When you’re shopping for a new car, would you go with the first one you see at the dealership without doing some research, test driving it, and comparing prices? You probably wouldn’t. The same logic applies when it comes to purchasing health insurance. If you want to secure affordable health insurance that comes with the benefits you’re after, you’re going to have to put in the work.
Luckily, the following tips from our friends at Pacific Prime Hong Kong will help you get the healthcare you need without spending too much.
5 Ways to find affordable health insurance in Hong Kong
It’s easy to find
health insurance in Hong Kong. With so many health insurance quote sites out there, you can easily compare health insurance plans in no time. However, how can you be sure that you’re buying the best one? Plans for different insurance companies can vary in many different ways, ranging from coverage benefits and premiums to customer service and reputation.
1. Know your coverage needs and budget
You need to find the right balance between benefits and cost. After all, it doesn’t make sense to spend a lot on benefits you’re probably not going to need. For example, there’s no point in splashing out for maternity insurance benefits if you don’t plan on having children any time soon.
So how do you determine your healthcare needs? You can start by asking yourself the following questions:
- Do I have a pre-existing condition? While a private health insurance company can cover such conditions, you can expect to pay a higher premium. You’ll need to decide whether coverage or paying out-of-pocket is more affordable.
- Do I visit the doctor often? If you don’t, then getting an inpatient-only hospital insurance plan can be the more affordable solution. On the other hand, if you or your family frequently visits the doctor, it’s advisable to find health insurance plans for expat family with high outpatient benefit limits.
- Do I have a preferred doctor or clinic? Hong Kong health insurance plans typically have a dedicated network of providers or medical facilities that they work with. If you have a preferred clinic or doctor, you’ll want to make sure that they’re contracted with the plan you’re thinking about buying.
Once you’ve determined your healthcare needs, you’ll be able to gauge the type of coverage you need and what you can pay for it. Usually, the more comprehensive a plan’s benefits are, the higher the cost will be. Some of the most popular health insurance benefits include:
- International health insurance
- Dental cover
- Pre-existing conditions cover
- Maternity benefits
- Health check-ups
- Vaccinations
2. Don’t confuse cheap with affordable
The saying “you get what you pay for” rings true for health insurance. People who purchase cheap health insurance policies are often burdened with low benefit limits, poor customer service, exorbitant out-of-pocket costs, and restrictive provider networks, to name a few.
3. Stick with reputable insurers
Less established insurers are notorious for enticing new clients with cheap plans that come with many benefits. However, they increase those premiums significantly at the next opportunity to cover their initial losses.
4. Top-up your existing health insurance plan
Most employers provide some type of health insurance plan, though the majority do not offer benefits such as dental and maternity cover. If your employer-provided plan isn’t quite right, topping it up can offer a more affordable way to get the health cover you need.
5. Get professional advice from an insurance broker