Whether you are a local or an expat living in Hong Kong, one of the top concerns that residents have is the rising cost of healthcare. SAR’s healthcare infrastructure is indeed ranked among the top countries in the world and the facilities you get here are above par, but medical treatment costs a pretty penny. If you are unprepared in terms of health insurance, the bills are not for the faint of heart.
Choosing the right health insurance coverage is thus crucial. So, how does one go about finding the best health insurance coverage in Hong Kong? To answer this, we bring you some tips and information.
Define your medical coverage goals at the outset
There is no such thing as a one size fits all plan when it comes to policies and coverage. What may work best for one person may not be ideal for another. Every family and individual have their own set of healthcare needs and budget. Here are some things to look at:
- Pre-existing ailments/conditions
When shopping for a health plan, be mindful of pre-existing conditions.
Pre-existing conditions are defined as any illnesses or medical conditions that display symptoms, require treatment or of which the policy holder is aware before the commencement of a health insurance plan.
This will include any illnesses or injuries that you currently have. You may or may not be aware but these conditions are typically excluded from new plans. However, some major international insurance providers are often lenient towards pre-existing conditions coverage.
There are a number of ways that pre-existing conditions can be covered in an insurance policy and you need to review all your options.
- Scope of coverage
Most plans in the Hong Kong health insurance policies typically include treatments that need an overnight stay at the hospital. However, not all of these cover outpatient treatments. That is care which doesn’t need hospitalization. So, if your need is more towards GP or specialist visits, look out for a plan that also includes outpatient coverage.
In addition, you can also select end-to-end health insurance policies. These cover more than inpatient, outpatient benefits. For instance, these policies can insure you for things like dental care, maternity etc. However, there is some caveat or waiting time before these kick in.
- Cheaper is not always better
Insurance buyers are obviously attracted to policies that are cheaper options but you need to know that the right plan is much more than what you pay for.
Review the company’s service and reputation as many companies fail to give the desired support when the time comes for claims submission.
Some disadvantages of going for cheaper plans:
- Poor customer service
- Many exclusions
- Long claim reimbursement periods
- Several out-of-pocket expenses
- No guarantee for renewal
- Sudden and erratic premium hikes
- Limited network
As you can see, finding the right health insurance plan means choosing the best option considering the costs and benefits. Remember, advice costs nothing. Speak with a reputed insurance broker and review all your options after specifying your needs and pre-existing health conditions. You will find a vast choice of plan options that work for you.