Health coverage: why medical top-up insurance could be your safety net

As life throws the occasional curveball, the need for more comprehensive protection becomes all the more apparent. In cases of severe illness, group medical insurance often falls short of covering the high cost of medical bills, leaving individuals dependent on personal savings or family support – which can lead to significant financial strain.

Medical top-up plans are designed to complement existing medical insurance products, offering extensive coverage that includes major hospital expenses, miscellaneous hospital fees and surgical costs. Policyholders can select a plan tailored to their existing group medical insurance coverage and compensation limits. For example, if a policyholder needs thyroid surgery, private hospitals typically charge between HK$50,000 and HK$100,000 for a standard procedure. However, group medical insurance often only covers a fraction of this cost – ranging from a few thousand dollars up to HK$20,000 – excluding expenses like room charges, meals, ward visits and specialist fees. A medical top-up plan bridges that gap. Policyholders can use their group medical insurance payout as a deductible – the portion they pay out-of-pocket when filing claims. Higher deductibles result in lower annual premiums, while the remaining medical costs are reimbursed within the plan’s coverage limits. It’s clear that relying solely on group insurance can leave you exposed, but a top-up plan acts as your safety net, giving you that much-needed extra layer of protection.

Some medical top-up plans extend their coverage even further, including outpatient cancer treatments and dialysis, chemotherapy, targeted therapy, immunotherapy, hormone therapy or radiotherapy. Some insurers also include post-surgical or post-cancer rehabilitation benefits, such as psychological counselling, traditional Chinese medicine or acupuncture. The also offer 24-hour overseas emergency assistance services, going the extra mile for their customers.

One common pitfall with group medical insurance is that it’s often tied to employment contracts, meaning you won’t be covered when you switch jobs. Most medical top-up plans address this by offering three to four months of hospitalisation coverage during job transitions, ensuring continuous protection and preventing gaps in coverage. Upon retirement, policyholders can also remove deductible options to reinstate full basic coverage, aligning with their evolving medical needs. This kind of flexibility ensures you’re never left in the lurch, no matter where life takes you.

With the continuous increase in medical expenses, employees are encouraged to review their group medical insurance coverage early and select a suitable medical top-up plan to complement it. By making an informed choice now, you’ll not only protect yourself from financial stress down the road but also ensure a better quality of life for you and your loved ones.

This Chinese version of this article was published in the Hong Kong Economics Journal

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