Therefore, they engaged NielsenIQ to question a sample size of 1,000 Hong Kong residents, 300 in Macau, and 225-300 in each of the nine mainland GBA cities. The fieldwork took place between December 16 and 30 last year, and the resultant findings of the first Manulife GBA Health Protection Survey have provided plenty of food for thought. 

In particular, it showed that consumers across the region are worried about the growing “protection gap” between ever-increasing medical costs associated with critical illnesses and how they will pay for them. Around two-thirds of respondents said they would like to do more to guard against these possibilities, but they need guidance on where to start. 

In addition, only 1 in 8 Hongkongers said they were confident of being able to cover costs and any associated costs arising from having cancer, stroke or heart disease. This is eye-catching, not merely because the survey identified cancer as the critical illness GBA residents worry about most. But it also revealed that, in Hong Kong, people expect to spend the equivalent of up to 35 months of their average monthly personal income (HK$1.07 million) on treating cancer. And the comparative figures for GBA cities (51 months, CNY698,000) and Macau (15 months, MOP468,000) confirm the trend.  

“It is unsettling to learn that so many consumers in the GBA are worried about being unable to pay for critical illness expenses,” said Patrick Graham, CEO of Manulife Hong Kong and Macau. “The costs involved can be substantial because they include not just treatment, but maybe also the need to cover rehabilitation and living expenses, especially in cases where the illness affects a person’s ability to work. The estimated costs can equate to several years of an individual’s income.” 

The answer, of course, is to plan ahead, and not simply rely on emergency savings or financial support from family members, and to act in good time. 

Encouragingly, though, the survey also found that more GBA residents are now realising the benefits of comprehensive medical insurance. And there is a growing appetite for different types of health protection. With the comprehensive range of insurance products available in Hong Kong, it remains a prime location for GBA residents seeking health-related insurance solutions.

Around half the Hong Kong respondents said they already have critical illness insurance (53%), hospitalization insurance (46%) and lastly outpatient health insurance (35%). Looking ahead, 66 per cent said they were interested in investing in new or additional products when they feel the time is right. 

“Our role as a leading health protection provider is to support customers by helping to alleviate financial stress and instil confidence, so they can be fully focused on recovery,” Graham said. “We noticed too that those we surveyed generally agreed that ‘health is the greatest wealth one can have’ and, these days, they are actively doing more to stay healthy.” 

In a bid to narrow the “protection gap”, the majority of consumers in the GBA said they are doing regular physical exercise, with some even highlighting the benefits of an afternoon nap and a foot bath.    

Besides that, 53 per cent of respondents in Hong Kong mentioned taking action to improve their diet, in particular by eating less salt and sugar. And 40 per cent of those surveyed in mainland GBA cities indicated that maintaining good mental health is now their prime goal, a higher figure than in either Hong Kong (33 per cent) or Macau (31 per cent).  

“We are happy to see greater general awareness across the GBA about healthy living and protection against illnesses,” Graham said, noting that Manulife has been a trusted name in the local market since 1897. “As the longest continuously operating life insurer in Hong Kong, we always encourage our customers to stay active and be prepared for any eventuality. Good planning helps to protect people not only against illness but also against financial uncertainty.”