Insurance companies heeding the call to expand health-care coverage

Responding to the central government's call to expand commercial medical insurance coverage, insurance companies are introducing long-term protection plans to better serve the public.

Tencent’s insurance platform WeSure, along with Ping An Health Insurance Company of China, introduced private health coverage recently that provides comprehensive reimbursement of medical expenses and a guaranteed lifelong renewal option.

People with chronic diseases such as Triple H (hypertension, hyperlipidemia and hyperglycemia) and diabetes who are often denied coverage can be insured under the policy.

In April, the China Banking and Insurance Regulatory Commission issued detailed rules allowing insurers to adjust the price of long-term protection plans to keep pace with rising costs brought about by advances in medical technology.

Earlier this month, Premier Li Keqiang called for the development of more affordable private medical plans for the elderly, and encouraged underwriters to play a larger role in boosting Healthy China 2030, a blueprint to ensure Chinese have access to health care. 

Data from the Cancer Hospital Chinese Academy of Medical Sciences indicates the probability of cancer during a person's lifetime is 22 percent, and industry statistics show the average cost of cancer treatment is 150,000-600,000 yuan (US$22,950-91,800), a heavy economic burden for average families.

Most current cancer medical insurance covers one- or six-year periods and is subject to cancellation.