Hong Kong Health Insurance Premiums
Premiums for Hong Kong Health Insurance plans are calculated based on the age of the policyholder and the plan’s Geographical Area of Coverage.
The policies we offer are not experience rated; this means that when calculating the initial premium, or when calculating the plans renewal premium, your claims will not affect the amount which you pay for the policy.
This is significantly different from many of the Hong Kong Medical Insurance plans currently available in HKSAR. Most of the locally provided plans will have their premium calculated on an “experience” basis. This means that the initial policy premium may be extremely low, but that this will quickly increase if any claims are made on the policy.
Premiums and Renewals
In order to get an accurate quote for a Hong Kong Health Insurance plan you need to supply your age, and the areas of the world in which you would like to receive protection under the policy.
Due to age being a major premium factor, it is important to note that your policy premium will increase as you get older. This is due to the fact that older individuals are at a higher risk of developing a chronic medical condition or suffering from a serious accident. However, unlike plans with an experience rating, with an age based premium the increases are usually forecast ahead of time and as such can be easily managed.
Additionally, because of the age rating in premiums, the plans we offer are “community” rated you will pay the same premium as everyone else of your age within the same geographical area of coverage. You will never pay more than someone else of the same age with the same coverage.
When renewing your plan our dedicated Policy Administration team will contact you approximately one month before your policy is due to expire. The Administration team will outline the terms of the plan renewal, including any applicable premium increases, and will help you to decide whether you would like to renew the policy for an additional year.
The majority of the plans which are offered by Hong Kong Health Insurance will guarantee you the option of renewing the plan for the rest of your life. This means that you are able to renew your coverage as long as you want, with no arbitrary cut off dates due to being too old. A Hong Kong Health Insurance plan can be in force to cover you and your loved ones for the entirety of your life.
Paying For Hong Kong Health Insurance
Hong Kong Health Insurance plans will offer you a number of payment options. We understand that no two people are alike, and that individuals may require flexibility when paying for their health insurance policy.
As such we offer the ability to pay for a Hong Kong Medical Insurance plan in most major currencies, including USD, GBP, and EUR. In certain instances it may also be possible to pay for the plan in HKD and RMB.
If you would like to pay for your policy over the course of the year we can provide staggered payment options allowing you to choose the frequency of your health insurance payments. Premiums can be paid for on an Annual, Semi-Annual, Quarterly, or Monthly Basis. Additionally we allow for payments to be made by Cash, Cheque, Bank Transfer, or Credit Card.
It is important to note, however, that if you choose to pay for your plan over the course of a policy year that it is common for the insurance companies to level a surcharge of between 4 – 6% of the total policy premium. Depending on the plan you choose to purchase it may be possible for us to lower this surcharge. Please speak to one of our expert advisors for more information.
Hong Kong Health Insurance Quote
If you would like more information about how Hong Kong Health Insurance plans will calculate premiums, administer renewals, or in what currency you can pay for your policy in, please contact one of our dedicated brokers. Additionally, you can submit a request for a free Hong Kong Health Insurance quote by completing the short form at the top of this page.