Rising Trends in Cancer Claims Cases and Insurance Decoding in Hong Kong

2024-01-19 19:48:11

January 20, 2024

Zhou Rongjia
Insurance decoding

In the last column, I shared with you the figures in the claims report of a major insurance group. In addition to the number and amount of claims for each insurance type, the author also noticed three phenomena: cancer is still the number one killer in Hong Kong, and women have more claims cases than men. , and cancer patients are becoming younger.

The report pointed out that whether it is medical or critical illness insurance, the most common reason for claims is cancer. Among medical claims cases, cancer claims accounted for 26%, followed by digestive system diseases at 21% and neurological diseases at 12%. As for critical illness, cancer claims are as high as 75%, cardiovascular disease is the second largest, and has dropped to 15%, and stroke, the third largest, is only 3%.

25% of cancer claimants are under 40 years old

Among cancer critical illness claims cases, breast cancer has the highest percentage, followed by endocrine cancer, respiratory system cancer, gastrointestinal cancer, gynecological cancer and genitourinary system cancer. Breast cancer and gynecological cancer are cancers unique to women.

In fact, the claim rate of women in the report is also higher, accounting for 58% of the overall medical and critical illness claim cases. About 66% of cancer claim cases are female patients, so the medical premiums for women are higher than those for men. There is a reason.

What’s more surprising is that many people think that the elderly should have the highest claim rate. However, relevant compensation reports point out that 59% of the total medical and critical illness claims cases are between the ages of 30 and 59, reflecting the impact on the elderly in their prime. The demand for medical insurance is also great. As for cancer claim cases, the proportion of patients aged 39 or younger also reached 25%.

In addition to the younger age of the disease, one of the reasons is that citizens’ awareness of insurance has increased and they have purchased insurance since childhood. On the contrary, some elderly people who want to buy insurance either have health problems and cannot buy it, or they think the premium is too expensive and do not buy it, so the above figures are caused.

There are indeed signs that cancer patients are getting younger in Hong Kong. According to data from the Hong Kong Anti-Cancer Society, among people aged 20 to 44 in 2000, there were only 96 cancer patients per 100,000 people; but by 2018, there were only 96 cancer patients per 100,000 people. 109 people, an increase of 13%. The above claims report further confirms this phenomenon. Therefore, everyone should not ignore the risk of cancer. Young people, especially women, should pay more attention to their health.

Expensive treatment disrupts financial plans

You know, the process of treating cancer is very long. In addition to the possibility of surgery to remove the cancer, there is also the possibility of undergoing radiotherapy and chemotherapy. It may take a year and a half before the physical condition improves. Treatment is also expensive. If it is performed in a private hospital, it will cost hundreds of thousands of dollars. If targeted drugs are involved, the cost will be even higher, which will definitely disrupt many people’s financial plans.

Of course, you can choose to wait for public medical treatment. However, you have heard that you have to wait several years to receive treatment, and you don’t know whether your condition will worsen during this period. In addition, some cancer drugs in public hospitals have to be paid for at your own expense.

By buying medical or critical illness insurance while you are healthy, you can transfer the financial risk of medical treatment as soon as possible. If you are unfortunately sick, you can still concentrate on receiving treatment without having to worry regarding food and rice. I believe the recovery progress will be better, not to mention that in March If you sign up for Voluntary Health Insurance and Deferred Annuity before the 31st, you will also enjoy tax exemption. Kill two birds with one stone, why not?

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