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It’s no secret that the cost of living in Hong Kong is exceptionally high, but the SAR is also one of the most expensive places in the world when it comes to healthcare. Due to the high cost of Hong Kong’s healthcare, insurers offer cost containment measures to make comprehensive plans more accessible to expats and locals alike. In this article, our friends at
Pacific Prime Hong Kong dive into Hong Kong health insurance and the difference between local and international options.
Local health insurance in HK
When comparing the cost of local health insurance plans in Hong Kong, one of the first things you’ll notice is that they’re much cheaper than their international counterparts. In HK, premiums for local insurance plans are usually based on your medical and claims history with the insurer of choice. This can make premiums very affordable for those who are healthy, fit, and don’t have any pre-existing conditions.
With that said, there are several other reasons why local health insurance plans are more affordable. They have stricter limits on covered benefits to start, which means they may not offer complete coverage for major health issues. Since treatment costs for severe illnesses like cancer can quickly add up to a sizable amount, you may have to pay for a lot of the bill out of pocket if it exceeds the agreed limit.
Insurers in HK will typically create a local healthcare facility network to keep costs low. By negotiating better rates at local hospitals within Hong Kong’s healthcare system, they can also add value for their members through useful features like direct billing. While local plans can offer attractive perks, they won’t give you the best value if you travel often.
International health insurance
Unlike local health insurance plans, international health insurance plans cover the entire cost of medical care and treatment up to the annual limit anywhere in the world. As an expat, you likely return home every so often, travel regularly for work, or enjoy holidays with your family here and there. Whatever the reason for traveling abroad, international health insurance ensures you’re protected when you do.
The last thing you want to worry about if the unexpected occurs is whether or not you can afford, or even access, quality treatment. Medical facilities in some countries won’t even provide care unless you have proof of insurance or pay upfront. What’s more, international health insurance plans allow you to choose virtually any doctor, hospital, or clinic without worrying if it’s “in-network”. You’ll also never have to worry about your claim being denied because you used the wrong facility.