When accumulating wealth and funding your cost of living during your working years, one of your biggest resources is your capacity to earn an income, either through employment or self-employment.
When you are fit and healthy, you may sometimes take your financial and physical/mental health for granted. Or, in general, you may hold a more permanent ‘it’ll be right’ or ‘bulletproof’ mindset.
These states of mind often quickly change when you are confronted with an illness, especially one you are not prepared for. Moreover, this illness has the potential not to only affect you, but also your loved ones.
Importantly, the above also has relevance when considering your retirement years. For example, the impact an illness may have on your quality of life (financial and physical/mental health) in retirement.
The prevalence, incidence, risk and cost burden of ill health in Australia
A recent paper* sheds light on ill health in Australia by compiling the data on a range of health conditions, such as cancer, cardiovascular disease, brain and nervous system conditions, and mental health conditions.
More specifically, it details the prevalence and/or incidence of these health conditions, the risk that a person has of developing them, and the cost burden (both direct and indirect^) attached to each.
Below is a brief snapshot of several of the key findings.
Cancer
Cancer encompasses, for example, prostate cancer, breast cancer, bowel cancer, and melanoma skin cancer.
Depending on the circumstances, risk factors may include, for example, tobacco use/exposure, obesity, ultraviolet radiation, and physical inactivity.
Diseases of the heart and arteries
Cardiovascular disease (CVD) encompasses, for example, coronary heart disease, stroke, and heart failure.
Depending on the circumstances, risk factors may include, for example, high cholesterol, diabetes, obesity, and physical inactivity.
Respiratory conditions
Respiratory conditions encompass, for example, asthma, and chronic obstructive pulmonary disease (COPD).
Depending on the circumstances, risk factors may include, for example, tobacco use/exposure, occupational exposures, and air pollution.
Brain and nervous system conditions
Brain and nervous system conditions encompass, for example, dementia, Parkinson’s disease, epilepsy, multiple sclerosis and spinal cord injuries (SCI).
Depending on the circumstances, risk factors may include, for example, age, family history, and injury.
Diabetes and kidney conditions
Diabetes and kidney conditions encompass, for example, diabetes (Type 1/2) and chronic kidney disease (CKD).
Depending on the circumstances, risk factors may include, for example, hypertension, diabetes, tobacco use/exposure, and obesity.
Musculoskeletal conditions
Musculoskeletal conditions encompass, for example, back problems and pain, arthritis, and osteoporosis.
Depending on the circumstances, risk factors may include, for example, age, family history, injury, obesity, and underweight (osteoporosis).
Vision disorders and blindness
Vision disorders and blindness encompass, for example, age-related macular degeneration, glaucoma, diabetic retinopathy, and eye-related injuries.
Depending on the circumstances, risk factors may include, for example, age, tobacco use/exposure, ultraviolet radiation, diabetes, and eye trauma.
Mental health conditions
Mental health conditions encompass, for example, affective disorders (depression), anxiety disorders (panic and post-traumatic stress disorder) and substance use disorders (alcohol/drug dependence).
Depending on the circumstances, risk factors may include, for example, family history, personality factors, comorbidities and ongoing stressful events.
If you have any questions regarding this article, please do not hesitate to contact us.
*Zurich. (2018). The cost of care: The missing link in strategic financial advice equation. Health Research Whitepaper.
^Indirect costs to the person, such as time spent off work and time spent travelling to and from medical appointments, as well as indirect costs to families and carers also pose a significant burden.