The COVID-19 pandemic has increased demand for medical insurance among senior executives in Hong Kong and mainland China and has driven greater interest in insurance products with mental health coverage, according to a research survey by Bupa Global.
The survey found that one in every four Hong Kong senior executives (28.6%) and over half of mainland China senior executives (58%) have planned to increase their overall private medical insurance spending regardless of economic uncertainties.
Even though over 70% of the senior executives surveyed already had medical insurance cover, 73% of respondents in Hong Kong and 78% in mainland China said they would consider subscribing to additional private medical insurance for themselves and their family members within a year.
According to the research, senior executives in both regions have the same expectations for self-funded medical insurance plans, which include medical coverage for pandemics, coverage for critical illnesses, in-patient care and surgical needs as well as coverage for preventative care.
However, Hong Kong respondents were more likely to look for international medical assistance and coverage across global networks, while mainland China respondents prioritised plans with higher maximum claims limits and more comprehensive coverage.
The research also revealed growing preferences among the surveyed groups for virtual doctor consultation coverage and mental health support.
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