Expats in Hong Kong who make use of a new comparison service can save money on health insurance.
Expats living in Hong Kong will know the necessity of having the right level of health insurance. Hong Kong, with its world-renowned private health facilities, is second only to the United States when it comes to medical costs.
Surgical fees for relatively simple procedures, such as repairing a hernia, start at US$4,000, while the cost of treating more complex medical problems can quickly reach six or even seven figure sums, leaving those without adequate cover with a significant financial liability.
Hong Kong has a subsidised public healthcare system available to anyone with a Hong Kong ID card, regardless of whether they have permanent residency or not. In theory expats could rely on this, but the system is over-subscribed, with very long waiting times and crowded wards.
Consequently, expats often prefer to be treated in the private system, this allows them to choose a doctor who has trained in the UK, USA or Australia, and who speaks English.
Doug Ramsay, director of NowCompare, explained that there are four broad types of medical insurance available in Hong Kong.
Local policies
Usually the cheapest type of cover with premiums typically around US$1,500 a year for a 35-year old. They usually have low level benefits and restrictions on the amount that can be claimed for individual treatment. Ramsey explains, “These policies have a place in the market, but are not designed for expats.”
Hybrid policies
The “next level up”, these policies have much higher levels of coverage, generally around US$1.5 million a year. They cover the cost of treatment in a private room in a private hospital, as well as some out-patient treatment.
Premiums are generally around US$3,000 a year for a 35-year old.
International policies
These come in two types, normal and fully comprehensive. Both types of policy have annual limits of US$3 million-plus, as well as added benefits, such as free annual health checks.
The fully comprehensive versions will also include dental cover, Chinese medicine and maternity cover, which is great for expat families.
Reflecting the higher level of benefits, premiums are also higher at around US$4,000 a year for the normal policies and US$5,000 for the fully comprehensive ones for a 35-year old.
Insurance comparison website, NowCompare.com, has launched a commission free comparison tool for expats who wish to choose from the extensive range of international insurance options on offer. Expats can save 50% , if they use the commission free service, on the same policy bought through a broker.