Public vs Private Healthcare

A recent Bloomberg report lauds Hong Kong as having the most efficient health care system in the world. This success is attributed to the dual-track health care system that allows the general population access to public healthcare services for a nominal fee, while offering those willing to pay a premium the option for more personalized services from the private health care sector.

Low public hospital cost coupled with advanced medical technology has made the sector’s services increasingly popular resulting in stretched hospital resources, long waiting lists, and lengthy queue times. Patients unwilling to wait for medical attention, those labelled non-urgent by the system, and those reluctant to fully incur expensive private hospital costs can look to purchasing health insurance. Private health insurance gives patients the ability to choose doctors, schedule check-ups, have minor ailments checked, and stay in more comfortable accommodations like private rooms.

Types of Health Insurance and Their Coverages

Health insurance in Hong Kong provides either a local or worldwide coverage. International plans are generally more expensive than their local counterpart, but considered more versatile and cover a person even when they’re overseas. Health insurance can be further classified depending on how comprehensive the coverage is. One can buy a basic plan that gives a specified annual coverage and then add on more benefits also known as “riders” for an added premium.

Some of the coverage a person can include are guaranteed renewability that allows for continues renewable protection regardless of age and illnesses, hospitalisation benefits that outline how much of one’s medical expenses are refunded or given as cash-outs, and post-hospitalization benefits covering treatments after discharge. Outpatient benefits covering clinic and specialist consultations, dental treatment coverage, and maternity benefits can also be added. There are even inclusions for accidents, disabilities, and critical illnesses that cover specified diseases such as cancer and heart attack.

Application Process

Due to the vast range of options available, ample research is crucial. Engaging a qualified insurance professional can help you pick a policy that’s tailored to your budget and needs. When applying, you will need to fill up an application form. Depending on the policy, you may be required to fill up a fact find form that inquires about your previous medical history and general lifestyle. Bring your identity document, specify payment method, and remember that false declarations can invalidate your whole policy. In addition, a medical check-up may be required if the sum assured is considered high. Upon document submission, underwriters will assess the application. A body check may be required before approval and in these instances, premiums may be adjusted or exclusions be added to your plan.

Saving Tips For Your Next Puchase

Depending on your chosen coverage, health insurance purchases can be a substantial expenditure. Try doing a family application that offers a discount on the premium for family members. Yearly premium payments are also cheaper than paying monthly premiums. Moreover, each rider increases the premium cost, so add only what is essential to your needs. Finally, insurance companies offer different discounts for their respective plans so compare the best in the market here.