Medical Insurance

Medical

Hong Kong qualifies as being one of the most expensive countries for medical costs.  As such, it is important to learn about healthcare insurance, especially for those planning on a long-term stay.

Most expatriates are provided with healthcare insurance through their job, but it is still a good idea to check on the details of company-sponsored insurance and explore all available options – and with an ever-increasing amount of foreigners heading to Hong Kong, there are many to choose from.

Who Needs It?

Day-to-day ailments can be administered in the public sector for a fairly low cost without providing proof of insurance.  This reduces the vital necessity of medical coverage for such instances as it may only save a few dollars.

On the other hand, private care, which is the preference for most expatriates, can be quite expensive without a medical plan; but with an employer-provided health plan, minor cases of the flu or an infection will often be fully covered.

Whether one prefers the cheap prices in public healthcare or the personal feel of private treatment, the possibility of needing a higher level of care – surgeries, medical tests, dental work, etc. – should never be dismissed.  Therefore, finding a medical insurance provider is important for everyone.

Things to Consider

When looking at healthcare insurance plans, there are a few factors to take into consideration, such as:

• Some expatriates prefer being treated by Western doctors, but those who make this choice pay large amounts of premiums on healthcare costs.   Keep in mind that many local doctors have received degrees from top universities in Western countries and every doctor, whether local or foreign, must meet annual requirements for trainings and continued education.  A few insurance companies even offer the “second opinion” option, which, if needed, guarantees patients with a second opinion from overseas professionals on certain medical cases.

• Many international medical insurance plans are available.  Look closely at the coverage options as some terms may not be relevant or a few needed items may not be included.  Also, verify the area of coverage – usually either worldwide or worldwide excluding the U.S.A. – and whether any items in the plan have changes in procedure or treatment from place to place.

• For those making a permanent move to Hong Kong or who will not be traveling outside of the area and only need coverage while stationed here, maybe seeking out an international medical insurance provider is not necessary.  In such cases it is worth learning about local medical insurance options.  Some of the major players are HSBC, AIA, Prudential, Manulife, and AXA.  Having a Hong Kong Identity Card is usually a requirement when signing up for one of these companies’ insurance plans.