Nearly 4 in 10 Hongkongers will give up best medical treatment due to higher cost

Critical or serious illnesses treatment is expected to be the costliest.

Around 37% of Hongkongers are looking into giving up medical treatment or the best medical solutions amidst the expected increase in healthcare expenditure.

In a report, FWD said around 60% to 75% of the respondents in Hong Kong, Macau, and the Mainland expect spending for individuals and family members would rise by over 20% in 10 years' time.

Treatment for critical or serious illnesses such as cancer, cardiac diseases and stroke is seen to be the costliest.

The survey also found that 76% of respondents in Hong KOng, 78% in Macau, and 65% from the Mainland said that medical expenses for themselves and families would result in a “very heavy” or “rather heavy” financial burden within the next 10 years.

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FWD added that many Hongkoners remain passive in dealing with insufficient health insurance coverage issues such as opting to cut down other daily spending or cash in their savings.

“The survey revealed that Hong Kongers are the most passive among other regions in terms of healthcare protection planning with less coverage and spendings on health insurance. Their awareness of mental health protection was also found to be lower than respondents in Macau and other (Great Bary Area) cities,” said Kelvin Yu, chief product officer of FWD Hong Kong & Macau.

Around 75% of Hongkongers also see mental health insurance as “rather important or “very important” lower than 87% amongst respondents in Macau and 90% in the Mainland.

A total of 2,410 Greater Bay Area residents aged 18 to 60 years old were surveyed in the report, of which 500 were from Hong Kong, 102 from Macau, and 1,808 from nine other Mainland cities.