It’s time to sign up for Huhuibao medical insurance again
From Wednesday, Shanghai residents can once again enroll in Huhuibao, a cost-effective supplemental medical insurance plan.
This is the second offer to sign up since April last year.
The premium has risen to 129 yuan ($19.3) per person per year from 115 yuan last year, and coverage has been extended.
Up to 3.1 million yuan will now be paid for medical expenses, up from 2.3 million yuan previously.
In addition to medical costs self-financed by specific hospitals, specific national drug costs and proton and heavy ion medical care, the policy extends coverage for new therapies and foreign drugs.
Two types of CAR-T cancer treatment from local pharmaceutical companies Fosun Kite and JW Therapeutics are included in the new plan, up to 500,000 yuan.
Immunotherapies involve customizing a cell from each patient to help them fight cancer and therefore come at a higher price than traditional chemotherapy and targeted therapy.
Fosun Kite’s Yescarta prescription injection for certain types of non-Hodgkin’s lymphoma was approved by the National Medical Production Administration last year and it is working with local medical authorities to expand accessibility for patients.
He is now covered by 32 municipal complementary health insurance policies and more than 50 commercial policies.
The insurance plan will be open for registration from May 25 to July 31, and anyone who participates in Shanghai’s social medical insurance program can be insured, with no restrictions on age or occupation.
Local residents can now apply for the protection plan through platforms such as Huhuibao’s official WeChat account, Government Online-Offline Shanghai app, Alipay and We Sure, a Tencent-affiliated insurance platform.
Registrations hit 1 million within five hours of its launch on Wednesday, much faster than the record set last year (12 hours to hit the milestone), said an official who helped promote the plan.
And some 17.5% of applicants are first-time buyers, which means a much higher redemption rate.
Emotional shifts, coupled with the economic downturn caused by the COVID-19 pandemic, could hurt people’s willingness to buy insurance, warns Xu Xian, dean of the insurance department at India’s School of Economics. Fudan University.
Huhuibao received some 7.39 million registrations in its first year of operation, meaning one in three people in the city bought it.
By the end of April, more than 140,000 claims had been accepted with a cumulative payment amount of 600 million yuan, according to the latest official product data.