Posted on Mar 10, 2015 by Alexander Nellist
On Wednesday 25 February, The Hong Kong government introduced the 2015-2016 budget. One of the more interesting announcements with this budget was the explaining of how the government plans to spend the HKD 50 million, earmarked for health care in the 2008-09 budget.
On the health care, the government has announced that HKD 10 billion will be used to support the recently announced voluntary health insurance scheme, more specifically the high-risk pool, while also providing a tax-break for people who buy into the plan.
Another HKD 10 billion will be invested in a fund for the Hospital Authority to be used for investment in public-private initiatives, as well as improving outpatient and clinic facilities. The government also noted that some of the remaining HKD 30 billion will be used as loans, available for non-profit organizations to develop private hospitals and address the shortage of private hospital beds
Pacific Prime believes this allocation of the earmarked funds is a giant step forward in possibly helping tame the increasing costs of private health care in the city. With an increased allocation of funds to the health care sector in Hong Kong, we predict that there will be better, more effective cost control, along with increased transparency which should have a knock-on effect whereby overall insurance premiums should drop.
Because of the potential for large changes to the public and private health care sectors in Hong Kong, Pacific Prime has put together a guide that looks at the current state of both the public and private hospital systems.
Titled: Private VS Public: Health Care in Hong Kong, the guide looks at the main aspects each system offers residents of, and visitors to, Hong Kong. Covering and comparing different aspects such as:
- Quality of care
- Accident and Emergency
- Alternative Medicine
This guide provides readers an in-depth, yet clear, picture of what both the public and private systems have to offer. It also highlights that for many expats and foreign visitors to the city, the public system, while among the best in the world, may not be the best option. This is especially true because the private system in the city has broader benefits and access to treatments, backed up by more control and comfort.
The guide can be found here on Pacific Prime’s site, and is a free download. If you have any questions or would like to talk to one of our educated health insurance experts about plans and options available to you, please contact us today.