How to build the perfect Health Insurance

At CCW Global we believe that health insurance is not an everyday necessity in Hong Kong. This is because the public system offers high quality Health Care Services in return for very low costs. While there are some problems with Hong Kong's Public Health Care system, for the most part, it is fairly efficient.

Its sheer existence means that the average resident in Hong Kong does not need to worry about the cost of their medical treatment, should they ever need any.

Although Hong Kong's public Healthcare System is great for a majority of residents, some individuals and families choose to utilize the cities private medical services. Unfortunately, when it comes to private medical treatment Hong Kong has the second highest average cost in the world; behind only the United States of America. As such, choosing to seek treatment at a privately run hospital or clinic in Hong Kong can mean a significant hit to your bank account.

This is especially true if you do not have adequate health insurance protection.

So, if you're thinking about utilizing any of the public Medical Services in Hong Kong it might be a wise idea to obtain some form of health insurance protection (whether that's a locally underwritten or internationally underwritten policy); Private health care is expensive.

Start with Inpatient Insurance Coverage

The first thing to realize is that every health insurance policy offered or available in Hong Kong starts with an inpatient protection benefit at its core.

Simply put, inpatient insurance coverage protects you against the cost of your medical treatment where an overnight stay in a medical facility is necessary. Inpatient treatment normally pertains to the most serious healthcare that you'll ever receive, and because it's serious it's often the most expensive medical treatment that an average person will have over the course of their life.

Having to pay the cost associated with surgery to address a recent heart attack, for example, will typically incur costs upwards of hundreds of thousands of Hong Kong dollars. even simple surgeries like a tonsillectomy can carry large price tags at a hospital like the Matilda or sanatorium.

As such, inpatient protection forms the basis of virtually every single medical insurance product available in Hong Kong. In fact, it is possible to obtain health insurance coverage that only protects you against the costs associated with inpatient Medical Care.

Inpatient-only products with high deductibles are commonly referred to as “catastrophe coverage.” This is because they're not normally usable for everyday healthcare needs, and will generally only be claimed under by the policyholder in the very worst medical emergencies – that is to say, catastrophes.

Limiting your coverage to impatient only protection, however, can be a really effective way of managing the overall cost of your policy. Because you're only receiving the core coverage under the plan, the premium you can expect to pay for your health insurance protection will be much lower than if you chose to obtain a plan with the full range of comprehensive benefits attached.

Then Add Optional Health Insurance Protection

Once you've selected the appropriate inpatient protection for your needs or for your family’s requirements, The next step is to identify and include any additional protection benefits you wish to be covered by.

There are many benefits which can be included in both Hong Kong and International health insurance products, so this is not an exhaustive list.

Outpatient Health Insurance

Outpatient Health Insurance could be considered the opposite of inpatient protection.

This is because outpatient refers to any medical treatment where a stay in a medical facility is not necessary. Day Surgery, General Practitioners visits, Wellness services, vaccines, physiotherapists, and other specialists, are all types of healthcare that would be considered to fall under the outpatient umbrella.

While outpatient treatment is not as expensive as inpatient Healthcare, the average person will normally see their family doctor far more over the course of their life than they will need to be admitted to hospital for treatment. As such, the cost associated with outpatient medical care can quickly add up over the course of a year

Maternity Insurance

Maternity coverage is designed to protect and expectant mother and her baby against the costs associated with prenatal and postnatal care, in addition to the cost associated with a standard vaginal delivery in a private Hospital.

Further to this many maternity benefits on health insurance products in Hong Kong will provide newborn child coverage (in case the infant is born with any congenital health conditions) as well as cover the costs associated with complications of the pregnancy itself.

Although many maternity Insurance options will be attached to a waiting period, which forces the policyholder to have been enrolled in the plan for a specific length of time before receiving protection under this coverage benefit, things like “newborn child” protection and “complications of pregnancy” can be obtained without a waiting period.

Emergency Evacuation

Emergency evacuation protection is a unique benefit that exists on many international health insurance products. if an emergency evacuation benefit exists on a health insurance product, then this will ensure you are able to be transported to the nearest Center of medical excellence should no suitable Healthcare facilities exist in your immediate vicinity.

emergency evacuation benefits can be invaluable especially for individuals who travel regularly or who participate in Risky vacation activities like skiing, snowboarding, or scuba diving - all of which occur in Fairly remote parts of the world without access to high-level Medical Services. with an emergency evacuation benefit should you be injured or become extremely ill while participating in one of these activities, your health insurance will cover the costs associated with getting you to the medical treatment that you need in an emergency situation, and in some cases, this may even mean repatriating you back to your home country.

Choose your deductible and coverage areas

Once you've figured out which benefits you want to include under your health insurance plan the final steps are to select your deductible and your coverage area. Both of these choices will have a significant impact on the utility and cost of any health insurance policy you choose to purchase.

With deductibles, this is the amount that you will contribute towards the cost of your own medical treatment under your insurance policy. it is possible to obtain both Hong Kong and international health insurance policies which have a $0 deductible, meaning that the policyholder does not contribute anything out of their pocket towards the cost of their own health care under the plan.

However, selecting a $0 deductible will mean that you were obtaining one of the most expensive policies available - this is due to the fact that the insurance is covering 100% of your medical costs.

Choosing to even partially participate in your own medical expenses under a health insurance plan, by adding an available deductible, can see significant premium discounts as a result. the higher the deductible or excess being applied the bigger overall cost savings you will realize.

Similarly, to this you also have an option to pick where in the world your health insurance will cover you. 

Options normally include:

• Worldwide
• Worldwide excluding the USA
• Asia Only
• Hong Kong only.

Choosing to obtain a health insurance policy which only covers you in Hong Kong will be far less expensive than opting for a plan which provides true worldwide coverage. This is because under a worldwide plan, the cost of healthcare in other countries needs to be applied to your individual insurance policy. Even if you never go to a country like the USA to receive medical care, you’re still paying for that privilege under a true worldwide health insurance product.

Limiting your health insurance plan's geographical area of coverage can mean that you will see significant cost savings, as your insurance isn't being exposed to high-cost countries like the USA.

Free Hong Kong Health Insurance Consultations

CCW Global was founded to offer a better standard of insurance broking in Hong Kong. We offer no-risk, no-cost consultations with our expert Hong Kong Health Insurance brokers so that you can find, and build the perfect policy for whatever risk you are managing.

To request a free comparison, or to schedule a free consultation, please Contact Us Today.

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