VHIS leads you towards a stable and prosperous life
Although what it means to live a stable and prosperous life is really to each their own, there’s one thing that all Hongkongers will agree on unequivocally: Hong Kong's ludicrous housing prices and long working hours are pushing us further and further away from stability and prosperity. Even so, another problem is burdening Hongkongers more than a stressful, wearisome life.
According to AXA Stability & Prosperity Index 2018, most Hongkongers consider "good physical health" as the most important factor in achieving a stable and prosperous life, followed by the expected "affluent personal savings”. Ironically, 33% of the respondents found their medical protection scheme insufficient, and 66% had to bear the cost of any medical expenses with their own savings. We also found that those with fewer liquid assets tend to have less personal or group medical protection, leaving them unequipped to manage medical expenses.
Personal savings hardly cover all medical expenses
The public healthcare system is the only means of medical protection for a lot of Hongkongers; but little do they know that the occupancy rates in public hospitals are in fact on the brink of saturation¹. What’s even more worrying is that 37% and 23% of respondents underestimated the medical expenses of heart disease and cancer treatments according to the AXA Hong Kong VHIS Perception Survey, especially self-financed items. When a critical illness strikes, without a proper medical insurance, it can be financially and mentally draining to pay for hundreds of thousands dollars’ worth of medical treatment with just personal savings.
If you don’t have sufficient savings, you might not be able to receive an effective and timely treatment you need. Even if you do, the sudden surge of expenses will have a detrimental effect on your financial status and living standard in the future. That’s why when it comes to preparing for an unexpected illness, a comprehensive medical protection is extremely crucial.
New medical insurance trends to meet market needs
According to the Census and Statistics Department, Hong Kong’s ageing time bomb is still ticking as of end of 2018². This calls for a rise in medical insurance's maximum age limit in order to maintain the health of the ageing population. To satisfy the soaring demand, the government will launch the Voluntary Health Insurance Scheme (“VHIS”), which guarantees renewal up to the age of 100. AXA Hong Kong welcomes the arrival of VHIS, which extends its coverage to unknown pre-existing conditions, as it will set a new standard for future medical insurances in the market, offering customers an all-inclusive protection and ultimately an ideal way to live a stable and prosperous life.
Dr. Alexander Chiu, Medical Director, Health and Employee Benefits of AXA Hong Kong and Macau
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