Your Hong Kong Health Insurance Options

When you’re living in Hong Kong it is extremely easy to access high quality healthcare services and medical treatment for relatively low costs. This is due to the two-tiered healthcare system that offers Public Services alongside Private medical options.

Under the public medical system in the city, low costs medical services are provided to all residents and citizens through government administrated hospitals and clinics. The medical care and treatment options offered through these publicly run facilities are excellent – comparable to leading hospitals in countries like the USA and UK. Hong Kong’s Private Healthcare services and hospitals also offer exceptional healthcare options.

However, these institutions are not subsidized by the government and charge market prices for the treatments they offer. Many reports have found that Hong Kong is the second costliest location to receive private medical treatment in the world; right after the USA.

The fundamental difference between Hong Kong’s private and public healthcare systems is largely the price tag associated with the cost of care.

Why Choose Private Healthcare Services in Hong Kong?

If there is no other major difference between public and private healthcare services in Hong Kong, why do so many people opt to utilize the private system with its much higher cost of treatment? Simply put, it is because the private system is largely more efficient.

When seeking emergency medical care at a public hospital like the Queen Mary in Pok Fu Lam, you will be triaged in the E.R. Depending on the severity of your injuries this triage could last hours. While you may not be in immediate danger you could be severely uncomfortable waiting for a long period until being seen by a doctor. If you’re admitted to a Hong Kong public hospital on an inpatient basis it probable that you will be staying in a ward with a number of other patients.

Compared to this, emergencies at private Hospitals in Hong Kong are typically treated immediately. Patients will also have a choice between the types of room they would like to stay in – even having the option to obtain a private room with no other patients in it. However, the treatment being provided is no different to that being offered at one of the many public hospitals across the territory. In fact, in the worst emergency situations, patients can be transported from private facilities to public ones which are actually able to offer a higher standard of specialized care!

Individuals and family choosing to receive private healthcare treatment in Hong Kong largely do so because it is seen as more efficient, and more comfortable.

Covering the cost of Private Medical Treatments in Hong Kong

The high price tag associated with Private Medical Services in Hong Kong means that only individuals or groups which are able to afford these services will be able to seek treatments at private facilities.

While paying for private medical services out-of-pocket, or by yourself, is certainly an option, this can be extremely costly. Given that the average cost associated with the routine birth of a child at somewhere like the Matilda Hospital can quickly reach or exceed HK$ 170,000 without any emergencies, paying out-of-pocket is not going to be a suitable solution for everyone.

The best way to access private healthcare in Hong Kong is through a private health insurance policy.

Insurance is a financial product that is defined as “the equitable exchange of risk in return for a pre-determined fee.” In the case of Health Insurance, the risk being exchanged is that of you having to pay medical costs.

Hong Kong Health Insurance

Hong Kong health insurance comes in many different forms from a variety of insurance companies. With both international and local Hong Kong insurers offering medical protection to the city’s residents, there is a wide range of choice for you to consider if you are purchasing this entirely optional form of coverage.

International vs Hong Kong Health Insurance

One of the biggest differences found in the types of health insurance product available in Hong Kong will be seen through the geographical protection being offered. Plans underwritten by Hong Kong insurers, designed to provide coverage only within the borders of HKSAR, are commonly referred to as “Hong Kong Health Insurance Plans.”

This type of policy is generally fairly cheap – at least upon initial purchase. This is due to the fact that the majority of Hong Kong Health Insurance products have their premiums calculated based on the claims history of the policyholder under the plan. With no claims history to factor in, and the fact that Hong Kong medical insurance plans only provide medical coverage within Hong Kong’s borders, these policies are often a very attractive proposition for many people considering low-cost coverage which will enable them to access the private medical system.

International Health Insurance products, in contrast, generally appear vastly more expensive at the initial purchase. However, this is due to the fact that international products offered by international insurers, will generally provide global protection on a community rated basis. This means that all policyholders with the same coverage, of the same age, and with the same coverage area will pay the same premium – the claims experienced under international health insurance products will not factor into an individual policyholder’s renewal premium.

Choosing Health Insurance Coverage

When choosing a health insurance plan for yourself or your family in Hong Kong it is important to properly assess your needs and identify a plan which will be able to stick with you for a long time.

For example, if you know your company may be relocating you to Singapore in a few years it may be wise to obtain an international health insurance product that includes coverage in Singapore, rather than cancel a Hong Kong Insurance plan and take out a new one in Singapore. This is due to the fact that pre-existing medical conditions are normally excluded from all health insurance products. Canceling and then re-purchasing insurance runs the risk that any medical conditions which may have been covered under the canceled plan will now be excluded from coverage under the new insurance.

This is to say, it is important to fully consider all your options and only purchase a policy which is right for your long-term needs and lifestyle choices.

Two important coverage benefits to consider under any type of Hong Kong health insurance are Inpatient and Outpatient.

Inpatient Medical Insurance

Whether international or underwritten in Hong Kong all medical insurance options will start with inpatient health insurance protection.

Inpatient medical treatment is defined as; any healthcare where an overnight stay in a hospital (or similar facility is medically necessary). Unfortunately, Inpatient treatment will be amongst the most expensive medical treatment a person will ever receive throughout the course of their life. As such, Inpatient medical insurance is designed to cover the costs of all healthcare where an overnight stay in the hospital is required.

There are many different types of inpatient insurance available. Depending on the insurance company and specific policy you choose to purchase, an inpatient benefit may even provide you with limited outpatient cover or Emergency Evacuation protection.

It is not possible to purchase any health insurance through CCW Global which does not include inpatient insurance coverage.

Outpatient Health Insurance

Outpatient medical treatment is the opposite of inpatient. Consequently, outpatient insurance covers the costs associated with receiving medical treatment where an overnight stay in a healthcare facility is not necessary.

Outpatient medical treatment is far less expensive than inpatient, but you will normally experience more outpatient healthcare over the course of your life.

Outpatient treatment will include things like Doctor’s Checkups, Vaccinations, Specialist Consultations, and all the other day-to-day medical needs in your life. While the individual cost of a single outpatient treatment may not be expensive, the cost of going to see the doctor a few times can quickly add up. This is especially true where children are involved – making an outpatient insurance benefit valuable for families with kids.

Hong Kong Health Insurance Advice

When looking at an optional health insurance purchase in Hong Kong it is important that you understand exactly what protection is afforded to you under any plan you may be considering. Whether this is the different coverage benefits being provided to you, the mechanism for renewing the policy, or even the premium you may be paying, the many individual components that constitute a health insurance policy should always be working for you.

At CCW Global we are able to assist in finding the best health insurance for your specific needs. Whether you are planning to remain in Hong Kong for the foreseeable future, or if you need a policy that can be continued in a different location, our expert independent brokers ensure that you only pay for the coverage you require – and that what you’ve paid for works for you and your loved ones.

Ask CCW about your health insurance today, we’re simplifying your insurance.