Medical insurance

Closed Thread
  1. #1

    Medical insurance

    Hi

    Just wondering if anyone could recommend a company for private medical insurance here in HK. Are there any companies that offer cover for routine checkups/visits to the doctor for minor illnesses (I´m thinking how many times I end up at the doctors with small kids!)
    Or does the insurance only cover major illness/accident?

    Thanks for your help!


  2. #2

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,205

    You can get all sorts of different levels of cover. Kwiksure - Online Insurance Supermarket are a good broker to ask.

    But remember that on average you will always pay more in premiums for the insurance than you will get back in payouts. (This has to be true for insurance companies to be viable businesses.)


  3. #3

    Join Date
    Mar 2006
    Posts
    4,043
    Quote Originally Posted by PDLM:
    You can get all sorts of different levels of cover. Kwiksure - Online Insurance Supermarket are a good broker to ask.

    But remember that on average you will always pay more in premiums for the insurance than you will get back in payouts. (This has to be true for insurance companies to be viable businesses.)
    Actually, that is not quite true PDLM. While insurers always want to generate an underwriting profit (Payout less than you take in) they can still do quite well if for short periods of time even if they pay out more than they take in. Medical insurers are a bit different than my old industry (P & C insurer) but what inspired Warren Buffet to get into the insurance business wasn't the underwriting profit or the insurer's bottom line per se but what he saw as 'the float' and what it could do to generate huge profits through investments.

    You will find a lot of the profitability of an insurer is on their investments of the premiums that are held to cover the long tail of claims. These are funds the regulators require to ensure their solvency and ability to claims.

    None of this helps Betty get medical insurance but your post does offer some guidance and is good advice for a starting point.

  4. #4

    Join Date
    Sep 2009
    Posts
    1

    There are standalone plans which cover medical and hospitalisation, and with optional female benefits which Sun Life Financials has recently launched. Discounts of up to 15% on premium if there are no claims for 2 consecutive years. Visit their website and look for Sun Health Medical.

    Obviously if you consider long term a basic plan plus this medical as a rider could be an option.