Posted by
Hecules
13 yrs ago
I am no longer on my employer's medical scheme and in the upper age category for medical insurance. I have received a quotation from my bank for basic medical insurance costing HK$7,000pa. However, it provides very basic cover for hospital and surgical benefits which, at the moment, I could manage to cover myself if needs be.
I might not always be in the same financial position and the policy would, if I keep renewing it, keep me covered until the age of 85, should I live that long. Is this an offer worth considering or are there better otions I should consider? Any advice would be appreciated.
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I'm in the same situation, I checked HSBC and they are absolute crap, better off just putting some money into gold and keeping that in reserve yourself. Might even be worth it for me to just keep travel insurance from my country and get airlifted out if there are any major problems.
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If the policy was from HSBC then it will be a local policy, and if you make a claim your renewal premium would be increased based on your claims experience. So your premium would be higher than someone else of the same age, but with no claims. The insurers restrict any claim payout based on each type of benefit depending on the type of the operation you are having. You are only covered until age 85, and that is if you stay living in Hong Kong, and extremely minimal cover if you go overseas. If you leave Hong Kong then you would also no longer be covered for any conditions that were claimed for, and they would become pre-existing conditions.
If you have an International plan, yes it does cost more , but there are no restrictions on the hospital claims as the benefits are all paid in full. If you live to 100+ you can still be covered. Your claims are put in to a pool along with other persons around the region and split evenly amongst all policyholders. The cover is far wider and more benefits are provided. You are fully covered if you travel overseas etc.
If you speak to my broker, Andrew from Village Holdings, and say Big Guy Steve sent you he should be able to help. His contact details are: 2893 5224 and Andrew.Robertson@VillageHoldingsHK.com . I know he can offer the international plans, but also deals with the better local plans too.
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I would suggest you to google some web portals. A good site will list companies available in your area, prices for both individual and family plans, and any lower-cost options your state offers if you meet certain income requirements. This is the best what i can recommend you.
http://henriquesinsurance.com/
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Ed
12 yrs ago
http://www.nowcompare.com/health-insurance/
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Many thanks for all the useful advice and information. I have decided to follow other advice, which is to put the money aside each month which would have been spent on medical insurance and invest it until, and in the event of, a medical necessity. Hong Kong is not like the USA and in a medical crisis treatment would not be witheld by the Hospital Authority; and I believe a "semi-private" contributory medical scheme is currently under consideration. What might prove expensive is the treatment of a chronic disability or ailment and I have no intention of hanging around should I end up in that situation, with little or no prospect of quality of life and kept alive by machines and dedicated medical staff, valuable and expensive resources which might be better utilized elsewhere. Once again, thanks and I hope the advice provided by you will help others as much.
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It's even more environmentally-friendly, and even cheaper, to leave your body to medical science. After the med students have finished dissecting it, what's left is incinerated, no funeral, nothing. But this has nothing to do with the original thread, which was about basic medical insurance.
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thats' quite a lot of money.
Suggest not go to banks for medical insurance.
also, HK government facilities or quite good...if you are a hk citizen, you are able to use them
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We have basic BUPA now after going off our expat health insurance and can only choose doctors through the local network in order to have coverage. Does anyone have any recommendations for primary care and pediatricians?
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Getting a basic in & out patient insurance from AIA, AXA or Bupa and investing 5,000 a month on safe investments seems like the best bet. For emergencies the HK Govt hospitals are good, biggest drawback being the wait but for most people emergency strikes once in a blue moon.
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