Macau residents faces $698k cost to secure medical freedom

High costs pose a great concern amidst expectations of inflation.

Macau residents anticipate requiring approximately $698k (MOP$5.6m) to achieve medical freedom, equating to around 16 years of household income, according to Prudential Hong Kong Limited.

A survey revealed that the majority (98%) have concerns about attaining medical freedom, exceeding the overall Greater Bay Area (GBA) (94%), mainland GBA cities (92%), and Hong Kong (93%).

High medical costs remain a key concern, with nearly half (49%) fearing steep rises in medical expenses amidst expectations of medical inflation.

In line with this, the respondents foresee an 18.2% rise in costs over the next decade, with about 56% planning to use government aid to cope with the growing financial burden.

To Edward Dai, General Manager at Prudential (Macau Branch), these subsidies leave Macau residents more inclined to utilise public resources. However, medical inflation and gaps in local medical coverage continue to loom in the background.

“They still face numerous obstacles to achieving medical freedom, with an alarming 98% expressing concerns in realising it,” Dai said.

In terms of insurance coverage, Macau lags behind other regions, with only 33% of plans covering Chinese medicine, 29% for second medical opinions, and 17% for global drug searches.

MOP1 = $0.12