Finding the right medical insurance in Hong Kong can be tricky, but it is vital to protect your family’s health and wealth. The right health insurance provider along with expert advice from insurance brokers can offer hospital, critical illness and emergency care, plus routine doctor’s visits and even wellness options.
Choosing the right medical insurance plan for your family can be intimidating. Most people have no idea how health insurance works; they find it more complicated than reading ancient texts! To help change that, we’ve created a handy guide to help you get started and understand your family health insurance options in Hong Kong a tad better. Pregnant or trying to conceive in Hong Kong? Maternity insurance is a whole different ball game so check out our guide specifically for expecting parents.
Do You Need Medical Insurance In Hong Kong?
Many people wonder why they would need family and health insurance at all, especially given that Hong Kong has a robust public healthcare system. For those whose employers offer health insurance for the employee and family members, there is always a debate about whether they need additional coverage.
Does the Hong Kong public healthcare system rule out the need for health insurance?
It’s true that the public healthcare system and hospital network take care of its residents in emergencies. When it comes to a health issue that does not require a trip to the ER though, you may prefer private practitioners. A newborn struggling with eczema, a child’s earache, throbbing dental pain – these scenarios are not emergencies for a public hospital but need immediate tending to. Without solid medical insurance, the ballooning costs of private medical care can quickly cause a huge financial strain.
You might be fit as a fiddle and wade through decades without so much as an appointment with a doctor. But diseases happen and emergencies strike. Like with everything else in life, it’s impossible to predict when an incident could bury you in spiralling medical costs. The trade-off of paying premiums and having no medical costs in return is still worth it.
Is employer-sponsored medical insurance enough?
Most full-time working employees get fairly decent medical coverage for themselves, their kids and their spouse. There’s usually no option of rejecting or changing it (unless you negotiate hard!). Unfortunately, there are times when employer-sponsored health insurance is simply not enough or it comes with problematic loopholes.
Take a weekend to study the fine print and weigh it against how much (predictable) medical aid you’ll need in the coming year. You can’t foresee broken bones, but are babies and elective surgery on the horizon? If the plan leaves you and the family with a considerable amount of financial exposure, go for a safety net. Top up the employer’s insurance with another coverage.
What to ask before choosing a health insurance policy
There are no bad questions when it comes to medical insurance, so for the love of your health and money, make sure you consider these:
- Are your preferred doctors covered in the plan you choose?
- Understand the coverage cap in case of hospitalisations. Do the math – is the premium you’re paying weighing up against the treatments covered?
- In the case of hospitalisation, is payment from your wallet (to be claimed later) or a cashless transaction?
- Do pre-existing health conditions matter and how much do they affect the premium rates?
- Does your coverage include vaccinations, opticians, dentists and maternity benefits? Many children these days are getting glasses young and dental services in Hong Kong are expensive – it always helps to be insured for these aspects.
- Does the plan cover annual health scans (including mams, paps, body density, vitamins and hormonal testing)?
Medical Insurance Providers In Hong Kong
If the vast array of medical insurance options is feeling overwhelming, you may want to consult an insurance broker – they’re updated on the latest industry trends and offer sound advice.
Sassy Mama Tip: Getting individual policies for each family member can be quite costly. Thankfully, many health insurers offer discounted packages if you want your whole family covered.
AIA Medical Coverage
This is a trusted international insurance provider. In a first of sorts, some AIA plans cover every illness and injury, even diseases that haven’t been discovered yet!
AXA Health Insurance
A global leader in insurance with offices in 57 countries, AXA covers a wide range of medical and critical illnesses with its various treatment plans.
BUPA Medical Insurance
A popular health insurance provider for families and companies.
Cigna Healthcare Hong Kong
Simple, customised medical insurance policies for the family. Look out for family discounts.
HSBC Medical Insurance
While you might not immediately think of this global financial conglomerate for health insurance, it offers several flexible medical insurance plans.
Manulife Health Coverage
The company offers broad cashless coverage at one of the most competitive market rates in Hong Kong.
William Russell Medical
The company appoints one advisor who will be your point person for the entire health insurance claim process. Bye-bye anonymous customer service call centre!
William Russell, www.william-russell.com.hk