Choosing Healthcare Insurance wisely

We all want to receive the most appropriate and timely treatment when we fall ill. Yet, the cost of surgery and miscellaneous charges at a private hospital can be exorbitant, often starting at tens of thousands and easily reaching six figures. Having to coming up with funds out of the blue for expensive treatment undoubtedly brings immense financial pressure. Medical insurance can lessen the budgetary burden during hospitalisation, letting you recover without worries.

There is a plethora of medical insurance plans available in the market, often causing confusion among consumers. How should we choose? Regarding protection for hospitalisation, it is important to understand the scope of coverage. What kind of added protection can help address the loss of income while hospitalised?

First and foremost, it is important to note that having medical insurance does not necessarily mean immediate relief for medical expenses. Some medical insurance plans require the insured to first pay for the medical bills before seeking reimbursement from the insurance company. When choosing medical insurance plans, we should be clear on whether different plans would provide payment guarantee to the hospital.

Some medical insurance plans provide international payment guarantee. This means that if an insured needs to be hospitalised for treatment or surgery in Hong Kong or anywhere in the world, he would only need to apply to the insurance company for payment guarantee before hospitalisation and have received prior approval. The insurance company would issue appropriate payment guarantee according to the insured’s extent of insurance benefits or arrange direct settlement to the hospitals, physicians or other service providers subject to policy terms and conditions. Without having to make any payment when being admitted into or discharge from the hospital, the insured can focus on recovery with peace of mind.

Circumstance may not allow for the insured to notify the insurance company before being sent to a public hospital for emergency surgery. There are medical insurance plans that provide cash benefit during stays at public hospitals. The insured would receive protection for medical expenses and daily cash benefit according to the policy, thereby easing financial pressure during recovery. 

Medical insurance plans typically reimburse actual medical expenses, but does not address income loss from an extended hospital stay. Having to deal with medical bills when not making any income creates obvious budgetary pressures. If the insured had purchased hospital cash insurance plan along with medical insurance, the benefits would help with cash flow issues arising from hospitalisation, thereby alleviating the short-term financial burden.

Hospital cash insurance plan provides the insured with daily cash benefit during the period of hospitalisation. Some plans offer double benefit for hospitalisation in an intensive care unit or for major organ transplant, major burns or infectious disease, and triple benefit for hospital stays due to public transport accidents.

Also, some hospital cash insurance plans offer no claim bonus, which provides a premium refund if no claims have been made within a specified period. There is also added coverage for minor surgical expenses during hospitalisation and outpatient treatment due to sickness or accident, including hospital charges and fees for doctor, surgeon, anaesthetist and operating theatre.

Choosing a medical insurance and hospital cash insurance plan that best fits your needs can help prepare for the unexpected, providing relief at critical moments.

If you have any queries regarding different healthcare insurance plans, please feel free to contact us or find out more about our insurance plans:

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Read more: Knowing the difference between medical insurance and group medical insurance

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