When many companies are closing down as a result of the collapse of financial markets, it is unfortunately unavoidable that many Hong Kong people will face layoffs and/or salary reductions. Employees will understandably be trying hard to keep their jobs, not only to ensure a stable income, but also to enjoy company benefits such as medical insurance. However, as no one is immune to illness, insurance companies encourage employees to take out separate medical insurance on top of their existing group medical insurance to ensure more comprehensive protection.

Nevertheless, traditional medical insurance plans may not provide flexible insurance premiums and coverage; policyholders may end up with duplicate coverage and cost inefficiency. Some insurance companies now provide medical insurance plans with a “Top-up” feature that offers policyholders additional coverage with a discounted premium. Even when the insured loses his/her job together with group medical insurance, they could still enjoy medical coverage at a discount and avoid a healthcare vacuum.

Let’s take a look at the following example:

Mr. Ng is covered under a group medical insurance provided by his company. To enhance his protection, he has also taken out MSIG’s Medisure Plus medical plan as a ‘Top-up’ protection. The rationale behind a ‘Top-up’ medical insurance plan is that Mr. Ng could choose a fixed annual deductible on top of his current medical insurance coverage to enjoy an insurance premium discount. In the unfortunate event of major surgery, Mr. Ng could file a claim under the medical insurance provided by the company first and any costs that exceed the selected deductible could be covered by MediSure Plus, provided those expenses are included under the terms of his policy.

When taking out a medical insurance plan with a ‘Top-up’ feature, Mr. Ng can select an affordable annual deductible based on his financial status. If Mr. Ng loses his job and group medical insurance, he could still enjoy some medical insurance protection at a discounted premium. Apart from alleviating the high premium burden, in an unfortunate event of hospitalisation, Mr. Ng only needs to pay the selected deductible amount, any costs that exceed the deductible would be covered by the ‘Top-up’ medical insurance plan, provided the expenses are covered under the terms of his policy.

Learn more about our insurance plans:
CriticalCare 1.0
MediSure Plus
HospitalCare