Survey: HongKongers anticipate huge surge in medical expenditure

HongKongers anticipate a huge increase in medical expenditure in the future which would impose financial burden on them, according to the latest survey by FWD Hong Kong. 

Conducted by FWD Hong Kong, the survey polled 2,410 GBA residents aged between 18 and 60 in September last year, including 500 from Hong Kong, 102 from Macau and 1,808 from nine other mainland cities. It aims to investigate their views on healthcare protection plans for individuals and families, as well as their budget for expenses on medical and critical illnesses.

Around 60% to 75% of respondents in overall expected medical expenditure for both individuals and family members would likely be increased by over 20% in 10 years' time, the costliest being treatment for critical/serious illnesses. Around 70% said that medical expenses for themselves and families would create a "very heavy" or "rather heavy" financial burden within the next 10 years. The ratios of respondents from Hong Kong (76%) and Macau (78%) were higher than that from the mainland (65%). Meanwhile, many HongKongers cut down other daily spending (82%) or cash in their savings (73%). 36% of HongKongers said they would opt to give up medical treatment or the best medical solutions, the highest among respondents in three regions.

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Although 95% of HongKongers considered healthcare protection as "rather important" or "very important", only around half have medical insurance plans (56%) or critical illness insurance (49%). The ratios were considerably lower than those from Macau (71%, 46%) and the mainland (80%, 70%). Furthermore, 70% of HongKongers spent no more than 20% of their household income annually on medical insurance or critical illness insurance (76% and 75% respectively), while about half of the respondents in Macau (49%, 62%) allocated over 20% of their household income on insurance protection.

As compared with others surveyed, 75% of respondents from Hong Kong believed that mental health insurance was "rather important" or "very important", while the figures for respondents in Macau and the mainland stood at 87% and 90% respectively. It shows that HongKongers considered mental health protection less important than other regions. 

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."

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