2010 Health Insurance Benchmark

Traditionally a preferred option of individual expatriates, Global Health Insurance benefits have gained in popularity amongst companies not only employing expat staff, but also with senior executive local nationals that  carry out overseas assignments or feel local benefit levels do not reflect their medical needs.

With significantly higher benefits and the freedom to choose a medical treatment facility anywhere in the World, International Health Insurance has always been a tempting alternative to the local national health care plans.

In Hong Kong, European style products have been made available to companies, perhaps another British colonial influence.  Although providing a Full Cover payment for inpatient and outpatient medical costs, they have traditionally been of a reactive insurance style, only making payments in the event of a covered injury or illness and have also included significant exclusions within policy wordings relating to congenital, hereditary, chronic and terminal conditions.

Recent years have seen a more proactive health management style be introduced to policies with the inclusion of wellbeing, health check and vaccination benefits coupled with access to chronic condition management and hospice care.

2009 also saw the launch of two Americanized products in Hong Kong for the first time, with Aetna Global Benefits and Cigna International opening their doors to the local market and bringing with them increased benefits which include as standard; congenital, hereditary, chronic and terminal condition cover, cover for pre-existing medical condition and a suite of wellness programs to cater for high flying executives.

The following table includes details of the standard cover included with three of the major international health insurance plans available to companies in Hong Kong.

International Private Medical Insurers have also been quicker to adapt their terms to market demands influenced by global events and circumstances.  Many have loosened their stance on war and terrorism and with the outbreak of H1N1, companies like Cigna International and Aetna Global Benefits have indicated coverage for H1N1 vaccinations under their standard group plans.

Whether it is COBRA compliance, Australian Medicare compatibility, or tailored benefit schedules specific to the demographic of a company’s employees; group health insurance purchasers now have greater choice in the market and have the ability to adapt their insurance purchase to their needs.