News Archive

Prudential "Medical Freedom Survey" shows over 90% of GBA residents struggle to achieve medical freedom; Hong Kong residents estimate cost to be HK$6.7 million

Although 56% of GBA respondents accessed cross-border medical services during the past three years, substantial improvements are needed in service quality and consultation processes;
New “PremierFlex Medical Plan” offers global premier protection with overall lifetime limit of HK$ 70 million, securing customers' health journey and their lifelong access to medical freedom;
New plan covers medical protection across the Greater Bay Area, bridging the current gap in cross-border medical protection

(11 July 2024, Hong Kong) More than nine out of ten (94%) residents in the Greater Bay Area (GBA) have concerns about attaining medical freedom, encompassing worries about high medical costs, a restricted medical network and inadequate access to quality healthcare, according to the “Medical Freedom Survey”¹ (the “Survey”) released today by Prudential Hong Kong Limited (“Prudential”).

The Survey shows that most respondents (86%) define “medical freedom” as the liberty to freely choose medical resources such as hospitals, doctors and medicine, while 85% interpret it as receiving prompt and adequate medical aids, and 82% see it as managing medical bills with ease.

Cost of medical freedom equal to a decade of a family's income²

More than half (55%) the respondents cited high medical costs as a major obstacle to achieving "medical freedom." Of those, two-thirds (66%) of Hong Kong respondents said they worry about steep rises in medical expenses, far higher than the corresponding percentage for respondents in mainland GBA cities (47%). Their concerns may stem from expectations of medical inflation: respondents, on average, foresee a 16.4% rise in medical costs over the next decade. Interestingly, Hong Kong respondents anticipate an even higher increase of 17.7%, compared to 14.3% in mainland GBA cities.

Against a backdrop of soaring healthcare costs, GBA respondents overall believe that attaining medical freedom requires HK$5.5 million. Among them, Hong Kong respondents anticipate needing roughly HK$6.7 million to achieve medical freedom, equivalent to about ten years of their household income. Similarly, respondents in mainland GBA cities project a threshold of around RMB$4.2 million (approximately HK$4.5 million), which is also comparable to about ten-years of household income. The amounts underscore the substantial financial challenge for respondents to attain medical freedom in both regions.

In addition to their medical expenses, respondents see the network limitations of insurance plans (46%), limited access to healthcare services due to their own busy schedules or rigid medical appointment schedules (37%), and limited access to quality healthcare services (35%) as obstacles to achieving medical freedom.

It’s noteworthy that respondents value services such as global drug search (77%), second medical opinions (76%), and cross-border medical support (72%). Yet less than half of the medical insurance plans they currently own encompass these services. Furthermore, only 43% of plans offer full single-room coverage, a priority for Hong Kong respondents, and just 55% provide international medical services, which are highly regarded by respondents in mainland GBA cities. All of this points to inadequate medical coverage for respondents in these cities, posing significant challenges for them in attaining medical freedom.

Felix Fung, Chief Product Officer at Prudential Hong Kong Limited, said: “Residents in the Greater Bay Area see 'medical freedom' as a choice they can make in their medical journey, yet they face several obstacles in fully realising it. Almost a third (31%) of the respondents rate their current medical freedom is somewhat limited, a number that rises above 40% in mainland GBA cities."

Service quality and processes must improve to meet rising demand for cross-border medical services

The survey shows robust demand for cross-border medical services³, with 56% of respondents having utilised them in the past three years, and over 70% doing so multiple times annually. Looking ahead, 90% of respondents in mainland GBA cities intend to increase their usage, a notable contrast to those in Hong Kong (48%).

The respondents expressed a need for enhancements to cross-border medical services, with about 44% highlighting service quality as a major concern. In particular, over half (54%) of Hong Kong respondents seek improvements in service quality, significantly more than that in mainland GBA cities (35%). Conversely, mainland GBA city respondents said they encounter hurdles when navigating complex consultation processes, such as inconsistencies in medical administrative procedures (44%), alongside the challenge of high medical expenses (42%) and limited options for medical institutions or services (35%).

The survey respondents emphasised the importance of rehabilitation care services, a point reflected in their primary concern being the cost of post-treatment care and medications (43%). As well, 41% expressed worries about potential side-effects or complications, while 37% raised doubts about whether insurance cover for rehabilitation needs is sufficient.

“PremierFlex Medical Plan” safeguards customers on path to medical freedom

Fung continued: "Our Survey sheds light on growing customer demand for high-end, convenient and value-added medical services that transcend geographical limitations. In response to these evolving needs, Prudential is launching its brand new ‘PremierFlex Medical Plan’. With the comprehensive medical protection and world-class value-added medical services, the plan enables customers to achieve lifelong medical freedom with worldwide access, regardless of where they are.”

The pioneering "PremierFlex Medical Plan" is tailored for frequent travellers between Hong Kong and the Chinese mainland. With four choices of plan serving different regions and offering different deductible options, the plan aims to provide comprehensive protection and support for customers across all stages of their health journey, from prevention and diagnosis to treatment and rehabilitation. Key medical coverage includes:

Prevention	Provides different choices for health-screening tests or vaccines
Diagnosis	Full cover for the eligible medical costs of prescribed diagnostic imaging tests Full cover for the eligible medical costs of outpatient consultation before hospitalisation or day-case procedure Optional supplementary benefit: Outpatient Care Benefit applies to any hospital or clinic in the Chinese mainland, Hong Kong and Macau, covering outpatient consultations, laboratory tests and diagnostic imaging, as well as the rare-in-Hong-Kong-market telemedicine service and medication delivery (within the Chinese mainland)
Treatment	[Rare in Hong Kong market] Full cover on major eligible inpatient and surgical costs for stays in a standard single room (qualified rooms in VIP units and international units) at hospitals in the Chinese mainland for any plan chosen Full cover on major eligible inpatient and surgical costs for stays in semi-private or private rooms in Hong Kong, Macau, or other regions Full cover on eligible medical costs for prescribed non-surgical cancer treatments, including proton therapy, heavy ion therapy and CAR-T [Rare in the Chinese mainland and Hong Kong market] Protection for therapies for children including treatment for specific juvenile developmental disorder such as severe autism spectrum disorder, attention deficit / hyperactivity disorder (ADHD) etc.
Recovery	Full cover on eligible medical costs for follow-up outpatient consultation after discharge. For complex or major surgical procedures, the coverage period will be extended to four times the duration (from 90 days to 365 days) [Rare in the Chinese mainland and Hong Kong markets] Additional rehabilitation care for covered cancer, heart attack and stroke patients

Notes: Full cover means no itemised benefit sub-limit, and the benefit payable (except wellness benefit and death benefits) will be subject to the overall annual limit, overall lifetime limit and deductible (if applicable). We base our statements about the benefits of the plan being “rare in Hong Kong market” and “rare in the Chinese mainland and Hong Kong market” on our understanding and interpretation of current market information, by comparing with other publicly available and similar medical insurance products provided by major Hong Kong and the mainland China life insurance companies for individual customers as of June 2024.

Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong Limited, said: “Prudential is delivering on our promise of listening to and understanding the needs of customers. The introduction of the new ‘PremierFlex Medical Plan’ expands medical options for our customers, aiming to offer a seamless health experience that empowers them to unlock their medical freedom with professional and autonomous medical-care support. Building on our extensive hospital network, the launch of this new plan further expands our designated hospital list in the Chinese mainland to cover more than 14,000 Grade 2 hospitals or above, putting us comfortably ahead of our industry peers. In line with Prudential’s health business model transformation, a strategic core of our business, we will continue to adhere to the mission ‘For Every Life, For Every Future’, striving to become the preferred medical insurance partner in the market, safeguarding our customers throughout their health journey."

The PremierFlex Medical Plan features “HealthCare+” eService Platform⁴, offering a range of dedicated value-added services. These include Medical Expenses Direct Billing Service, Medical Green Channel, Second Medical Opinion, dedicated Critical Illness Case Manager, and Global Drug Search, among other features. The aim is to provide comprehensive support to care for individuals “from minor ailments to severe illnesses.”

Exclusive value-added services of the “HealthCare+” eService Platform:

Personalised Treatment Assistance	Second medical opinion Worldwide emergency assistance Health consultant Medical concierge and escort
Hassle-free Admission, Direct Billing and Claims	Network Hospital Booking Service Medical Green Channel in the Chinese mainland Medical Expenses Direct Billing SmartAppoint (advanced appointment of designated person for claims)
Medication and Healthcare	[Rare in Hong Kong market] Global drug search [Rare in Hong Kong market] Drug discount Discounted healthcare service
Professional Critical Illness Management	Dedicated critical illness case manager and counselling [Rare in the Chinese mainland and Hong Kong market] GBA cross-border Cancer Treatment Medical Expenses Direct Billing
Tailor Rehabilitation Care	Personalised rehabilitation assessment Specialist tailored-made rehabilitation guidance plan
Exclusive privileges of Outpatient Care Benefit	Designated customers with Outpatient Care Benefit who are in the Chinese mainland can use the “HealthCare+” eService Platform and have access to rare-in-Hong-Kong-market 24/7 telemedicine, getting virtual consultations and prescribed medicines from registered doctors, together with medication delivery

Notes: We base our statements about the benefits and the value-added services of the plan being “rare in Hong Kong market” and “rare in the Chinese mainland and Hong Kong market” on our understanding and interpretation of current market information, by comparing with other publicly available and similar medical insurance products provided by major Hong Kong and the mainland China life insurance companies for individual customers as of June 2024.

For details about Prudential's "PremierFlex Medical Plan" and value-added services, please refer to the relevant terms and conditions on Prudential's official website.

¹ Prudential conducted a survey in May 2024 through online questionnaires and street interviews among 750 individuals aged between 18-54, including 300 respondents from Hong Kong, 300 from mainland Greater Bay Area cities such as Guangzhou, Shenzhen, Dongguan, Foshan, Huizhou, Zhongshan, Zhuhai, Jiangmen and Zhaoqing, and 150 from Macau.

² Based on the average monthly household income of the survey respondents

³ This means traveling to and from Hong Kong and mainland cities in the Greater Bay Area/Macau and utilising local medical services

⁴ A third-party e-platform that is accessible from Prudential's official WeChat account

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Disclaimer

1. "PremierFlex Medical Plan" (including its optional supplementary benefit “Outpatient Care Benefit”) is underwritten by Prudential Hong Kong Limited. This document does not contain the full terms and conditions of this plan and is for reference only. If you wish to learn more about the other details, terms, and conditions of this plan, please seek Prudential for a sample policy for reference. This document is intended for distribution in Hong Kong only and should not be construed as an offer, sale, or solicitation to buy any insurance product by Prudential outside Hong Kong. If it is illegal to offer or sell any insurance product under the laws of any jurisdiction outside Hong Kong, Prudential will not offer or sell that insurance product in that jurisdiction.

2. Except SmartAppoint, “HealthCare+” eService Platform and its related value-added services are provided by designated third-party service provider(s). Prudential is not the service provider(s) or their agent for the “HealthCare+” eService Platform and its related value-added services and makes no representation, warranty or undertaking as to their quality and availability and shall not accept any responsibility or liability arising therefrom. Under no circumstances shall Prudential be responsible or liable for the acts or omissions of the service provider(s) in the provision of the “HealthCare+” eService Platform and its related value-added services. The “HealthCare+” eService Platform and its related value-added services do not form part of the “PremierFlex Medical Plan”. Some services have a limit on the number of uses per policy year. They may also restrict where and when you can apply or use these services. Prudential and/or the service provider(s) shall have the sole discretion to change the scope and terms and conditions of these services from time to time, cease and / or suspend these services without advance notice.

About Prudential Hong Kong Limited

Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance, and employee benefits to protect over 1.3 million customers in Hong Kong. In 2023, Prudential established its Macau branch to offer health insurance and financial solutions for the Macau community, completing its footprint in the Greater Bay Area.

Please visit www.prudential.com.hk for more information.

Ivan Choi, Chief Customer and Marketing Officer at Prudential Hong Kong Limited (left), Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong Limited (middle), and Felix Fung, Chief Product Officer at Prudential Hong Kong Limited (right) attend the launch event of Prudential’s “Medical Freedom Survey” and “PremierFlex Medical Plan”.

Ivan Choi, Chief Customer and Marketing Officer at Prudential Hong Kong Limited (left), Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong Limited (middle), and Felix Fung, Chief Product Officer at Prudential Hong Kong Limited (right) officiate at the launching ceremony of “PremierFlex Medical Plan”.

Ivan Choi, Chief Customer and Marketing Officer at Prudential Hong Kong Limited (left), Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong Limited (second from the left), Felix Fung, Chief Product Officer at Prudential Hong Kong Limited (second from the right), and Marco Kwok, former Hong Kong Cycling Team Member and Champion of UCI Track Cycling World Championships attend the launch event of Prudential’s “Medical Freedom Survey” and “PremierFlex Medical Plan”.

Ivan Choi, Chief Customer and Marketing Officer at Prudential Hong Kong Limited, unveils findings of the “Prudential Medical Freedom Survey” at the launch event.

Felix Fung, Chief Product Officer at Prudential Hong Kong Limited, introduces the “PremierFlex Medical Plan” at the launch event.

Candy Au Yeung, Chief Customer Operations and Health Officer at Prudential Hong Kong Limited (middle), together with Marco Kwok, former Hong Kong Cycling Team Member and Champion of UCI Track Cycling World Championships (right) shares insights on the cross-border medical services, and showcases Prudential’s “HealthCare+” eService Platform^４.