Hong Kong medical costs up 9.3% in 2018
The situation isn't any easier for Singapore where costs grew 10%.
Medical costs in Hong Kong rose 9.3% in 2018, according to a report from Mercer March, representing a considerable cost burden for companies seeking to provide a comprehensive employee benefits package.
An earlier report from Aon forecasted medical inflation in Hong Kong to hit 8.4% in 2018 as the city's ageing public healthcare system bears the weight of an increasingly ageing population.
Medcical costs in Asia hit 10.4% with Malaysia and the Philippines recording the sharpest increases at 13.4% and 13% respectively. Inflation levels at close regional competitor Singapore also rose at a faster clip at 10% and 9.7% in Mainland China. On the other hand, Australia saw the lowest increase in medical costs at just 4%.
“As the cost of health benefit plans continues to rise, employers have the potential to control cost through well-prepared plan designs and accessible quality-focused healthcare benefits for its employees,” Mercer said.