Hong Kong boomers concerned over cross-border health insurance claims

Over a third of boomers plan to retire outside of Hong Kong and Macau.

Half of Hong Kong’s boomers intending to move to Greater Bay Area (GBA) cities perceive difficulties in making cross-border health insurance claims or believe that expenses incurred there may not be reimbursable under their Hong Kong-based insurance policies.

In addition, 41% expressed concern about the lack of medical record synchronisation between regions, according to a recent study commissioned by HSBC Life.

Over a third of Hong Kong’s boomers plan to retire outside of Hong Kong and Macau, with 65% choosing mainland cities within the GBA as their top destination. 

The survey, conducted amongst 1,003 respondents aged 40 to 70, found that 40% of participants allocate more than one-third (36%) of their retirement spending to family support. 

Amongst them, 93% are concerned that these responsibilities could disrupt their own retirement planning, particularly when it comes to medical expenses for elderly parents.

Health issues are widespread, with 90% reporting that their parents suffer from physical conditions and 62% citing cognitive problems.