Health & Protection in Hong Kong

Many things can go out of your control especially that you are in an unfamiliar ground, and not being insured when emergency hits can cost you a lot of money. What most expats tend to forget is the importance of including insurance in their financial planning, which usually ends up in damaging their assets and finances.

Hong Kong has a very competitive insurance market and here is a short but useful guide on how you can get protection for yourself and your belongings.

Importance of Insurance

As we mentioned earlier, insurance plays a great role in your quest towards financial security. You need to be very familiar when it comes to the scope of your policy so that you can make the most out of your investment. Health insurance is not just limited to hospitalisations and confinements. It can also cover vaccinations, regular check-ups and physical exams. A majority of expats limit themselves to these types of services because it can cost a lot of money. But if you have medical insurance, you can stay fit and monitor your health without the worries of spending too much.

Getting Private Insurance

Currently, 161 brokers in the country are accredited by the Office of the Commissioner of Insurance. It is also the agency that you can contact in case your company makes any sudden changes or is not complying with what is stated in your policy.

"The HK public healthcare system is amongst the best in the world. You pay a flat fee of HK$100 per visit to an accident and emergency department or as an inpatient. It’s like an improved version of the NHS."- Kate Farr, Expat in Hong Kong

Most expats under a relocation package have health insurance from their employers or sponsors. But aside from medical coverage, there are also different types of policies that can cover not just life but also non-life products such as auto, home, business and finances. Some international providers are actually based in Hong Kong and et offer worldwide covers, such as IPMI Now Health, a global provider of health or personal insurance and a local company called ACE Insurance Limited  that offers general and life coverage.

Hong Kong’s insurance market is considered to be one of the most highly developed across the region. Expats can visit the websites; send an email or call to get a quote about the different insurance products. But before getting one in Hong Kong, it is best to ask your current provider if they can transfer your policy abroad or start a conversation with your HR department as you should have access to a company plan. If not, take your time in calling a couple of companies before signing up so that you can see who among them can best suit your needs.

Local Insurance 

Retirement or pension fund is mandatory for all residents in Hong Kong. All locals and working expats in the country are required by law to contribute to the Mandatory Provident Fund Scheme (MPF) where contributions are deducted from the individual’s Hong Kong Income Tax. However, a majority of expats choose to withdraw their MPF funds the moment they decide to leave the country which means that foreign workers in Hong Kong can not fully rely on this scheme for their old-age or retirement pension.

Expats in Hong Kong should strongly consider getting an international insurance aside from the coverage they have from their employers or the savings fund from the MPF.