The number of children you have is a key factor to consider when shopping for health insurance. Needless to say, buying cover for your entire family will require higher out-of-pocket costs but it will guarantee your peace of mind especially when in a foreign country.
Emergency private health care with a single night’s stay can cost anywhere between HK$100 to $2100 just for the hospital room! depending on tests, medication and type of room. Having a family health insurance policy allows you to be prepared for sudden critical treatments such as surgery or medical evacuation.
Terms to understand about family health insurance
Deductible– The amount you pay to address covered medical expenses before your health insurance policy begins to pay for covered medical expenses each year. Most family health insurance policies have individual deductible options which can be taken out to reduce your premiums.
Coinsurance– your share of the costs of a health care service. It’s usually stated as a percentage of the total charge for the service. Your provider pays the bigger portion. You start paying coinsurance after you’ve paid your policy’s deductible.
Co-pay– the payment you make, usually a fixed amount such as HK$400, each time you visit the doctor or fill a prescription medication. Not all plans have co-payments. These do not accumulate towards the deductible. Co-pay and coinsurance may be available at the same time.
We suggest choosing a plan with low co-pay if you think you will often visit your doctor or pharmacy.
Why is it cheaper in the long run to get a family health insurance?
Some special health insurance for families even offer free cover for your 2nd, 3rd and 4th children until they are 18 which can really reduce your family’s premiums.
Village Insurance is currently offering this type of family health insurance. Policyholders can also get 25% No Claim bonus on top of the free coverage for the said number of children.
You can see more of the options we’re offering here: International Family health Insurance