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Accident & HealthCare Insurance

Protection for the Young and Old

How do families with young and old ensure everyone in household is covered by personal accident insurance?

Hong Kong has an aging population and many families are now living with elderly grandparents. At the same time, they are also bringing up children of their own. This has led to a spike in multi-generational households, containing young and old all under the same roof. Both groups have a higher level of risk when it comes to accidents and expensive healthcare. Thankfully there are personal accident plans tailored for covering family members of different age groups in the same household.

Different Needs for Different Ages
Caring for children and elderly people do have similarities as both are more susceptible to illnesses and accidents given their age. But there are also differences in their speed of recovery and hence treatment costs.

For example, a child may recover quicker from a broken bone than an elderly and so treatment should be less expensive.

Single Point Policy Providers
While cost is one issue, so too is the hassle of having to take out multiple policies for each generation in the household. However, some policies include a junior, adult and elderly plan to cover all age groups. This acknowledges the rise of multi-generational households and how they need tailored policies.

Rising Hospital Bills
Medical inflation has soared in recent years outstripping most other price rises of goods and services. Protecting yourself from such high medical bills with a personal accident plan makes sense, especially when you have young and old in your home. As medical technology continues to advance, healthcare costs are expected to spiral even higher. Combined with greater demand for healthcare from a rapidly aging population, medical bills will possibly continue to rocket, making health insurance and personal accident plans even wiser choices.