Insurance Savvy: What is Transferable Health Insurance for Expatriates?

expatsHong Kong is popular for being a prime business district and havingtop-rated medical facilities comparable to many first world nations. No surprise it ranks as one of the most expensive cities in the world next to the US.

Expats in Hong Kong

There were 301,000 expatriates in Hong Kong out of the 7.1 million people according to the 2013 census, this is the seventh largest expatriate population in the world. These numbers are estimated to increase by 7% more come 2017.

In Hong Kong, if you do not have a Hong Kong ID Card, you should have a private healthcare insurance because the healthcare costs are very high unless you are eligible for subsidised medical care inpublic hospitals and clinics. Visitors with no HKID, usually go to private hospitals that cost so high you would want to shop for insurance as early as now.

Flexibility is Key

As expected with this scenario, any sensible insurance buyer will ask for transferable health insurance plans and similar flexible plans. By transferable, it means that it is not country or state-bound. If you are moving to different countries within the period of your policy, you can use the same benefits as you were in your home country.

Transferable healthcare insurance can have many meanings including employer-to-employer or place-to-place flexibility. To expound, some employment-related healthcare insurances will take care of the individual employee even after leaving the company. Another transferability option is one used when travelling on business or for vacation or that for expatriates.

Each city has different provisions for these insurances, but majority of health insurance for expats are transferable in nature. It is the same type already in use except that it carries more value if the holder is travelling or using the medical facilities of the country, thus, the insurance includes emergency or medical evacuation.

So what can you do with transferable insurance plans? Well for one, you can expect to cut medical cost but unless you do not discuss it with your broker, your policy cannot cover maternity bills, obesity-related diseases, war and extreme sports related injuries, to wit a few. Furthermore, like all other insurances, there is waiting time before you claim your refund or compensation.

With the growing population in the country come the increasing healthcare expenditures. By arming yourself with the proper insurance, you can be confident no matter what happens during your stay in Hong Kong.

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