What is Hong Kong Health Insurance?

Health Insurance is a type of insurance product which is designed to assist you with your medical treatment expenses; if you get sick and require healthcare treatment that costs money, a health insurance plan will help you in covering those costs.

Hong Kong is renowned as a home for exceptional medical services. With a dual public and private healthcare system, it is possible to receive world-class healthcare treatment for relatively modest costs. However, your healthcare choices in the city may mean higher expenses, which could be unmanageable out of your own pocket, which could lead to health insurance being a right fit for you.

It is important to understand that, in contrast to some locations around the world, health insurance is not a necessity in Hong Kong and that it is possible to live on the city without medical protection.

Why Consider Hong Kong Health Insurance?

Although Hong Kong has an exceptional Public Healthcare System, administered by the Hong Kong Hospital Authority and provided to the public for relatively low costs, it is relatively spartan. There are, generally, few amenities or conveniences and waiting for triage can mean sitting in a public waiting room for hours – which may not be the most comfortable environment for some people.

Private Hospitals, like the Adventist, Sanatorium, and Matilda, are much more upmarket by contrast. Waiting rooms are typically more comfortable than those found in public facilities, and the speed in which you are able to see a doctor is typically much faster. However, this comes in return for a much higher cost.

In fact, when it comes to private healthcare, Hong Kong has some of the highest average costs of private medical treatment in the world. Because of this, many people wishing to ensure that they are treated at one of Hong Kong’s private hospitals will take out private medical insurance protection to help cover the costs of that care.

What Health Insurance Options Exist in Hong Kong?

For much of the world there is only one type of health insurance. However, due to the transient nature of Hong Kong two distinct types of Health Insurance are available to residents in the city.

• Locally Underwritten, Hong Kong Health Insurance
• Internationally Underwritten, International Private Medical Insurance (iPMI)

In general, these two types of insurance protection will do much the same thing – that is to say, both Hong Kong and International Health Insurance products will assist you with the costs of necessary medical treatment. But there are distinct differences that will impact you and the plan’s utility which are important to understand prior to the purchase of any medical insurance policy in Hong Kong.

Within these two distinct options you, as a policyholder, have myriad choice of individual medical insurance plans to choose from – there are many, many, many different types of health insurance on offer in Hong Kong.

What Does Health Insurance Cover?

All health insurance plans in Hong Kong, no matter if they are Hong Kong health insurance or International Health Insurance options, will start with Inpatient Insurance protection at their core. This means that when you purchase health insurance you will always receive protection against the costs of your medical treatment where an overnight stay in a hospital is medically necessary.

From there, most health insurance options on offer in the city will allow you to choose from the policy benefits that work for your individual needs. It is important to be aware that not all health insurance options will offer the same benefits but, in general, it is possible to receive insurance protection for:

• Inpatient Treatments
• Costs of Room and Board at Hospital
• Outpatient Consultations
• Day treatments and Surgeries
• Maternity and Delivery Costs
• Emergency Medical Evacuation
• Dental Treatments
• Vaccinations
• General Health Checkups
• Prescribed Medications
• And many more

Depending on the Insurance Company and policy you choose to work with, your health insurance policy may be tailored to your specific requirements. It is important to note, however, that not all health insurance products in Hong Kong can be customized.

Where in the world does health insurance cover?

The main differences between international health insurance and Hong Kong health insurance products starts to become apparent when dealing with the geographical coverage considerations of both these types of plans.

Most Hong Kong Health Insurance products will provide coverage only within the borders of HKSAR. If you go overseas, and require medical treatment for whatever reason, a Hong Kong health insurance policy will not normally be able to provide you with any financial assistance. It is for this reason that many Hong Kong residents purchase supplemental Travel health insurance in the event that they are taking a trip overseas.

In contrast to this International Health Insurance plans can provide you with insurance protection on a worldwide basis. This is to say that, no matter where you are in the world, if you require medical treatment, an international health insurance plan can provide the coverage and protection you need. However, you should note that choosing a plan that offers truly “worldwide” coverage is going to be more expensive than one which is limited to Hong Kong.

With that in mind, many international health insurance companies have provided a range of geographical coverage areas from which policyholders can select the option that is right for their needs, and budget. Options typically include Worldwide, Worldwide Excluding the USA, Regional Plans (including Asia Only), or Country Only (as in the case of locally underwritten Hong Kong health insurance plans).

This gives you the flexibility and options you need to build coverage that really works for you. It is important to note that if your health insurance plan offers worldwide protection, it will typically be more expensive than a policy which offers only country-specific coverage. As such, if you are rarely overseas and do not foresee an imminent relocation to another country, then a local policy may be the best choice.

How Much Does Health Insurance Cost?

Health Insurance does not have a fixed price.

Whether you are purchasing a Hong Kong health Insurance policy or an international health insurance policy there are a number of factors and variables which will come into play when determining how much you will have to pay for insurance coverage.

At the basis of all health insurance premium calculations will be your age – simply put, the older you are the more expensive your health insurance will be. From there is the plan’s coverage area, and the benefits you are being protected for; opting to purchase a plan that includes Outpatient, Maternity, and Dental coverage will be more expensive than one that only provides inpatient protection. If you have purchased an international plan then your coverage area will also impact your premium.

Health insurance is an extremely personalized form of protection, so the cost of coverage will vary greatly based on your choices. However, there are ways to manage your premium – opting to include a deductible or excess can see you receive a significant discount on the cost of the policy.

Free Hong Kong Health Insurance Advice

There are a lot of options when it comes to health insurance, and getting your choice right is important as you will often need your health insurance plan to be with you for many years into the future.

CCW Global offers free consultations with our expert Hong Kong Insurance Brokers to give you in-depth advice and understanding on the health insurance solutions best positioned to meet your specific needs. From future moves to current health conditions, our brokers will offer you a comparison of all the products best suited to fit your requirements and will work with you to find the policy that does exactly what you need it to do.

For more information, or to request a free consultation today, please Contact CCW Global Now.

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