Shanghai’s Huhuibao supplementary medical insurance nets US$111 million in first year


(Yicai Global) July 25 — Huhuibao, Shanghai’s private supplementary medical insurance, managed 750 million CNY (111 million USD) in compensation in its first year, effectively easing the burden of medical expenses for residents.

Huhuibao accepted 216,800 insurance claims from July 1, 2021 to July 20, 2022, closing 212,600 of them, the budget supplemental medical insurance coverage for Shanghai residents announced today. The highest one-time compensation amounted to 587,100 CNY (86,890 USD).

Among the recipients, the youngest was just one year old, while the oldest was 104, according to Huhuibao. The proportion of over 65s was 45.6%.

Under the guidance of the Shanghai Municipal Medical Insurance Bureau, Huhuibao, underwritten by China Pacific Insurance and eight other insurance companies, was launched in April last year. The number of policyholders in the first year was 7.4 million, generating a total premium of CNY 850 million, based on the single premium of CNY 115 (USD 17).

Shanghai residents can insure between May 25 and July 31 for this year’s Huhuibao. The single premium rose to CNY 129 and the number of policyholders reached nearly six million this morning, according to The Paper.

Huhuibao is an inclusive insurance program available to the 19 million people participating in Shanghai’s primary medical insurance. There is no condition of age, profession or state of health.

This year’s Huhuibao covers CAR-T cancer immunotherapy and 15 foreign special drugs in addition to last year’s version, according to information previously released by Huhuibao’s official agency. The scope of national special drug insurance has also been extended to 25 types of 21.

According to a report jointly released by MediTrust Health and China Life Reinsurance, 27 provincial-level regions in China have launched more than 200 inclusive insurance products, with 140 million people insured and a total premium of more than CNY 14 billion (2, US$1 billion). from the end of last year.

Publisher: Futura Costaglione


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