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What are you willing to pay for a year of good health?
What would you pay for a year of good health?
This is an interesting question because the government of most countries do actually place a monetary value on health and, to them, the cost of treatment. We have all heard stories of this or that drug which seems life-saving, but sadly, is too expensive and so the individual has to go without it. This is national news. But these decisions are happening all the time. I was researching this more deeply and I came across a recent Australian research paper that puts a figure on how much an individual is willing to pay for a year of good health.
Based on data from 28,347 people in Australia a person is willing to pay for a Quality Adjusted life year (QUALY) (a year of good health) from between £23,000 and £37,000 (I have done the currency conversion from Australian dollars.
Also, an individual is prepared to pay £1112 for not having a long-term condition, almost like a health tax!
What fascinates me about this is how...
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