Hong Kong Health Insurance Premiums and Payment Options
CCW Global is able to provide highly competitive premiums for Hong Kong and International health insurance plans.
Our extensive experience within the Hong Kong Health Insurance and International Health Insurance industries means that we have access to a health insurance product portfolio which is unsurpassed within HKSAR. Because of the scope of our offerings we can offer an extensive range of premium options to suit all budgets and requirements.
Generally, the Hong Kong health insurance plans offered by CCW are international health insurance policies. This means that, unlike local medical insurance plans, the premiums of our policies are normally calculated on a community basis.
Hong Kong Premium Ratings on a Community Basis
As stated above, the vast majority of Hong Kong health insurance plans available through CCW will have their premiums calculated on a community basis.
This means that all policyholders of the same age, with the same coverage areas, and the same coverage benefits will pay exactly the same premium. Under a community rated premium your claims will never impact the cost of your policy. This allows you to make claims with your plan secure in the knowledge that your policy premium will not increase because you have used your coverage.
In fact, the community rated Hong Kong health insurance plans will only have premium increases as you age and as the cost of healthcare and medical treatments go up. However, it is important to note that because these plans are rated on a community basis the increases of age and medical inflation are much more manageable than if the premium was calculated based on a policyholder’s claims history. Additionally, if your premium increases so will the premiums of everyone else within your “community” – people with the same plans.
Community rating of health insurance essentially spreads the risk of healthcare costs across a large group of people. This enables higher coverage levels with more manageable premiums than if the policy premium was tied to a single person’s “experience” under a policy.
Your age will form the main basis for calculating the premium of a Hong Kong medical insurance policy from CCW.
This is due to the fact that as people age they become more prone to developing a significant illness. As such, the older you get the more “risk” you will have of receiving medical treatment and consequently the policy premium will need to be higher in order to cover the likelihood of your receiving medical treatment in any given policy year. Under Global Hong Kong health insurance plans from CCW your policy premium will increase as you age.
Premiums and Coverage Areas
The area of coverage offered to you under your policy will also have an impact on the amount which you pay for your Hong Kong health insurance plan. This is because different countries will have different average costs of healthcare.
A Hong Kong Health insurance plan which provides worldwide coverage will be more expensive than the same policy which excludes coverage in the USA. This is due to the fact that the USA has the highest average healthcare costs in the world and if coverage is included for America under your plan the premium will be higher to reflect that fact.
Choosing to exclude specific countries or regions from coverage under your policy can mean a significant reduction in your overall policy premium.
Even if both policyholders are of the same age, and their plans provide coverage in the same geographical areas, the person with the more comprehensive policy which includes a range of extended coverage benefits will pay more for their Hong Kong health insurance plan.
When submitting your Hong Kong health insurance application you will be given the option of choosing which currency you would like to pay for your premium in. Premium payments can normally be made using the following currencies: HKD, USD, GBP, EUR, RMB, and CHF.
It is also your choice as to how you will pay for your policy. This is to ensure that you are able to effectively manage your finances and help to simplify the entire payment process. With a Hong Kong health insurance plan from CCW you are able to pay for your premium in the following ways: Cash, Credit Card, Bank Transfer, or Cheque.
It is important to understand that, depending on the insurance company providing your plan, certain methods of payment may incur a small surcharge. For instance, choosing to pay your policy premium by credit card will normally carry an additional fee of between 4 to 6 per cent of the overall premium.
The final aspect of paying for your Hong Kong health insurance plan is in relation to the frequency of the payments. Again, you have multiple options to ensure that you are able to manage your finances and select the payment frequency which is preferable for your situation. Premiums can normally be paid in the following frequencies: Annual, Semi-Annual, Quarterly, or Monthly.
Get a Free Hong Kong Health Insurance Quote Today
If you would like to get a free quote for a Hong Kong health insurance plan from CCW simply complete the short form at the top of this page. One of our expert Hong Kong insurance brokers will then contact you with a detailed quotation comparing all of the leading options best suited to meet your specific requirements.
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