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Bowtie designed insurance plan for individuals aged 50+ before retirement

2023-09-29 15:40:00

HONG KONG, Sept. 29, 2023 /PRNewswire/ -- As individuals in their 50s approach retirement, they not only face the loss of a stable monthly income but also the termination of group medical insurance. Considering the increased risk of illness associated with aging, having adequate coverage becomes crucial. Recognizing this, Bowtie has tailored medical insurance for individuals aged 50 or above, allowing pre-retirees to obtain sufficient protection without adding to their financial burden.

5 major health issues that individuals may encounter at the age of 50, along with their severity

According to research conducted by foreign medical institutions, individuals aged 50 or above should be particularly aware of the following health risks:

  1. Colorectal Cancer:
    Due to poor eating habits, both men and women are at risk of developing this highly fatal disease. According to data from the Hong Kong Cancer Registry, the annual incidence of colorectal cancer exceeded 5,000 cases every year between 2016 and 2020. The annual number of deaths also exceeded 2,000 cases, resulting in a high fatality rate of 40%.

  2. Heart Disease:
    Heart disease continues to be the third leading cause of death in Hong Kong. According to data from the Department of Health, 6,561 people died from heart disease in 2020, accounting for approximately 13% of total deaths that year.

  3. Stroke:
    According to data from the Department of Health, there were 3,165 registered deaths due to stroke in 2020, accounting for over 6% of total deaths that year.

  4. Diabetes:
    In Hong Kong, approximately one out of every ten individuals has diabetes. Complications of diabetes include heart disease, kidney failure, and vision impairment, among others.

  5. Hypertension (High Blood Pressure):
    As individuals age, the elasticity of their blood vessels decreases, putting pressure on the body's blood circulation system. Consequently, many middle-aged individuals suffer from high blood pressure. Among individuals aged 60 and above, approximately two-thirds on average have high blood pressure.

Insurance needed for Aged 50 up Individuals

For the retirement protection that individuals aged 50 need the most, Bowtie believes that a comprehensive medical insurance plan is crucial. It provides coverage for necessary check-ups and treatments to avoid significant medical expenses that could disrupt retirement plans.

Recognizing that retirees have lost the security of group medical insurance and may lack a fixed income, Bowtie has designed the following retirement insurance products to provide sufficient medical insurance coverage without increasing financial burden:

Retirement Insurance Product for 50-year-old pre-retirees: Bowtie Flexi (Regular) + Gleneagles Hospital Wellness Package

Features of the product:

  1. No deductible, but full reimbursement for over 240 surgeries/tests:
    Since most retirees do not have a fixed income or group medical insurance, medical insurance without a deductible and with full reimbursement becomes essential. This means they do not need to use their savings to pay for deductibles or medical expenses.

  2. Free annual health check-up:
    Bowtie Flexi (Regular) + Gleneagles includes a complimentary comprehensive annual health check-up (valued at up to $2,720). This allows individuals to regularly monitor their health status and seek timely medical attention if any issues arise, facilitating faster recovery.

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