What is the best insurance for seniors over 80?

As you age, health risks tend to increase. According to a study published by the Hong Kong Council of Social Service in July 2023 titled Study on the Physical and Mental Health and Exercise Habits of Single and Elderly Couples in Hong Kong , among the 641 respondents, over 80% reported having some form of illness, including conditions like high blood pressure, high cholesterol, diabetes, and osteoporosis.

According to information from the Department of Health (Elderly Health Services), seniors may face the following health risks:

With the aging population becoming more pronounced, the public healthcare system is increasingly strained, and long waiting times at public hospitals have long been a point of criticism.

For instance, for new specialist outpatient appointments at public hospitals between April 1, 2024, and March 31, 2025, the number of stable new cases could exceed 100,000, with the longest waiting times reaching over three years, highlighting that public hospitals lack the resources to meet the growing demand.

On the other hand, waiting times for surgeries at public hospitals can also be quite long. For example, cataract surgery or total joint replacement surgery can take up to 78 months, which is about 6.5 years:

In contrast, opting for treatment at private hospitals not only eliminates these long waits, allowing patients to receive consultations and treatment more quickly and avoid missing the golden window for care, but it also offers a superior hospital environment and services for a more comfortable and peaceful recovery.

Of course, costs at private hospitals, such as hospitalization fees, surgeon fees, and medication, can be substantial for many people. However, with a comprehensive indemnity health insurance policy, policyholders can claim reimbursement from the insurer, helping to share the financial burden and providing options beyond public hospitals for timely and appropriate treatment.

Although public hospitals have low fees—for instance, a few days of hospitalization for surgery might only cost a few hundred dollars—certain items can still be quite expensive. For example, undergoing an angioplasty requires a deposit of HK$73,000, with the actual cost depending on factors like the number of stents implanted, materials, and tools used.

Additionally, if someone is unfortunately diagnosed with cancer and needs immunotherapy or targeted drugs, patients may have to pay out of pocket if these drugs are not on the Hospital Authority’s drug list, with monthly costs potentially reaching thousands or even tens of thousands of dollars.

As mentioned earlier, treatment at private hospitals offers the advantage of shorter waiting times and often better services than public hospitals. However, the costs in Hong Kong’s private hospitals can be steep. For example, a common procedure for seniors like cataract surgery performed on an outpatient basis can cost at least HK$20,000. Another frequent procedure, knee joint replacement, can range from about HK$120,000 to HK$550,000 at private hospitals. More complex surgeries or serious conditions like cancer treatment could escalate to hundreds of thousands or even millions of dollars.

Most seniors aged 80+ have already retired, so they no longer have access to company health insurance or related benefits. If a retiree is diagnosed with a critical illness without personal health or critical illness insurance, they would have to rely on their retirement savings and family support, which could lead to a significant long-term financial burden.

As mentioned above, most seniors over 80 are already retired and more prone to various health issues. On the other hand, the public healthcare system is often overwhelmed, and private hospital fees are expensive, so a reimbursement-based medical insurance can cover their potential medical expenses while avoiding long waiting times.

When selecting a medical insurance product, consider whether the policy fully covers the needs of elderly policyholders. For example, in terms of coverage, traditional medical insurance typically excludes both “known” and “unknown” pre-existing conditions, whereas VHIS includes ” Pre-existing conditions unknown at the time of application ” as covered items.

Taking diagnostic imaging tests as an example, traditional medical insurance usually only covers these if certain conditions are met (such as during hospitalization or leading to a confirmed diagnosis). However, VHIS covers them as long as a doctor determines that the patient needs the test for medical reasons.

Additionally, factors like aging and medical inflation can cause premiums to rise each year, so when insuring seniors, factor in the cost. For instance, for an 80-year-old non-smoking woman, the annual premium for a VHIS product can range from about $10,000 for the Bowtie VHIS Standard plan to $20,000 to $40,000 for the Bowtie VHIS Flexi plans (depending on the specific plan). Therefore, if your senior family member doesn’t have medical insurance yet, compare different products’ premiums to get the best coverage at a lower cost.

Critical illness insurance provides a lump-sum payout to help cover living expenses during treatment, easing the financial burden on your family. This is especially important for those with working income or family responsibilities.

For seniors over 80, who typically have no monthly income and are dependents, an illness might not significantly impact family finances. However, critical illness insurance offers a lump-sum payment with no restrictions on use. If your budget allows, keeping it can support medical costs or serve as emergency funds.

That said, premiums for term critical illness insurance rise with age, and over time, the total premiums paid might exceed the coverage value. Seniors should decide based on their financial ability. Even if you choose to cancel, always keep indemnity medical insurance like VHIS to handle potential healthcare expenses.

If your policy is a Savings-type Whole Life Critical Illness Insurance (usually with a 15- to 20-year payment period and lifelong coverage), and you bought it around age 40 or 50, you won’t need to pay premiums by 80, so it’s fine to keep.

If premiums are still due and hard to afford, should you surrender the policy? It depends on your situation and how long you’ve been paying, as surrendering might mean losing all or part of the cash value.

Seniors should make choices based on their actual financial situation and consider consulting a professional financial planner if needed.

One key purpose of life insurance is to provide financial security for your family if you pass away unexpectedly. As mentioned earlier, retirees are often dependents, so your passing might not create long-term financial strain for them—unless you’re thinking about asset inheritance or estate planning. In that case, life insurance isn’t essential.

For example, take an 80-year-old non-smoking man. If you subscribe to Bowtie VHIS Flexi Regular and add on the GHK Wellness Package or the CUHKMC Wellness Package, the total basic premium is just $2,619 per month.

Beyond the Bowtie VHIS Flexi Regular itself providing up to $600,000 annually for eligible medical expenses, policyholders who add the GHK Wellness Package or the CUHKMC Wellness Package can enjoy full reimbursement* for designated medical packages:

Whether you add the GHK Wellness Package or the CUHKMC Wellness Package, you’ll get an annual free health check. Plus, policyholders receive 1,500 BowtiePoints each year (worth HK$1,500), which you can redeem for checks related to cancer, cervical, kidney, optometry services, nutrition services, and more.