(15 August 2024, Macau) The new Medical Freedom Survey1 (the “Survey”) released today by Prudential Hong Kong Limited (Macau Branch) (“Prudential (Macau Branch)”) comes amid the ongoing development of Macau’s “Big Health” industry, which has significantly increased health awareness among its residents. Their concerns include high medical costs, a restricted medical network, and insufficient access to quality healthcare, emphasising the need for effective tools offering comprehensive protection over the course of their health journeys.

The Survey shows that 86% of total Greater Bay Area (GBA) respondents 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 aid, and 82% see it as managing medical bills with ease. In Macau, 98% of residents have concerns about attaining medical freedom, exceeding the overall GBA (94%), mainland GBA cities (92%), and Hong Kong (93%).

Cost of medical freedom equals to 16 years of a family's income2

Over half (55%) of respondents cite high medical costs as a major obstacle to achieving "medical freedom." Of those, nearly half (49%) of Macau respondents fear steep rises in medical expenses. Their concerns stem from expectations of medical inflation: Macau respondents foresee a 18.2% rise in medical costs over the next decade, higher than the 14.3% expected in mainland GBA cities and 17.7% in Hong Kong. Over half (56%) Macau respondents plan to use government aid to cope with rising medical costs over the next decade, compared to 31% of overall GBA respondents.

Against a backdrop of soaring healthcare costs, GBA respondents overall believe that attaining medical freedom requires MOP$5.7 million (HK$5.5 million). Among them, Macau respondents anticipate needing roughly MOP$5.6 million, equivalent to about sixteen years of their household income. Similarly, respondents in mainland GBA cities and Hong Kong project a threshold of around MOP$4.7 million (RMB$4.2 million) and MOP$6.9 million (HK$6.7 million), which is comparable to about 10 years of household income. The amounts underscore the substantial financial challenge for overall respondents to attain medical freedom.

Macau respondents value services such as Chinese medicine, second medical opinions, and global drug searches. However, only 33%, 29%, and 17% of their current medical insurance plans encompass these services, respectively — much lower than coverage in respondents in mainland GBA cities and Hong Kong. This points to a significant gap between the medical needs of Macau residents and their existing insurance plans.

Edward Dai, General Manager at Prudential (Macau Branch), said: “Thanks to government subsidies for healthcare services, Macau residents are more inclined to utilise public resources for their future medical expenses compared to residents in mainland GBA cities and Hong Kong. However, given medical inflation and significant gaps in local medical coverage, they still face numerous obstacles to achieving medical freedom, with an alarming 98% expressing concerns in realising it.”

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

Felix Fung, Chief Product Officer at Prudential Hong Kong Limited, said: “Our Survey sheds light on growing demand from residents in the Greater Bay Area 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, thereby safeguarding the health of Macau residents.”

The pioneering "PremierFlex Medical Plan" is tailored for frequent travellers between Hong Kong, Macau 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 for Macau residents 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 Macau residents, 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 Platform3, 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 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 Macau only and should not be construed as an offer, sale, or solicitation to buy any insurance product by Prudential outside Macau. If it is illegal to offer or sell any insurance product under the laws of any jurisdiction outside Macau, 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.