Community Rated Health Insurance Premiums
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.