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Health Insurance Learning Hub

The Importance of Seizing the Opportunity to Insure

Insurance companies typically review the details and terms of health insurance policies based on various factors related to the applicant, including:

• Age

• Smoking or drinking habits

• Personal health status

• Medical history

Benefits of Insuring Young: Lower Premiums

Generally, younger, healthier individuals who do not smoke or drink excessively are eligible for lower premiums. Therefore, it is advisable to plan early and allocate a portion of one’s income to purchase health insurance, ensuring necessary medical coverage in the event of illness or injury. Parents can also consider purchasing insurance for their children from birth, preparing for potential future health issues.

Risks of Buying Insurance After Becoming Ill

If one waits until middle age to purchase health insurance, the premiums will likely be higher. Furthermore, if pre-existing conditions (such as heart disease or cancer) are present, the insurance company may impose additional premiums, apply specific exclusions, or even deny coverage altogether.

Renewal Limitations

Another significant consideration is the age limits set for purchasing and renewing policies. According to the Insurance Authority, most health insurance plans have an upper age limit of 65 for new applicants, while some plans only allow renewals up to ages 75 or even 100. Typically, if a person successfully buys insurance before age 65, they can renew it annually until 75 or 100. However, if an individual applies after age 65, they may not be eligible due to exceeding

For eye conditions like cataracts, wait times can extend from several weeks to years, depending on the severity of the condition. If individuals do not wish to endure long waits, they may need to seek private medical care, which can cost between HKD 15,000 to over HKD 70 ,000, depending on the type of procedure (e.g., day surgery vs. hospitalization). These costs do not include pre- and post-operative checks and consultations, potentially leading to unexpected medical expenses.

Additional Considerations

• As of December 31, 2022, public hospitals had approximately 34,000 cases waiting for full joint replacement surgeries (knee replacements).

• The median waiting times for these surgeries across various hospital networks ranged from 22 to 56 months.

• The longest wait time reported was 95 months (over 7.9 years) in the New Territories West Cluster.

Patients suffering from degenerative knee arthritis who choose to undergo surgery in public hospitals must endure prolonged pain for an extended period. During this waiting time, they may face significant challenges such as enduring prolonged pain , difficulty walking, and limitations in daily activities, which can adversely affect their overall physical and mental health.

Moreover, during peak times, the usage rates of public hospital wards can be high. In some cases, patients may be required to rest in corridors due to full occupancy, rather than in a comfortable environment. Therefore, considering individual needs and financial circumstances, purchasing a comprehensive health insurance plan early can help alleviate the pressures associated with receiving medical treatment in the future.

Early Selection of Appropriate Health Insurance

By choosing a comprehensive health insurance plan early, individuals can effectively prepare for unexpected health issues, ensuring coverage for specialist out-patientand in-patient surgeries services. The Cigna Voluntary Health Insurance Flexible Plan (Superior) not only offers tax deductions of up to HKD 8,000 but also provides various plan levels to meet different needs, ensuring that every dollar spent on medical care is covered, manageable, and predictable. Learn more here。