The cost of private health insurance in Hong Kong in 2018
Are you wondering what is the cost of private health insurance in Hong Kong in 2018? You are in the right place to find out! Pacific Prime Hong Kong is pleased to announce the release of the Cost of International Health Insurance Report – 2018. Our latest report looks at the average cost of private international health insurance in 100 countries worldwide, including Hong Kong. In this article, we provide an overview of the main findings from the 4th edition of our report.
About the Cost International Health Insurance 2018 Report
Learn about the cost of private health insurance in Hong Kong, and worldwide in Pacific Prime’s Cost of International Health Insurance Report 2018. This year’s report focuses on the average cost of health insurance for individual and family plans. Presented in easy-to-read tables, you can find rankings of:
- The top 20 most and bottom 5 least expensive countries for international health insurance overall
- The top 20 most and bottom 5 least expensive countries for international health insurance for individuals
- The top 20 most and bottom 5 least expensive countries for international health insurance for families
All these rankings are based on data from 7 insurers (except for countries where we included data from onshore insurers, namely China, Singapore, and Dubai), 100 countries, and three plan levels (inpatient; inpatient + outpatient; inpatient + outpatient + maternity).
In this year’s report, we have additionally included a new type of analysis, namely the CAGR or Compound Annual Growth Rate of average premiums from 2015 to 2018.
Key findings from the 2018 edition of our COHI report
As with previous editions of our report, this study also lists the key findings, and observed trends from our analysis on the cost of international private medical insurance. This year, our main findings include:
- Three countries in the top 20 most expensive have seen increased rankings:
Dubai has jumped from 9th most expensive in 2017 to 4th in 2018.
Canada has jumped from 6th most expensive in 2017 to 3rd in 2018.
Indonesia has jumped from 19th most expensive in 2017 to 6th in 2018.
- The gap between premiums in the US and everywhere else has increased:
The most expensive plans are sold in the US. On average, international plans in the US are 44.1% more expensive than plans sold in Hong Kong – the second most expensive country in the world for health insurance.
- The Americas has emerged as a dominant region in the top 20 most expensive locations:
14 countries from the Americas have been ranked in the top 20 most expensive locations.
- Onshore premiums are not drastically different from their global counterparts:
In China, Singapore, and Dubai, we have found little to no difference between onshore and offshore plan premiums.
- Some countries have seen premiums decrease:
24 countries in our report have seen a decrease in premiums, including the UK, Japan, and China.
The comprehensive description and reasons behind this year’s findings are included in the Cost of International Health Insurance 2018 Report’s analysis section. You can download your complimentary copy of the report here.
What’s driving the cost of private health insurance in Hong Kong, and worldwide?
The key drivers behind the changes in IPMI premiums in 2018 as identified in our report are as follows:
- Increased demand for international quality private care
- The increased cost of healthcare
- Increased regulation
- Continued challenges with fraud regulation
These factors largely remain unchanged from our previous COHI reports and have continued to be the main drivers behind IPMI premiums. In Pacific Prime’s opinion, the increased cost of healthcare is the most significant driver behind IPMI premium increases, since these two are linked. To learn more about our findings, and for detailed analysis of the key factors standing behind insurance premium increases, get a free copy of our Cost of International Health Insurance 2018 Report.
The cost of private health insurance in Hong Kong in 2018 is the highest in Asia
Hong Kong is ranked as the 2nd most expensive country to obtain health insurance worldwide. With the average cost of private health insurance in Hong Kong in 2018 being USD 12,927, Hong Kong is also the most expensive country in the Asia region. The most expensive country, the US, has an average cost of USD 23,120, which is 44.1% costlier than Hong Kong’s average.
On average, individuals in Hong Kong have to pay USD 6,432 per annum, while those in the US pay about USD 11,942. Private family plans cost on average USD 18,494 in Hong Kong per annum, and around USD 34,298 in the US.
The second most expensive country for health insurance in Asia – and fifth most expensive worldwide – is China, with an average cost of USD 9,639. Average plan premiums in China are 58.3% cheaper than plans sold in the US, and 14.2% less expensive than plans in Hong Kong.
Get a free copy of the Cost of International Health Insurance Report 2018
Find out what you can expect to pay for international health insurance around the world in Pacific Prime’s complimentary Cost of International Health Insurance 2018! It’s free of charge, and an essential read for anyone interested in health insurance. Not only can you compare the cost of private health insurance in Hong Kong with 99 other countries in our rankings, but also find out about the approximate prices of medical plans worldwide.
If you’re interested in a personalized plan quote, head over to our online quotation tool, or contact us directly and book a free chat with one of our insurance advisors today!
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