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:
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:
^ Full reimbursement is subject to the annual benefit limit of the voluntary health insurance. |
Among various medical insurance products, voluntary health insurance scheme has gained significant popularity among Hong Kong citizens. As of 2022, the number of voluntary health insurance policies has surpassed one million* and continues to grow steadily, making it one of the most favoured medical insurance products. |
*Based on the figures released by the Department of Health on September 2, 2022. |
How much does the above plan cost?
Bowtie Flexi (Regular) + Gleneagles Hospital Wellness Package Monthly Premium |
Male Non-smoker |
Female Non-smoker |
Age 50 |
$632 |
$740 |
Age 51 |
$664 |
$748 |
Age 52 |
$697 |
$758 |
Age 53 |
$726 |
$768 |
Age 54 |
$751 |
$781 |
Total for 5 years |
$41,640 |
$45,540 |
Do aged 50+ people need other insurance?
In addition to vhis, pre-retirees can consider purchasing other insurance plans/increasing coverage based on their budget, such as:
However, the needs of each individual pre-retiree are different. Therefore, Bowtie has designed a personalized online health insurance recommendation tool. Pre-retirees only need to answer a few simple questions, such as: (1) How many years of financial support would you like to provide to your dependents in the event of your death? (2) How many adult dependents do you have? (3) What is the total value of your assets?
Based on these answers, they will receive simple insurance recommendations. The tool will also provide an approximate quotation, allowing pre-retirees to choose insurance based on their monthly budget (the final premium is subject to individual underwriting results).
Other tools/information: Bowtie VHIS comparison
Promotion if you want to buy VHIS for your whole family: family medical insurance
Other recommendations Bowtie has for pre-retirees
About Bowtie
The Bowtie Life Insurance Company Limited is an authorised life insurance company and Hong Kong's first virtual insurer. Its vision is to bridge the health protection gap and transform the way people access healthcare in Asia. By combining modern technology and medical expertise, Bowtie offers an agent-free, commission-free, and convenient online platform for customers to quote, apply, and claim for health insurance plans anytime, anywhere. Bowtie is backed by Sun Life Financial, Mitsui & Co, and supported by leading international investors. Currently, Bowtie has raised more than HK$680 million and provided over HK$60 billion of insured value to families. Stay up to date at www.bowtie.com.hk.