Monetary Valuation of Quality-Adjusted Life Year Based on Income and Well-Being

Abstract

The primary objective of this study was to quantify the monetary value associated with a Quality-Adjusted Life Year (QALY) utilizing the well-being valuation method. To achieve this objective, a cross-sectional online survey was initially administered on a sample of 2001 Hungarian adults. The survey encompassed inquiries about the socio-demographic attributes of respondents, their health status, and overall life satisfaction. Subsequently, a regression model was employed to determine the relationship between well-being, health and income, and the calculation of the QALY value in Hungarian Forints (HUF). Both health status and income exhibited a positive and statistically significant relationship with well-being, the monetary value of one QALY was HUF 12,604,819. This research marks the inaugural utilization of a well-being approach to assess the monetary valuation of years lived in perfect health within the Hungarian context. The findings indicate that this valuation falls below the funding threshold necessary for the adoption of health technologies. Consequently, decision-makers in health financing should contemplate the adoption of a lower threshold.