How to choose the right insurance
My employer has provided medical insurance, why do I need to buy another one for myself?
In general, group medical insurance only provides basic cover to employees. If an employee suffers from a serious illness or accident needing hospitalisation, the group medical insurance may not be able to cover the high medical expenses in full. According to statistics from the Hong Kong Federation of Insurers in 2015, reimbursement by the group medical insurance is about 70% (at ward level room). In other words, employees will need to pay 30% of the medical expenses out of their own pockets.
Medical costs at private hospital keep going up these days. Some hospital and surgical expenses cost upwards of tens to hundreds of thousands of dollars. An individual health insurance can help employees cope with the additional medical expenses. Moreover, employees will lose their group medical protection once they resign or retire. Retired employees are often older and suffer from more illnesses. Thus, insurance companies may not be able to provide them with affordable medical insurance.
You can choose your own individual medical insurance according to your budget and needs. Some medical insurance schemes in the market provide deductible options. That means you will receive reimbursement for the hospital expenses after you first pay the amount agreed as your deductible. This type of medical insurance is suitable for people with group medical cover. On the one hand, you can use your group medical cover to offset the deductible. On the other hand, it can lower the cost of your individual subscription without sacrificing a comprehensive cover.
Using Bupa HealthPlus as an example, you can lower your subscription up to 45% by choosing a deductible. This scheme provides up to HK$3 million benefit per year to cover hospital expenses at semi-private room level.
If you are on a tighter budget, you may consider Bupa Wise Choice. It is a very affordable scheme specially designed for employees who are already covered by a group medical insurance. As an example, the monthly subscription for a 30-year-old individual is only HK$46 at ward level, with a benefit of HK$180,000 per year*. Even if you resign or change jobs, you can continue to enjoy lifetime protection by transferring your membership to Bupa CarePro#.
* Based on the annual subscription of 2018.
# Transfer to the same room level of Hospital and Surgical Benefit is guaranteed.
- Full cover for hospital expenses at semi-private room level
- Three deductible options – lowers your subscription up to 45%
- Covers follow-up outpatient consultations after surgery or cancer treatment
- Specially designed for employees who are already covered under their job’s group medical insurance
- Receive 80% reimbursement in medical expenses that exceed your group cover or the deductible
- Modest subscription rate
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