Top-up Medical Insurance Enhances Protection

The Covid-19 pandemic has battered the global economy, with Hong Kong marking a 15-year high in unemployment. The Census and Statistics Department recently announced that the seasonally adjusted unemployment rate for the April-June period was 6.2%, amounting to 242,500 people unemployed. We have all heard about the news of company closure, layoff or salary cut recently. Wage earners not only worry about losing their jobs and income, but also employment benefits such as health insurance. Many workers rely on the group medical insurance offered by the employer, but is that sufficient? What strategy should you adopt if you hope to ensure comprehensive medical insurance for yourself? We will go through in details.

According to 2017 statistics compiled by the Hong Kong Federation of Insurers, the reimbursement rate of group accident and health insurance is about 70%. In other words, employee still has to cover the remaining 30%. Therefore, even if the employer has insured medical insurance for its employees, , it would not be enough to cover all the medical expenses.

If your employer provides group medical insurance and you are in good health, you might feel that it would be a waste of money to purchase personal medical insurance. Yet, by the time you suffer from a serious illness and you realise the group medical insurance cannot sufficiently cover the huge medical expenses , insurance companies might decline your application for personal coverage. Medical expenses would then pose a heavy financial burden.

Given the above, it is best to first find out the details about your employer provided group medical plan and then sign up for a personal medical or top-up medical insurance plan. Top-up plans offer flexibility in premiums and protection based on your existing group coverage. They can also supplement inadequacies in the group coverage at a favourable premium level for a more comprehensive protection. Even if the insured had lost the group coverage due to unemployment or not eligible for coverage during probation at new employment, top-up plans could provide three to four months of hospitalisation coverage during the transition period, providing the insured personal protection to avoid any gaps. It is never too early to seize the opportunity to review your group medical plan and sign up for personal medical or top-up medical coverage.

If you have any queries regarding different healthcare insurance plans, please feel free to contact us or find out more about our insurance plans:

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