Why healthcare insurance in Hong Kong is more important than ever

Hong Kong has one of the longest life expectancies in the world. On average, children born in 2022 can expect to live to 88 if they are female and 83 if they are male, according to Statista. Some of the reasons for residents enviable longevity could be our excellent public and private hospitals, strong public health awareness, excellent sanitation, high standards of living and overall affluence. 

But a recent report by the United Nations announced that Hong Kong will also be home to the world’s oldest population by 2050 – with just over 40% of residents being aged 65 or over. The prospect of nearly half the city’s residents being classed as elderly should make us all sit up and pay attention. As the population ages, it will put even greater pressure on Hong Kong’s public healthcare system. The only option for many will be to go private, which is can be very costly.

Adding to this issue is the worldwide cost of living crisis. While Hong Kong has been relatively unscathed by recent soaring inflation – at least compared with many some other countries, territories and regions – it is still getting more expensive to live here. Last year, for example, Hong Kong was ranked the fourth costliest city in the world by the Economist Intelligence Unit in its yearly report, highlighting how prices are spiralling regardless of inflation.

So, faced with the prospect of living longer than ever before, but having to pay more to do so, it is vital that people in Hong Kong start planning now for their future healthcare.

As the cost of medical bills continues to rise, we should all ensure we have sufficient coverage to help us cope with the financial burden of falling ill. Purchasing appropriate healthcare insurance is one way to protect yourself as you age, especially when it comes to critical illnesses. Being diagnosed with a critical illness can be a major psychological and emotional blow, but the financial cost to you and your family over time can be even more damaging, without necessary healthcare insurance.

There are plans on the market to help you cope with critical illnesses. For example, if you are diagnosed with kidney failure, MSIG’s Critical Care 1.0 plan will provide you with a lump sum payment of up to HK$250,000, helping to ease the financial strain associated with cost and treatment. The plan also provides the option to increase the range of critical illnesses covered, offering you protection against a comprehensive number of conditions.

Another problematic area is be the need for lengthy periods of hospitalisation. While many healthcare plans provide relief for hospitalisation expenses during your treatment, such as paying for your room or surgery, they won’t necessarily help you to cope with other financial worries, such as extra medical costs or loss of income due to a long stay in hospital. MSIG’s HospitalCare plan provides a daily cash benefit of up to HK$1,500, which can be used as you see fit to help meet your financial needs, easing the burden on your loved ones as you recover.

Living a long, healthy life is a blessing, both for ourselves and our loved ones. However, illnesses become more common as we get older. Give you and your loved ones peace of mind about the rising cost of living and medical bills by purchasing healthcare insurance that’s right for you.

If you have any queries regarding MSIG’s healthcare insurance plans, please feel free to contact us  or find out more about our insurance plans:

Read more:
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Choosing the Right Voluntary Health Insurance Plan for a Lifetime of Comprehensive Medical Protection
Why even healthy people in Hong Kong should consider critical illness cover

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