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Expat Health Insurance

Expat Health Insurance

There are increased opportunities for expatriates to work in Asia due to the growing job market and stable economy with expats generally offered better remuneration and transfer packages remain on the rise for expats willing to relocate from the UK and other countries. Understanding key Asian markets relies on a close inspection of trends regarding the flow of new expatriates, particularly in Hong Kong’s case with it’s reputation as a stronghold of multiculturalism the expat market is continuing to expand. It is calculated that of the Hong Kong’s estimated 7.2 million residents expatriates make up about 4.6% which is around 331,000 people. This is made up of 53% being male expats and 47% being female expats with 90% of both male and female being between the ages 18 to 55 years old. Of the total expats 45% of these are working in financial services which is expected given that Hong Kong is a financial services driven economy.

What is Expat Health Insurance?

Expat health insurance in Hong Kong is a type of health insurance coverage that is provided by many of the best Hong Kong Health Insurance Companies. Expat health insurance provides expats with an international coverage so that they can get the medical treatment they need anywhere in the Word should they fall ill. Expat health insurance coverage contains a fantastic level of health insurance coverage so that expats that have an expatriate health insurance plan in place can know that they will not face a short fall when they have to pay their medical bills as and when its really needed.

Cost of Expat Health Insurance

Expat health insurance does not need to be as expensive as everybody thinks it is. Health Insurance in Asia can be comparatively okay as there are different priced plans that expats can choose from based on health coverage.

Holders Of Health Insurance Plans At All Time Low

Despite the wide coverage of affordable medical insurance in Hong Kong due to the range of health insurance plans on offer there are currently over 48% of the population are not protected by any medical insurance plans at all. Some of this 48% will be covered by employer plans that only cover around 50% to 75% of the total health insurance bill. The remainder of the cost the person would end up having to cover themselves financially. Also when employment ends or the employee retires the health insurance ceases completely.

Reasons To Have Medical Protection Insurance
  • Aging Population
    It is expected that 33% of the population will be aged 65 or above by 2045. An ageing and rising population will lead to an over-demand for health care that can no longer be satisfied by the public system. Instead citizens have to turn to private services, which will raise their charges too.
  • Medical Inflation
    Compared to the CPIs of 2007, the increase in 2016 price index of medical services and proprietary medicines and supplies overtook the general rise in consumer prices.
  • Advancing Medical Technology
    Such as minimally invasive surgery and new medications for cancer – come with a high cost. For example, a 3-year treatment cost for lung cancer is about HK$1 million.
  • High Quality Private Services
    Among the cases of hospitalization and surgery covered by medical insurance, 88% of them involve treatment in private hospital. Although private hospitals have a shorter waiting time and a higher quality of services, the costs are also higher.
Asia And Surrounding Areas

The fact that Hong Kong has a good healthcare system does take some of the fallback for people in Hong Kong that do not have health insurance in place so the hospital system takes up this slack. As long as you have a Hong Kong Identification Card you can access the public hospital system for HK180 per day which compared to having no health insurance at all speaks volumes about the Hong Kong public healthcare system. If you are a retiree or even an expatriate working in one of the many other Asian countries below you would be well advised to have good insurance in place. Repatriation from any of these countries with no health insurance would cost a fortune or even your life.

  • Singapore
  • Malaysia
  • Indonesia
  • Philippines
  • Thailand
  • Cambodia
  • Vietnam,
  • Myanmar
  • Taiwan
  • China
  • South Korea

Make sure you have health insurance before moving to any of the above countries and if not get in touch to see how we can help.

 

 

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