting the credit card interest accumulate at an overwhelming rate of 18%, Malaysians are advised to apply for a personal loan.
They offer significantly lower interest rates, often around 5%, which can alleviate the financial burden.
Plus, it’s crucial to be proactive. Oftentimes, individuals put off applying for a loan until their debts become unmanageable, leading to missed payments.
This not only leads to a stressful financial situation but can also damage your credit report with CTOS, potentially hindering future access to financing.
To prevent this, promptly explore bank loan options and do so thoroughly. Explore the variety of loan options available, examining interest rates, repayment schedules, and your eligibility.
By securing a personal loan with manageable interest rates, you can protect your financial health and focus on what truly matters—recovery and well-being.
How Bluebricks Can Help You Prepare and Cope with Critical Illness in Malaysia
Bluebricks is not just your average financial services provider; we are your trusted partner for bank loans and debt consolidation in Malaysia.
We offer an extensive array of financial solutions to address your specific needs, such as:
- Personal loan services
- SME loan rejected services
- Mortgage loan rejected services (for buying a new home, refinancing and cashback purposes)
- Collateral loan services
Loan Consultancy Service
At Bluebricks, we acknowledge the individuality of each financial situation, and that there’s no universal solution that always applies.
Hence, our experts possess the knowledge to recommend the best loan product tailored to your unique circumstances. Factors they consider include:
- The specific loan amount you require.
- The urgency with which the loan amount is needed.
- Whether you or your parents own a property that has been held for over ten years.
- Your income level.
- Your CTOS score (such as your credit score and credit history).
How Much Do the Most Common Critical Illnesses in Malaysia Cost – FAQs
We’ve gathered a collection of FAQs to offer further insights and advice to help you better understand how much do the most common critical illnesses in Malaysia cost.
The top three critical illnesses in Malaysia, in terms of prevalence and impact on public health, include:
- Coronary Heart Disease: A cause of death characterised by narrowed coronary arteries.
- Stroke: A cerebrovascular disease that disrupts blood flow to the brain, often caused by clots or ruptured blood vessels.
- Cancer: Various types of cancer, including nose, lung, breast and colorectal cancer, are significant health challenges in Malaysia.
The costs can vary widely according to the type of illness, its severity, and the specific treatments required.
In Malaysia, treatment expenses for critical illnesses like heart disease, stroke, cancer, and respiratory conditions can range from moderate to significant.
Health insurance can provide coverage for some critical illness treatments, but the extent of coverage may vary from one policy to another.
It’s crucial to carefully review your health insurance policy to understand what it covers and what expenses you may need to bear.