Health Insurance (Local)
In Hong Kong, the typical local healthcare plan is riddled with limitations on how much you can claim for doctor, anesthetist etc and how much you can claim in total per year or per disability.
Some plans allow access to a network of doctors and providing you use it, cover is more comprehensive than if you go outside the network.
The hidden cost of this style of plan is that the client typically has little idea as to what the limits mean in practice, until he comes to claim. One of the more comprehensive local plans – the Axa Optimum for example is normally bought with HKD100,000 outpatient cancer cover. Sounds good, until you realize this may only last a couple of weeks.
From the perspective of Navigator clients, one of the most worrying things about most local plans, is the absence of any meaningful renewal guarantee. In the HK market, ‘Guaranteed Renewal’ usually means you can have the cover, but if you have begun to claim, the insurer can raise your premium to any level and can also reduce or cap your benefits so that for example, cancer claims could be reduced to a maximum in total of HK$100,000 in a year.
If you are serious about obtaining good private insurance for yourself and your family, we recommend opting for cover from an international insurer. These plans not only provide benefits in line with expenses, but also allow you safety and peace of mind anywhere in the world.