In response to Zurich Insurance coverage’s 2019 survey, greater than 27% of survey respondents didn’t buy medical insurance. Inside this group, nearly 40% lists “don’t have time” as their principal purpose for not shopping for insurance coverage. Nevertheless, one other 40% say that they “don’t have the cash to spare”.
Hong Kong’s public healthcare system has all the time been on the verge of collapsing. That’s why medical insurance – be it a typical plan or the Voluntary Well being Insurance coverage Scheme (VHIS) – is essential. At the moment at INO, we’ll clarify the highest 4 explanation why you can purchase medical insurance.
1. Overburdened public hospitals
The ready time for a session with medical doctors at public hospitals could be very lengthy. In the case of specialists, you’ll typically have to attend for no less than a 12 months. What’s extra, the COVID-19 pandemic is making issues worse.
As of June thirtieth this 12 months, the brand new, however secure instances of the Division of Ophthalmology within the Kowloon East Cluster have the longest ready trip of all clusters and departments. In response to the data supplied on the Hospital Authority (HA)’s web site, the longest ready time is 172 weeks or about 3.5 years.
Hong Kong West and Kowloon East Clusters observe after with their Division of Inner Drugs. Their longest ready occasions are 3.2 years and a couple of.9 years, respectively. Then again, sufferers of the Kowloon Central Cluster’s Division of Ear Nostril Throat Division additionally want to attend for as much as 2.9 years.
Moreover the ready time for specialists, the emergency room ready time is equally worrying. In response to the HA’s information for September sixteenth, most public hospitals’ emergency rooms have no less than one hour of ready time. Additionally, components of the general public hospitals require you to attend for greater than 2 hours. If it’s in the midst of a flu season or raging pandemic, the queue time can last as long as 8 hours.
Riddled with holes, the general public healthcare system demonstrates simply how essential medical insurance is. Medical health insurance permits you the choice to get probably the most appropriate/greatest remedy on your situation at a personal hospital as quickly as potential.
2. Assist pay for the costly inpatient and surgical procedure charges
There’s been an upward development of youthful individuals being identified with life-threatening illnesses, akin to coronary heart assault and most cancers. Most cancers, particularly, is called the #1 killer.
In response to the 2017 information by the Hong Kong Most cancers Registry, Hong Kong’s most cancers instances surged to 33,075 – a report excessive in comparison with 2016’s 1,607 instances. Nevertheless, the general public hospital community solely supplies probably the most primary safety. So, conventional therapies akin to chemotherapy are used to deal with most cancers – which could be extremely painful for the sufferers.
Focused remedy medicine are one other widespread remedy. However, the price requires no less than a surprising 5-figure sum. So as to add to that, solely customary medicine on the HA’s “drug record” are eligible for funding. Consequently, many focused medicine are excluded. Which means that sufferers must pay out-of-pocket and burden their family members with heavy medical payments.
Based mostly on Pacific Prime’s Value of Well being Insurance coverage Report 2019, the typical premium is USD $5,738 (HKD $44,500). In comparison with 2018’s $5,496 (HKD $42,600), it’s 4% larger or round thrice the quantity of the bottom fee. That’s why the sooner you buy a medical insurance plan, the cheaper it really works out to be.
4. Unknown pre-existing circumstances
“Unknown pre-existing medical situation” refers back to the medical situation that you’ve previous to the insurance coverage coverage subject date or the efficient date (whichever is earlier). This clause additionally contains congenital illnesses. Though the VHIS often covers unknown pre-existing illnesses, it has a ready interval clause. Typically, your pre-existing circumstances aren’t lined within the first coverage 12 months. Then again, within the second coverage 12 months, you may take pleasure in as much as 25% protection. Within the third coverage 12 months, take pleasure in as much as 50% protection. Within the fourth coverage 12 months, you may get hold of the complete compensation. Subsequently, the sooner you enroll in an insurance coverage plan, the upper your possibilities of getting compensation.
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After all, the earlier you buy VHIS, the sooner you may take pleasure in tax deductions as effectively. Need the low-down on apply for tax deduction? Consult with our earlier article on 2020 VHIS Tax Deduction Technique.
Except for VHIS, INO additionally supplies quite a lot of merchandise akin to automobile insurance coverage (third-party and complete), motorbike insurance coverage, and home helper insurance coverage. Use our free on-line citation system to get a quote right now! Need to chat with our professional insurance coverage advisors? Contact our skilled workforce for neutral options that can assist you discover the most effective insurance coverage options!
