Manulife Asia Care Survey 2024 - Medical Inflation
The Asia Care Survey 2024 shows how people across the region perceive their current and future physical, mental, and financial well-being.
In Hong Kong, Manulife’s study of more than 1,000 residents took place in January 2024. We invite you to explore the survey’s findings and discover how Manulife can be their partner for progress.
Respondents are unsure they will achieve their desired levels of physical, mental and financial well-being.
Respondents in Hong Kong feel the least ready for their ‘financial’ & ‘physical’ well-being in a decade, with 15 points separating their ‘desired’ and ‘expected’ levels of future satisfaction.
People also rate physical well-being as the most crucial attribute, while mental welfare is considered the least important feature. In fact, mental well-being is a vital measure of your overall health, as it can often act as an alarm bell signalling future physical ailments.
Let’s take a closer look at the challenges people face:
72% of people think that their workplace benefits are inadequate
As your healthcare needs increase with age, ensuring adequate medical protection is crucial when planning for retirement. Yet, government healthcare systems may not necessarily offset rising treatment costs.
Furthermore, 72% of respondents feel that the benefits and coverage they get from their employers are unsatisfactory. Meanwhile, 70% think they need to top up the retirement and pension benefits received from their employers to boost their future financial well-being.
Top 3 rising healthcare costs felt by Hong Kong respondents
The price of out-patient services is a leading concern.
The rising costs of outpatient services, drugs, and preventive healthcare are the three costs that Hong Kong respondents feel affect them the most. Based on people’s perceptions, the charges in these areas have increased by 15%, 15%, and 16% respectively over the last 12 months. This can be attributed to factors such as the introduction of new technology, rising wages, and general inflation.
Top 5 ways of dealing with rising healthcare costs
People across Asia adopt different strategies to mitigate the impact of rising healthcare costs. In the last 12 months, over 40% of respondents tried watching their diet and exercising more to stay healthy the right approaches to enhance immunity.
Interestingly, 16% of respondents would choose medical insurance plans with higher premiums, more coverage, and more benefits to moderate the impact of rising healthcare costs.
Why aren’t people taking action to alleviate rising healthcare costs? Many don’t know how.
Only 11% of respondents have failed to act. The principal reason is that most people have no idea what to do. Many feel helpless amid soaring medical inflation and uncertain where to seek professional advice.
However, 31% still want the best healthcare and think money is secondary. That’s why they have not lowered their medical healthcare standards, i.e., by delaying or skipping health checks and treatments or choosing a medical insurance plan with a lower premium and less coverage and benefits.
What can I do?
|
2024 |
|
|
Annual General Inflation (%) |
Annual Medical Trend Net Rates (%) |
Hong Kong SAR |
2.4 |
5.1 |
Source: AON 2024 Global Medical Trend Rates Report
This Asia Care Survey 2024 is provided for general information purposes only and does not take account of your individual needs and circumstances. It should not be construed as an insurance advice and does not constitute any offer or any solicitation to offer or a recommendation of any insurance product(s).
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