OBJECTIVES:   Aim of the present study was to estimate how much a general population is willing to pay for a life-year gained (LYG). METHODS: A total of 1500 contingent valuation questionnaires were mailed to a random sample of Slovenian general population. Individuals were asked to state their willingness to pay for a new, hypothetical, oncology drug that prolongs survival for 1 year. An ex ante perspective was considered, whereby a 30% lifetime risk of getting cancer was presented. Scope test was performed by varying benefit and lifetime risk of getting cancer. RESULTS: Response rate was 45% (N=680). Average monthly increase in the health insurance premium amounted to €12.04 EUR in case individuals were presented with a 30% lifetime risk of getting cancer and 1 additional life-year provided by the new drug. On average, individuals were willing to pay €9.80 and €16.55 for a drug that provided 3 additional life-months and 3 additional life-years, respectively. The estimated WTP per LYG was €19,921 in case the benefit of the drug was 1 additional year of life. This value changed to €61,909 per LYG and €8,917 per LYG for the benefit of 3 additional months and 3 additional years of life, respectively. CONCLUSIONS: Considering the benefit of the new drug that poses the smallest constraint on individuals’ budget, i.e. 3 additional months of life, incremental cost-effectiveness ratios of up to approx. A total of €60,000 per LYG can be regarded as acceptable from the perspective of the general population.