How to Find the Right Health Insurance in Hong Kong

How to Find the Right Health Insurance in Hong KongHong Kong is regarded as one of the most developed health insurance markets in the Asian content with its per capita insurance premium rated at high levels. As a result, the Hong Kong health insurance market has attracted world’s top insurance companies. By the end of June 2016, Hong Kong had 161 authorised and licensed insurers who had a market share of HK $ 207.5 billion industry value.

The rapid growth of Hong Kong’s is credited to proper government policy enactment, multi-channel distribution of insurance products, agency business and bancassurance penetration in the region.

The major health insurance providers in Hong Kong are AIA Insurance, Bupa Insurance, AXA Health Insurance, Now Health Insurance among others.

Types of Health Insurance offered

Hong Kong was lauded as the most efficient healthcare system in the world by a recent Bloomberg report. This is attributed to the proper implementation of its dual-track healthcare system that offers the general public premium public and private healthcare.

The health insurance providers in Hong Kong offer both local and international insurance covers. International health insurance covers attract higher premiums compared to local health insurance covers however they are more versatile and cover for treatment overseas.

The most common health insurance plans in Hong Kong are Health Maintenance Organization (HMO) plan, Preferred Provider Organization (PPO) plan, Exclusive Provider Organization (EPO) plan and Point of Service (POS) plan.

Additionally, health insurance in Hong Kong is classified by the level of comprehensiveness of the coverage. This way, individuals access basic plans that have specific annual renewals with some health covers having additional benefits. The health insurance covers guarantee renewability that continually covers the policyholder regardless of their illness or age. Moreover, hospitalisation benefits that cover one’s medical expenses are refunded as cash outs as well as post-hospitalization benefits that over treatments after discharge from the hospital.

Also, the health insurance covers outpatient benefits and are inclusive of specialist and clinic consultations, dental procedure coverage as well as maternity benefits. Importantly, the health insurance covers have inclusions for incapacitation, accidents or critical illnesses in cases of Heart Attack and Cancer.

Key Players

The dominant players in the Health Insurance market and that provide health insurance plans that have premium benefits and are low premium are:

Bupa Insurance

The insurance company offers a comprehensive medical insurance cover that has hospital, clinical, hospital cash, maternity cover and dental treatment benefits.

Zurich Hong Kong Health Insurance

It offers a comprehensive medical insurance plan that does not require any medical examinations. It offers an exceptional sum insured to a tune of USD 3M annually. The plan covers cross-border travellers who can enjoy a treatment for health emergencies outside China.

AXA Health Insurance

This insurance company offers HealthVital Major Illness Insurance cover protection up to the age of 100 years and literary covers 56 major and minor illnesses. Moreover, through its Global Elite Health Plan, it offers medical protection globally.

Other significant Health Insurance providers

Additionally, other major players in the market include; Liberty Insurance, Now Insurance, Globality Health Insurance, Generali Insurance, AETNA International Insurance, AIA Health Insurance, Beazley Insurance among others.

Choosing the Health Insurance

Different health insurers have differentiated products giving one a wide variety to choose from. Hence, while choosing a health insurance cover one should consider the experience and reputation of the insurance provider in effective compensation of the insurance coverage and benefits.

The best health insurance plan or cover is pegged onto the criteria of the type of the plan and benefits accruing from the chosen plan. Additionally, the one should consider the affordability of the premiums and the costs of the insurance coverage.