Bankruptcy from Health Costs

​​They say the most expensive time in a persons life is the few days at the beginning and ends of their life


​​What does it mean

​​When a baby is born, the parents must spend a lot of money on delivery costs, medications, doctor follow ups, checkups and if the mother or baby is sick then there is the ICU costs added to it.


​​When we are near the end of our lives, that time also has a high price……cost of medications, surgery, ICU stay, specialist visits and so on


​​What I would like to discuss is the burden or pain that is left on the family and caretakers…..especially the financial burden….


​​Bangladesh has the highest rates of out-of-pocket medical expenses……meaning with a absence of proper health safety net, health insurance bd of course poor performance of the health system……we pay extremely high costs….whether the patient lives or dies


​​I have met many families that literally sell off everything




​​all of it just to pay the hospital down deposit…..extra charges….and then the final bill of course


​​This causes immediate catastrophic bankruptcy



​​Homeless and hopeless in a few seconds


​​The poor of course suffer always…..and many make the painful choice not to continue due to their already limited lives

​The middle class may have good spending power but often very poor assets

  • Empty bank savings account

  • ​​No land

  • ​​Simple cheap car

  • ​​Average amount of jewellery maybe


​​Where will you get immediate cash?


  • ​​How much can you ask family and friends

  • ​​How likely your boss will give you a salary advance

  • ​​Will you get a good and adequate price after selling everything

  • ​​Will it be enough?


​​The almost rich are no better

​​Super rich of course can fly off to foreign specialised hospitals….

​​Any top hospital I recommend from my network they will gladly accept

​​But even rich people can become bankrupt if the medical bills are high enough


​​Bangladesh government, many private banks and even Brac is considering strategies to create a financial health safety net…….there is a long way to go

​​The problem is not the concept

​​In my opinion the problem lies with creating enough value and trust….to allow people to plan for future problems BEFORE they occur



So how can you convince a distrusting population to save enough money for future expenses when our daily lives are filled with short term gains and short term views?


​​There is much to say about medical bankruptcy.....but it starts with the public first......


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Thank you for you time and I wish you good health

Dr. Ismail Sayeed


Founder & CEO

ViOS Ltd

#OOP #outofpocketfinancing #bankruptcy #healthcarecosts #medicalbills #doctorbills #privateinsurance #medicalinsurance #insurancecoverage #banksavings #preventivemedicine #medicalbankruptcy

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