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Hong Kong: AXA launches MediEnhancer Supplement to address medical inflation

| 04 Oct 2022

AXA Hong Kong and Macau (AXA) has announced the launch of MediEnhancer Supplement (MediEnhancer). MediEnhancer is offered exclusively to customers with qualified AXA medical insurance policies.

With its up to 4% per annum guaranteed crediting interest rate, it carries a cash value which will be used to offset the annual premium of the qualified AXA medical insurance policy associated with MediEnhancer, relieving the pressure of medical inflation for customers.

MediEnhancer offers two notional amount options. Customers may choose a notional amount based on three times or five times the annual premium of the associated medical plan according to their financial planning needs. The cash value of MediEnhancer at its effective date will be equal to the notional amount of MediEnhancer.

After MediEnhancer becomes effective and more interest is accrued, the cash value of MediEnhancerwill be used to pay for the annual premium of the associated medical plan on its next policy anniversary, saving customers the hassle of paying premiums of their plans.

For customers prepaying a premium for the second supplement year, their prepaid amount will be further entitled to guaranteed preferential interest at a rate of 4% per annum for US dollar policies or 3.5% per annum for HK dollar policies during the first supplement year. 

According to the recent announcement of the Health Bureau, the number of Voluntary Health Insurance Scheme (VHIS) policies has exceeded 1 million since its implementation in 2019. About a quarter of VHIS policyholders were AXA customers, demonstrating that AXA's VHIS products are well received by the public. 

Mr Kevin Chor, Chief Life and Health Insurance Officer of AXA Hong Kong and Macau, said, "We are committed to listening to our customers and catering their needs. We understand that rising medical costs is their key consideration for renewing their medical insurance policies. With this in mind, we have designed MediEnhancer to help customers cope with medical inflation by providing up to 4% per annum guaranteed returns, and offering hospital income benefit for a maximum of 1,000 days per confinement, aiming to reduce the inpatient medical expenses of our customers, and strive to be a solid backing for customers." 

During the promotion period, customers who successfully apply MediEnhancer together with AXA WiseGuard Pro Medical Insurance Plan can enjoy up to six month's premium refund.

For existing customers with designated AXA medical insurance plans who successfully apply for MediEnhancer, they will be entitled to a two-month premium rebate for their existing policies.