Expat health insurance is an essential expense, but that doesn’t mean you have to overpay.
Here are six practical ways to reduce your premiums without compromising on the cover that matters most.
1. Only Buy the Coverage You Actually Need
Purchase only the medical insurance coverage that you really need.
If cost is especially important to you, you may decide to buy just hospitalisation cover. This is a good idea if you are happy to cover day-to-day GP expenses out of pocket, but want medical insurance to protect you against serious illnesses or accidents.
Outpatient cover, dental, and maternity benefits all add to your premium. Consider which of these you genuinely need before adding them to your plan.
2. Choose a Semi-Private Room
Most medical insurance policies provide private rooms for inpatient treatment.
To reduce the cost, you may want to elect for semi-private rooms instead. This means there will be one or two other patients in the room with you.
You can save up to 15% by choosing this option — a meaningful saving over the course of a year, especially for family plans.
3. Add an Excess to Your Plan
An excess (also called a deductible) is the amount you pay first before the insurance company pays out. You can choose from nil, small, medium, or large excess levels.
The higher the excess you are willing to accept, the lower your monthly premium will be.
This works well if you are generally healthy and want protection primarily for serious or unexpected medical events.
4. Top Up Your Employer’s Cover
If you receive private medical insurance as an employee benefit, review what coverage it provides.
If your employer’s plan covers the basics, you may be able to purchase a supplementary plan that only kicks in once you have used or exceeded the limits of your work insurance.
This “top-up” approach can give you comprehensive overall coverage at a much lower cost than buying a standalone comprehensive plan.
5. Exclude the United States from Your Coverage Area
US medical treatment is among the most expensive in the world.
You can significantly reduce your premium by choosing worldwide excluding USA coverage. This means you are covered everywhere in the world other than North America (and in some cases Canada) for all medical expenses.
Importantly, travel insurance plans still cover you for emergency treatment during short trips — such as holidays — that you take to the US.
For most expats based in Asia, excluding the US from your health plan makes excellent financial sense.
6. Use a Comparison Website
Comparison websites promote competition between plan providers on price.
ExpatInsurer.com compares the whole market — searching hundreds of thousands of plan options — saving you time and money.
Rather than approaching insurers one by one, or relying on a single advisor’s preferred plans, a comparison tool gives you a complete view of what’s available at the best possible price.
Want to put these tips into action? Use our free comparison tool to find the most cost-effective expat health insurance plan for your needs across Hong Kong, China, and Asia.