HONG KONG SAR – Media OutReach – 20 February 2023 – A recent survey on “Healthcare Protection in the Greater Bay Area (GBA)” (note 1) conducted by FWD Hong Kong (“FWD”) has found that Hong Kongers anticipate a huge increase in medical expenditure in the future which would impose financial burden on them. However, unlike the respondents in GBA, fewer Hongkongers are prepared to make use of medical or critical illness insurance to build reserve. Unable to shoulder the hefty medical expenses, 40% of Hong Kongers admitted that they might have to consider giving up the best treatment options as a result.
The survey was conducted in September 2022 in 11 cities (note 1) with a view to understand respondents’ views on healthcare protection plans for individuals and their families, in particular their budget for expenses on medical and critical illnesses. A total of 2,410 GBA residents aged between 18 and 60 were polled, including 500 from Hong Kong, 102 from Macau and 1,808 from nine other Mainland cities. Key survey findings are as follows:
1) Considerable pressure coping with future medical expenses in general, some might just relinquish treatment
2) Hong Kong: lowest rate of health insurance coverage in GBA
3) Hongkongers tend to overlook the importance of mental health protection:
Plan for future healthcare protection needs early for oneself and family
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, said: “The COVID-19 pandemic in the past few years has highlighted the importance of physical and mental wellness. Medical and critical illness insurance will not only provide individuals with a reserve that caters for their future healthcare needs, but also help them ease their psychological burden associated with unexpected future medical spendings, allowing them to worry less and enjoy a healthier life.”
The survey revealed that Hong Kongers are the most passive among other regions in terms of healthcare protection planning with less coverage and spendings on health insurance. Their awareness of mental health protection was also found to be lower than respondents in Macau and other GBA cities.
Yu added: “The survey provides a timely update of healthcare protection and concerns among Hongkongers. This enables us to plan for further enhancements of our healthcare protection and related promotional strategies to support customers. FWD has recently incorporated mental health into its medical protection scope, which is a first-in-Hong Kong initiative (note 2). Through providing accessible mental health protection, we hope to support individuals to plan for the holistic well-being for self and family, as well as to open up conversations about mental health issues.”
In November 2022, FWD launched a mental health-focused medical protection plan (note 3), which includes preliminary diagnosis, referral, out-patient counselling, hospitalisation treatment and post-hospitalisation care, as well as tailor-made family support.
Note 1: Market research company Kantar Hong Kong Limited was engaged to conduct the survey in which a total of 2,410 adults from Hong Kong, Macau and nine cities in Guangdong Province (Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing) were polled. This survey was conducted through online survey, except for street interviews in Macau.
Note 2: Per a comparison made by FWD on 30 September 2022 among the medical insurance plans of key insurers available in Hong Kong, FWD is the first insurance company in Hong Kong to launch Out-Patient Psychiatrist Consultation/ Clinical Psychologist Consultation Benefit, Daily Hospital Income Benefit, Post Hospitalisation Out-Patient Psychiatrist Consultation/ Clinical Psychologist Consultation Benefit, Retreat Benefit and Monthly Income Support Benefit (optional benefit).
Note 3: The mentioned protection plan, “Mind Strength Protection Plan”, is underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability). The above information is for reference only and does not contain the full terms and conditions, key product risks and full list of exclusions of the policy. For the details of benefits and key product risks, please refer to the product brochure downloadable at https://www.fwd.com.hk/-/media/documents/product/medical/fwd-mind-strength-en-18oct-update.pdf?rev=c58038e0494e43cd9a2f7fb5da7dcedb; and for exact terms and conditions and the full list of exclusions, please refer to the policy provisions of the plan.
Hashtag: #FWD #KelvinYu #ChiefProductOfficerofFWDHongKongandMacau #HealthcareProtectionintheGreaterBayArea #GreaterBayArea #medicalexpenditure #medicalinsurance #criticalillnessinsurance
The issuer is solely responsible for the content of this announcement.
FWD Hong Kong & Macau are part of the FWD Group, a Pan-Asian life insurance business with approximately 10 million customers across ten markets, including some of the fastest-growing insurance markets in the world.
It offers life and medical insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance.
FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information about FWD Hong Kong & Macau, please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.
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