Expat Insurance in Hong Kong

What is Medical Insurance?

Medical insurance will provide comprehensive medical protection anywhere in the world and ensure that you receive the quality treatment and medical attention that you deserve. Medical inflation is a fact of life in the modern world, and trying to deal with the high costs associated with healthcare can be hard. An international medical insurance plan will offer you the freedom and flexibility to receive treatment anywhere in the world will giving you the assurance that you and your loved ones will have the protection that you need.

International medical insurance plans can provide comprehensive cover for individuals, families, and groups (such as companies and corporations). International medical insurance policies are globally transportable, meaning that no matter where you may be in the world you can be, you can be assured that you insurance plan will be able to provide you with the protection that you need.

When obtaining medical insurance there are a number of factors to consider. These are;

• The area of coverage; this is the geographic location that you would like the coverage to protect you in. Typically there are only two options when it comes to a plans area of coverage, Worldwide or Worldwide excluding the USA. The reason for this is because the cost of medical treatment and services in the USA is higher than anywhere else in the world.
• The type of coverage; it is important to know what you want your plan to cover. International medical insurance plans are able to offer policyholders a number of coverage options including in-patient only, out-patient, maternity, dental, and emergency evacuation.
• The Insurance company; It is important to choose an insurance company that you trust. Some insurers are able to provide excellent claims assistance, while others can provide coverage options that you may not be able to find anywhere else. When purchasing an international medical insurance plan it is important to thoroughly evaluate all of an insurance company’s pros and cons.

The most important factor to consider when choosing a plan is the type of coverage. With international medical insurance plans a policyholder has a number of options that they can choose from, however some of these options may not be needed. For example a single 22 year old male will not need maternity insurance, but may think that dental treatment is highly important. In regards to the coverage options and terminologies that are found in medical insurance plans, some of the most common and important are;

• In-patient; typically referred to as a “core” or “standard” plan, an in-patient plan will provide coverage for any medical conditions that require hospitalization or an over night stay in a medical facility.
• Out-patient; this option will provide coverage for any medical treatment
where hospitalization is not necessary. An out-patient benefit will provide cover for doctor’s visits, medications, and specialist consultations.
• Maternity; this coverage option will provide you with protection during a pregnancy by covering all of the maternity related costs. Maternity insurance will, in many cases, allow the policyholder to add their new born to the plan.
• Dental; almost everyone has some sort of dental problem. This option will allow you to receive the highest quality dental treatment available.
• Chronic Conditions; a chronic condition is one that, currently, has no cure, and for which there are no treatment options apart from managing the symptoms. Examples of chronic conditions are diabetes, asthma, and cardiovascular conditions.
• Emergency Evacuation; in the event that you suffer an illness or injury while overseas, and there are no suitable medical facilities nearby, this benefit will allow you to be evacuated to the nearest centre of medical excellence to receive treatment.
• Pre-existing conditions; a pre-existing condition is any medical condition that the policyholder has suffered from prior to the commencement of the insurance policy. Serious pre-existing conditions are not normally covered, if they are considered for coverage they will usually be subjected to a 24month moratorium or premium loading.
• Waiting period; many international medical insurance plans will have a waiting period attached to certain benefits. A waiting period is the length of time from the start of a plan that you must wait before claiming on a certain benefit. For example; if the waiting period for maternity coverage is 10 months, then the policyholder must wait a minimum of 10 months from the start of the plan before making a claim related to any maternity expenses. It is important to know which benefits on your plan have a waiting period attached to them.

Medical insurance premiums are calculated based on the age of the policyholder, and the plans geographic area of coverage. Your premium will never be affected by any claims that you make, so no matter how much treatment you receive you will always be guaranteed of paying the same premium as everyone else in your age bracket. Medical insurance plans are also guaranteed renewable for life. So no matter what, you can be assured of coverage on your plan. Plans will normally be renewed on a yearly basis allowing you to accurately predict any changes in the premium.

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