HONG KONG – A recent study commissioned by HSBC Life has revealed significant concerns among Hong Kong’s baby boomer generation regarding cross-border health insurance claims, particularly as they plan to retire outside Hong Kong and Macau. Over a third of boomers intend to retire abroad, with many eyeing cities in the Greater Bay Area (GBA) as their preferred destination.
The survey, which involved 1,003 respondents aged 40 to 70, found that 65% of those planning to retire abroad are focusing on mainland cities within the GBA. However, nearly half of those intending to move to these cities are worried about the complexities of making cross-border health insurance claims. Many fear that their Hong Kong-based insurance policies will not cover medical expenses incurred in the GBA, and 41% expressed concerns about the lack of synchronisation of medical records between regions.
The study also highlighted the financial pressure on boomers, with 40% of participants allocating more than a third (36%) of their retirement savings to support family members, particularly elderly parents. This responsibility is a source of stress, with 93% of respondents acknowledging the potential disruption to their retirement planning due to the need to cover medical expenses for aging parents.
Health issues are prevalent among the older generation, with 90% of participants reporting that their parents suffer from physical ailments, and 62% citing cognitive problems.
As Hong Kong’s boomers prepare for their retirement years, these concerns underscore the need for clearer cross-border health insurance policies and better coordination of medical care across regions.
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