AMIS to address looming healthcare crisis at upcoming event
Mexican insurer association AMIS has announced that 14.6% of the population, representing some 560,000 families, lack any form of health insurance in the country and that in 30 years there will be 10mn Mexicans over the age of 65 of which 6.3mn have no pension and 5.5mn suffer from chronic degenerative diseases.
Rising life expectancy and an aging population are already generating challenges for the medium and long term, stressed AMIS in an announcement Wednesday, with prospects growing for chronic degenerative diseases and age-related disabilities, as well as an increase in the number of people in poverty due to increasingly smaller and insufficient pensions.
For this reason, AMIS general director Recaredo Arias said the group is placing insufficient access to private and public health insurance as one of its three central themes at next month’s annual convention to be held May 14 and 15 in Mexico City.
AMIS data reveals that only 8.8% of Mexicans have private health or medical insurance policies, as the vast majority of those with coverage rely on state-supported insurance platforms from private worker social security system IMSS and government employee social security system ISSSTE.
The association pointed to findings from Mexico’s latest national household income and expenditure survey (ENIGH), conducted by statistics agency (Inegi), has shown that in Mexico, out-of-pocket healthcare expenditures have grown to 1,973 pesos (US$103) per year on average, more than 19 days of minimum wage earnings in Mexico.
“The lifestyle most of us Mexicans have ends up causing more and more people to fall ill from chronic diseases, like diabetes and cancer,” noted AMIS president Manuel Escobedo in the statement. “It is necessary for us to promote more mechanisms, both public and private, for prevention against these illnesses.”
Rising costs are also contributing a negative impact on the industry, with AMIS reporting that from 2007 to 2016 the claims associated with cancer treatment have risen more than 50%.
The low replacement rate for pension benefits is yet another major factor weighing on policymakers looking ahead with the amount of benefits as a percentage of salary at retirement age among the lowest in the OECD – between 26% and 30% according to AMIS.
The OECD recommends that replacement rates surpass 50%, and this translates to pension contribute rates of between 13% and 18% over 40 years of labor.
The association added that the other two key themes on tap for the convention relate to the growing challenges to the industry tied to extreme weather and disruptive technologies.
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