Here are top three medical conditions driving medical plan costs
Aon said the global average medical trend rate will grow by 10.1% in 2024.
The 2024 global average medical trend rate, which represents an increase in medical plan unit costs, will increase by 10.1% up from 9.2% in 2023, Aon plc, a global professional services firm, said.
In a statement, the trend rate figures are anticipated to resolve projected price inflation, technology advances in the medical field, plan utilization patterns, and cost-shifting from social programmes.
The following are the top medical conditions driving medical plan costs are consistent with 2023:
Cancer/Tumor Growth: The most common cancers are breast, lung, colon and rectum, and prostate, which are a top condition in nearly all regions.
Cardiovascular: Cardiovascular diseases include disorders of the heart and blood vessels, encompassing several different conditions. These diseases negatively impacted claims in APAC, Europe and the Latin America and Caribbean regions.
High Blood Pressure/Hypertension: Considered a leading risk factor for other conditions, high blood pressure and hypertension is consistently reported as the top condition in the Middle East and Africa, as well as numerous countries across Latin America and the Caribbean.
Rui Silva, vice president and medical trend leader in Health Solutions for Multinationals at Aon, said inflationary conditions and economic volatility will continue to create an unstable environment for healthcare sector.