“Everyone buys medical insurance, but does anyone want to make any claims?” Many people today purchase medical insurance whilst praying for good health and therefore not needing to make any medical claims. However, staying healthy makes us feel as though all the premiums we have paid just went down the drain, making it very difficult for us to decide whether or not to enrol in a medical insurance plan. First of all, whether we should buy medical insurance? First of all, we need to understand clearly if the prevailing social circumstances allow us not to buy.
We have many goals in life. We make savings plans when we are young to achieve our goals, and yet we put medical insurance as our last priority. Many people believe that they are young and strong, and therefore, ignore the needs for medical and crisis protection. For a fact, crisis can strike people of all ages. According to the latest data from the Hong Kong Cancer Registry, the number of new cancer cases diagnosed in Hong Kong in 2016 was up by 33% from a total of 23,750 new cases in 2006. It is estimated that the number of new cancer cases in 2030 will increase by 40% as compared to that in 2016. In addition, the data showed that there is a downward trend in the age of people suffering from breast cancer. Breast cancer specialists pointed out that in the 22-44 age group, there were approximately 25.8 in 100,000 people (or 690 new cases) developed breast cancer in 2016, representing an increase from 22.3 people (or 617 new cases) in 2006. The youngest patient was a 23-year-old female. The increase in the number of new cases may be linked to high pressure, high-fat diet and delayed childbearing experienced by women of this generation. Therefore, in order to prevent any unexpected medical expenses throwing one’s savings plans out of whack, young people should prepare adequate medical and crisis protection for themselves as soon as possible.
Inflation increases not only our cost of living but also our medical expenses. In 2017, the price index of medicines and medical services increased by 38.6% and 35.1% respectively1, overtaking the overall increase in consumer prices. Whilst Hong Kong citizens can choose to use public medical services, we are facing an ageing population, which could be a problem. A government survey indicated that the proportion of the population aged 65 or above is projected to grow by 33% in 20642, causing a shortage in public medical services. In case of any sudden or unexpected health events, medical insurance can help ease your financial stress as it will cover some of your medical expenses.
Those who resist buying medical insurance may believe that:
FWD’s MediSaver Supreme offers the following:
Even though there are many types of medical insurance products and they are all complicated, medical protection plays an important role in financial planning and in our life. We must think thoroughly and ask questions in order to choose the most suitable plan for ourselves. Do not let misunderstanding stand in your way of buying medical insurance at the right time. It will be too late to realise the importance of medical insurance when you are already sick or in a bad health condition.