As one of the most expensive locations for health insurance in the world, Hong Kong is notorious for its long history of high medical inflation and exorbitant healthcare costs. With reference to
Pacific Prime’s 2019 Cost of Health Insurance Report, the average price for a comprehensive private medical plan for an individual costs USD$5,738, and USD$17,140 for families of four.
One major way to lower your healthcare expenses is to get a medical insurance plan without outpatient coverage - one that only covers emergencies and treatments you receive at a hospital. Inpatient-only plans reimburse you when you need to stay overnight at a hospital to receive treatment or undergo surgery. This form of insurance is crucial, considering that the costs of major medical treatments and emergencies are much higher than their outpatient counterpart. While inpatient-only plans charge lower premiums, you’ll have to pay out-of-pocket for any outpatient visits.
2. Lower benefit limits
If you choose to receive treatment at public hospitals, you’ll only need lower benefit limits, which result in lower insurance premiums. While all public healthcare workers are professionally-trained and medical facilities are well-equipped, you should take into account the long wait times in public healthcare facilities for consultation or surgery.
3. Consider deductibles or coinsurance
Deductibles are the set amount you need to pay first before the insurance coverage kicks in. The higher the deductibles in your plan, the lower your premiums. The deductible amount is usually set on a yearly basis.
Coinsurance, on the other hand, is a certain percentage of your medical bill that you need to pay before the insurer covers the rest for you. For example, if you choose a 30% coinsurance percentage, then you’ll need to pay 30% of your medical expenses out of your pocket, and the remaining 70% will be compensated by your insurance provider.
4. Top up your employer-sponsored plan
Many companies in Hong Kong offer basic health insurance coverage for their employees. Even though these policies usually have lower limits and only cover inpatient treatment, you can still make good use of it by getting a private health insurance plan to supplement the coverage gaps and deficiencies in employer-provided health insurance. You can even customize the plan to include coverage benefits (such as maternity coverage) and increase coverage limits according to your needs. It is much cheaper than buying a separate, new health insurance plan from scratch.
5. Get in touch with a health insurance broker
An insurance broker like
Pacific Prime Hong Kong can quickly
compare insurance plans of multiple health insurance providers and advise on the best option that meets your needs and budget. Contact them today for a free consultation and plan comparison today!