Blue Cross Research Shows Nearly 80% Job Changers Face at Least 4-Month Health Protection Gap

HONG KONG,Aug. 1,2019 -- Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") announces the launch of a first to market short-term standalone medical insurance plan specifically designed for job changers,namely Job Changer Medical Protection,to fill the health protection gap faced by these customers.

To gain a better understanding of the medical protection needs of job changers,Blue Cross conducted a "Job Changing Survey"1 (the "Survey") in June. Results showed that more than half (51%) of the respondents who have changed jobs in the past 3 years experienced an employment break of at least 1 month. 35% and 36% in the 18-29 and 40-49 age groups said respectively that their employment breaks lasted for 3 months or longer. Among those who have planned to change job in the coming 1 to 2 years,57% of them expect their employment breaks may last for at least 1 month. Since employers normally offer medical benefits to new employees only upon completion of the 3 to 6-month probation period,the potential health protection gaps faced by job changers may even span over 4 months or longer.

The Survey also revealed that 79% of all the respondents are running the risk of underinsurance,including the "high risk" group which does not have any medical protection at all. While most of the respondents enjoy medical insurance provided by their existing employers,they will lose this protection upon termination of employment. In case of any unfortunate incident of hospitalisation during the gap period,they may come under heavy financial burden of paying the medical costs out of pocket. Besides,among the young adult respondents aged between 18 and 29,44% of them are not covered by any individual medical protection,making them the most risky group.

Mr. Patrick Wan,Managing Director of Blue Cross,said,"It's now very common for enterprises to provide employees with medical benefits to help attract talent. This has resulted in many employees becoming too reliant on medical insurance provided by employers. However,changing jobs at some point is inevitable in most people's careers. With the increasingly high job turnover rate and the emergence of so-called 'naked resignations',employment gaps are becoming longer. To fill the health protection gap faced by job changers,we have thus launched market's first short-term standalone Job Changer Medical Protection which allows customers to enjoy short-term individual medical protection at a modest premium,with a view to addressing the medical protection needs of job changers and providing them with continuous protection during the employment break."

Job Changer Medical Protection is designed for individuals who have recently quitted or are planning to quit their jobs in the coming 3 months. In addition to providing flexible coverage periods from 3 to 6 months,the Plan offers 3 levels to suit the different needs of job changers. Apart from covering hospital and surgical expenses including Room and Board,Miscellaneous Hospital Charges,Surgeon's Fees,Anaesthetist's Fees,Specialist's Fees,Operating Theatre Charges,Physician's Visit andIntensive Care,it also provides coverage for chronic disease treatments including cancer therapy,kidney dialysis and stroke rehabilitation. Customers can also choose to enhance Basic Hospital and Surgical Benefits by adding Optional Supplementary Medical Benefits.

Application for Job Changer Medical Protection is easy. Apart from applying through Blue Cross' website,customers can enrol via Blue Cross HK mobile app simply by providing basic personal information and answering a few underwriting questions. No medical examination is required.

Upon successful enrolment in Job Changer Medical Protection during the promotional period,customers can enjoy 20% premium discount2. For example,if a 25-year-old male applicant enrols in Job Changer Medical Protection- Super Plan for a coverage period of 3months,thediscounted premium will be as low as HK$6 per day.

For details about Job Changer Medical Protection and the promotional offer,please visit Blue Cross website at www.bluecross.com.hk or download Blue Cross HK mobile appto learn more.

Remarks:

1. A total of 1,051 customers aged 18 or above participated in the online "Job Changer Survey" conducted by Blue Cross in June 2019.

2. The promotional offer is subject to relevant terms and conditions.

Disclaimers:

This press release is for distribution in Hong Kong only. The distribution of this press release is not and shall not be construed as an offer to sell or a solicitation to buy or a provision of any insurance product outside Hong Kong.

Blue Cross (Asia-Pacific) Insurance Limited is a subsidiary of The Bank of East Asia,Limited and a member of the BEA Group. It is not affiliated with or related in any way to Blue Cross and Blue Shield Association or any of its affiliates or licensees.

Blue Cross (Asia-Pacific) Insurance Limited

Blue Cross (Asia-Pacific) Insurance Limited ("Blue Cross") is a memberof The Bank of East Asia Group. With50years of operational experiencein the insurance industry,Blue Cross provides a comprehensive rangeof products and services including medical,travel and general insurance,which cater tothe needs of both individual and corporate customers.

In 2018,Blue Cross was assigned a financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" by A.M. Best,a global full-service credit rating firm specialising in the financial service industry. For the latest rating,please access www.ambest.com.