What is Health Insurance

9 March 2017

Medical insurance is more than just hospital-stay benefits. This guide teaches you the other covers and benefits you can get with medical insurance.

Having health insurance can help protect you from the huge medical bill that you can incur if you get sick; it’s definitely an important part of your financial strategy. However, health insurance can be a confusing topic to learn about with all the rules about what insurance plan will cover and the benefits that you can get by signing up for health coverage. Read on to know more about health coverage plans and health care in Hong Kong.

What is Health Insurance and is It Any Different from Medical Insurance?

Both refer to the same thing as health insurance is also known as medical insurance. This type of insurance provides the policyholder with benefits should they become ill during the covered period. Commonly, if you seek treatment from a physician in their network, your insurance provider will pay your physician or your hospital directly for your treatment.

If the medical treatment is a minor medical emergency and you had to pay for your expenses out of your pocket, your insurance provider can reimburse you for your expenses as long as the treatment is valid and is not part of your plan’s exclusion. You need to keep all related documents like medical records and receipts if you need to request to be reimbursed.

What is a Premium?

The premium is one of the main considerations if you want to be insured for health care in Hong Kong. Premium is the price you pay for your health coverage. Some plans require you to pay the premium monthly, while other require the premium to be paid quarterly or even yearly.

How much is Health Insurance in Hong Kong?

You can request for a quote from the Health Insurance page of MoneyHero to get an idea of how much the premium is to get medical or health insurance coverage in Hong Kong. It’s fast and easy and all you need to do is input some of your information and we’ll get back to you as soon as possible. And you don’t have to worry about any fees because it’s free to request for a quote here on MoneyHero!

Who are Eligible for Health Coverage in Hong Kong?

Providers can provide coverage to people as young as 15 days. Some providers also provide coverage for people as old as 74 years old. Expatriates can also subscribe to a plan as long as they meet the age requirements of the plan.

What are the Benefits That I Get From My Plan?

There are a lot of benefits that you can get from your insurance plan but a basic feature of these plans is that these provide in-patient cover.This coverage means that your provider will cover your medical expenses including room and board as well as medicines during your confinement at a hospital. Here are the other benefits that you can get from your plan, click on the links to learn more about these benefits.

Outpatient Cover: You can be reimbursed or get free medical consultation or minor procedures done in an outpatient setting if your health insurance has outpatient cover. Some health insurance plans already provide this cover while you have to pay extra from the basic plan to get this coverage.

Maternity Cover: Health insurance coverage for medical expenses related to the delivery of a baby.

Dental Cover: Refers to coverage for dental procedures. For personal insurance plans, this is usually an extra coverage to the basic coverage that needs to be added to the plan.

Private Rooms: The insured has the option to be confined to a private room if he or she is hospitalized.

Optical Treatment: Refers to the routine eye care benefits under the outpatient coverage of your health insurance. This can also refer to the treatment of eye diseases under the medical benefits of the plan.

Cancer Treatment: Some insurance plans in Hong Kong have special plans that provides coverage for treating cancer and other critical illnesses.

Vaccinations: Many health insurance plans. Some plans provide deep discounts to members who choose to get vaccinated as part of their health and wellness program.

Chinese Medicine: Eligible policyholders can avail of the services of acupuncturists, Chinese bonesetters, and  herbalists.

Surgical Fee Cover: Surgery is one of the most expensive medical procedures so this coverage protects the policyholder from shouldering this cost alone.

These are just some of the benefits that you could get from your health insurance plan. Read more about the other benefits of health coverage, as well as health care in Hong Kong by clicking on the links below:

Emergency Out-of-Region Treatment Cover Psychiatry/Psychotherapy
No Surgery Pre-approval Requirement Max Annual Cover
Pre-existing Conditions Treatment Surgical Fee Cover
Chronic Conditions Treatment Excess Payable
Health Checks Emergency Evacuation

How Do I Claim Benefits From My Plan?

You can call your medical insurance provider and ask them for the contact details of their hospital coordinator. The coordinator is usually a general practitioner who you can consult with regarding your medical condition. He can also refer you to a specialist if your medical condition is beyond his expertise. Your coordinator can also advise you of your insurance benefits should you need to be hospitalized.

Are There any Exceptions to My Insurance Coverage?

Common exceptions of insurance plans in Hong Kong include treatment for sexually transmitted diseases, misuse or overdose of drugs, medical situations caused by being under the influence of alcohol, self-inflicted injuries or suicide, and cosmetic treatment. Make sure to read your insurance policy to understand the exceptions of your plan before you sign up for insurance coverage.

Get a Quote for Health Insurance in Hong Kong Now!

Hong Kong has world-class medical facilities and services. Having health insurance coverage gives you better access to health care in Hong Kong and protects you from the financial burden of having to be hospitalized or for seeking other medical treatment.

Get a quote for health insurance in Hong Kong with MoneyHero today! It’s completely free and it takes just a few minutes to fill out the form with your information to request for a quote. If you have any questions, feel free to send us an email or drop us a line, and our registered brokers will immediately get back to you.

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