Does Your Critical Illness Insurance Cover Recurrences?

Hong Kong is one of the most expensive cities to live in, and with ever-growing medical costs, the cost of living is an issue that cannot be ignored. According to numbers from the Census and Statistics Department, the consumer price index of 2016 experienced a 2.4% increase since 2015. Medical services have no choice but to raise their prices to cope with inflation. To put the rising medical cost into perspective, let’s consider the treatment for breast cancer, one of the top three causes of cancer deaths in Hong Kong. In 2012, a private hospital charges HK$61,300 for mastectomy. From 2017 onwards, this procedure costs a minimum of HK$81,980. Moreover, the total medical expenditure varies greatly between critical illnesses. A news report from 2014 shows stage two breast cancer treatment with 18 injections a year costs HK$300,000. Thus, the sum insured in your policy should be sufficient to avoid under-insurance in times of need and treatment.

Cancer recurrence is another matter of concern. Perhaps some cancer patients and their families believe once the patient survives for more than 5 years, they are considered cured of cancer. However, clinical experience has proven 1 out 3 cancer patients who survived more than 5 years show signs of metastasis or recurrence. A case of breast cancer metastasizing to the bone 28 years later was recorded in Hong Kong, the patient was immediately treated with targeted therapy and radiotherapy to control the condition. Therefore, cover for multiple critical illnesses should be considered when choosing a policy, to have the claim honoured when a listed recurring illness of cancer, acute myocardial infarction, or stroke is diagnosed.

The road to recovery is long and costly; patients are weighted down with both physical illness and financial burden. Staying healthy could prevent certain diseases, but being financial prepared for the unexpected is also an important means of precaution. If your family and yourself are insured for critical illness, reviewing the sum insured periodically is of utmost importance. As medical expenses rise with inflation, the sum insured may not keep up. There are also critical illness insurance policies that cover multiple claims to provide you support in the unfortunate event of recurrences. Click the link below to know more.

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