More than 128,000 Hongkongers ill-prepared for 100-year life
Hongkongers’ ignorance of their life expectancy has left them ill-prepared for retirement. Stakeholders such as the government, insurers and medical providers should work closely to provide adequate coverage, according to specialised reinsurance firm Swiss Re
The Hong Kong government is being urged by one of the world’s largest specialised reinsurance companies to do more to ensure adequate health care coverage for its older residents, after it was revealed that more than 128,000 Hongkongers born in 2016 could be unable to seek critical medical treatment when they reach their senior years.
Daisy Ning, Swiss Re’s head of life and health products in Asia, also said the authorities are not doing enough to educate older residents of two new scheme that have been launched to help them finance their retirement.
Response to Hong Kong annuity scheme ‘within expectations’ but likely to fall short of US$1.27b target
And that as the population lives longer and grows, stakeholders such as the government, insurers and medical providers must work more closely to provide more adequate coverage for the elderly.
According to the Census and Statistics Department, Hong Kong’s population is projected to increase from 6.8 million in mid-2003, to 8.38 million by 2033.
Nearly three in 10 will be aged 65 and over, with the median rising more than a decade to 49 in 2033 from 38 in 2003.
Hong Kong’s coverage still has a lot of room to grow
Life expectancy for males increased 13.5 years from 67.8 years old in 1971 to 81.3 in 2016, and for females, it rose 12 years from 75.3 to 87.3, and the city now enjoys the world’s highest life expectancy levels.