Tag: expat health insurance

3Oct

What are 5 tips for saving money on health insurance?

Hong Kong was recognized as the nation having the world’s most effective healthcare system in 2019. Both the public and private sectors have access to top-notch hospitals, cutting-edge technology, and highly skilled medical professionals. Hong Kong currently boasts the second-most expensive healthcare system in the world, only after the United States, thus this excellent quality of care also comes at a hefty cost. How can you reduce these costs, then?

Here are 5 tips to make sure you’re only spending what you need on health insurance.

1. Shop around for health insurance quotes. There are many different health insurance providers available, and the prices can vary greatly. Compare quotes from different providers to find the best deal.

Signs to look for when it comes to a good health insurance cover include:

-A provider with a good reputation.
-A provider with a wide range of cover options.
-A provider with good financial stability.
-A provider with a low premium price.

2. Consider using a health insurance discount. There are many health insurance discounts available, and finding one that is suitable for you can save you money.

Some common health insurance discounts include:

-Special discounts for members of particular health insurance schemes.
-Discounts for people who have a certain level of health insurance coverage.
-Discounts for people who live in a certain area.
-Discounts for people who are aged over a certain age.

3. Review your health insurance policy regularly. Regularly reviewing your policy will help you to identify any changes or updates that may need to be made, and will also help to ensure that you are fully covered.

Some things to look out for when reviewing your health insurance policy include

-The cover that is available to you.
-The exclusions that are included in the policy.
-Any changes to the premium price.
-Any changes to the cover that is available.
-Any changes to the conditions that are included in

4. You might think about choosing a co-insurance or annual deductible if you want to save money on your health insurance plan without sacrificing complete coverage. Your annual premium will drop dramatically if you choose one of these options.

The amount you must pay out-of-pocket before your insurance plan will begin to cover medical costs is known as a deductible. For instance, you have to pay the first $1,500 of your insurance’s coverage out of your own pocket before it starts to pay for your medical costs. Once you have paid the annual deductible, which is typically per year, any medical expenses that are covered by your plan will be fully reimbursed. If your work currently offers medical insurance but you would like to supplement your coverage and raise your level of benefits, taking on a deductible can be very appealing.

Choosing a co-insurance percentage is another way to pay a lesser premium. For instance, if you select a 20% co-insurance percentage, you will be responsible for 20% of all out-of-pocket medical expenses while your insurance will pay the remaining 80% in full.

5. Most health insurance providers give their customers the option of having private rooms available to them if they are hospitalized. Even while some extra comfort and privacy are necessary if you have to spend the night away from home, opting for a semi-private room would ultimately result in lower hospital and surgical costs.

The cost of a hospital stay will be reduced if you choose a semi-private room or a ward (which you may share with three people or more) if you don’t have access to private medical insurance or if your coverage for hospitalization and surgery has a low cap.

For example, a private room costs HK$3,300 per night at the Matilda Hospital, a well-liked private hospital among expats, whereas a night in a ward only costs HK$900.

In addition, hospital expenses and doctor fees are assessed independently in Hong Kong. This implies that the physician’s costs will be more expensive the higher the room standard. By selecting a shared room, you can reduce your costs while still receiving the same level of services.

In summary, you can save money on health insurance by researching different providers, reviewing your policy regularly, and choosing a co-insurance or deductible. By taking these simple steps, you can save money on your health insurance premiums.

19May

Can You Over-Exercise?

Isn’t it true that exercising is always beneficial? Not necessarily. What matters most for your heart’s health is doing the right amount of exercise for you as an individual.

We’ve all heard it before: the more exercise we get, the better.

Exercise has two sides. We all know that regular exercise makes you feel better and happier, and it is linked to a longer life. In contrast, we’re learning more about the impact of exercise on cardiovascular health – the heart and blood vessels. In fact, the medical speciality of sports cardiology has recently emerged. It’s studying the cardiovascular systems of professional and amateur sportspeople. It was discovered over the last ten years that the amount of atheroma (heart artery blockage) in a person’s arteries is linked to their weekly exercise intensity and duration.

So what happens if we over exercise?

When you exercise, your body becomes inflamed, especially if you do extreme exercises. The system becomes overly activated. This can also cause collateral damage to the arteries, allowing cholesterol to enter the artery walls and form clogs. The flip side is that, because of the health benefits of exercise, most blockages never get too big.

So, for cardiologists – and everyone else – the challenge is to figure out what degree of exercise is safe.

A lot of individuals do not experience a problem developing within their body until they begin to experience symptoms. The condition may be quite advanced by the time they feel that something might be wrong.

Some of the physical symptoms from over-exercising include:

-Excessive fatigue
-Injuries, such as stress fractures
-Dehydration
-Lack of appetite
-Poor sleep quality
-Muscle soreness

If you are experiencing any of these symptoms, it is important to take a break from your workout routine and restore your body to its natural state.

Finding balance

It’s a question of input and results in this case: there is a threat, but also an advantage. Despite the fact that there is no evidence that exercise kills, you can still benefit from it. If it makes you feel better and helps you get in better condition in general, it will help you live longer.

There should be a knowledge of the relationship between intensity and duration of exercise and degree of artery damage. Identify if you’re at risk and move from there.

Who is most at risk from over-exercising?

There is no definitive answer to this question as the risks associated with over-exercising can vary from person to person.

However, those who are most at risk of damage from over-exercising are usually people who are already in poor health, have a history of heart problems, or suffer from conditions such as diabetes or hypertension. Additionally, older people who were active in their younger years may also be at risk, as they may not be able to handle the level of activity they once did.

What can you do to protect yourself from over-exercising?

The best way to protect yourself from the dangers of over-exercising is to be aware of your own limitations and exercise within them.

Need help finding the right health insurance for pre-existing heart conditions? Get in touch with us today. We specialise in finding the best policies for expats in Hong Kong.

10Apr

5 Tips for Claiming Health Insurance for First-timers

Filing a health insurance claim can be a daunting task.

We want to help make the process as smooth as possible for you. Our goal is to provide you with the information and resources you need to get through this difficult time.

Here are some tips for first-timers:

1. Gather your information. Make sure you have all of the necessary information to file your claim. This includes your insurance card, policy number, the name of your doctor and the dates of your appointments.

2. Call your insurance company. The sooner you start the process, the sooner you will receive reimbursement. Most insurance companies have specific time periods for claims so make sure to make note of that detail.

Common issues when claiming health insurance are :

– Filing a claim that is incomplete or inaccurate. And what we mean by this is, submitting a claim without all the necessary information or omitting critical details. This can result in the claim being denied.

– Not giving your insurance company enough time to process your claim. Each insurance company has their own set of rules and regulations when it comes to processing claims, so make sure you are familiar with them before filing.

3. Submit your claim. This can be done online, over the phone or in writing. Be sure to include all of the information you gathered in step one. Some insurance providers even have apps to streamline the process.

4. Follow up on your claim. Checking in with your insurance company to make sure they have all the information they need and that your claim is being processed correctly is a good idea. This will also help avoid any delays. Insurance companies often take several weeks to process a claim, so be patient.

Claiming for critical illness insurance may have different requirements. For example, critical illness insurance for cancer treatment requires pre-approval from the insurance company. Upon getting the cancer diagnosis, the patient then has to contact the insurance company and provide detailed information about their prognosis including scans, pathology reports and doctors’ notes.

The patient will also have to agree to certain conditions, such as using specific hospitals or cancer treatment centres. If all of this is done correctly, the insurance company may cover 100% of the cancer treatment costs

5. Get paid. After your treatment is completed, you should receive a bill from the hospital or doctor. Once you have paid this bill, submit a copy of the bill to your insurance company for reimbursement or whichever payment process is involved. Most companies will reimburse you within two to four weeks.

So, there you have it. Five steps to filing a successful health insurance claim. By following these simple tips, you can make the process as smooth and stress-free as possible. Good luck!

Get in touch with us to find personal and business insurance in Hong Kong. We specialise in expat insurance needs.

21Dec

Projected Changes in Hong Kong Healthcare in Relation to COVID-19

Several vaccines have been approved and it’s only a matter of time before it’s administered to Hong Kong residents.

The Hong Kong government plans to provide free coronavirus vaccines for all its residents as stated by Health Secretary Sophia Chan last December 2nd while the country experiences the 4th wave of infections.

Who will get it first?

Sec. Chan told the Legislative Council that vaccines will be administered first to three million volunteers who are considered most at-risk or vulnerable– which includes public medical workers, patients with chronic diseases and the elderly.

One important note to remember is that Hong Kong residents will have to regularly receive COVID-19 vaccines annually which means the healthcare system will have to adjust to this demand. Here are the changes we think we could see next year:

  1. Fast-tracked Healthcare Reform

China has been revamping its health system since 1996 but the outbreak slowed down their target of reaching the deadline this year. However, plans and pivots have been made as the virus wanes and vaccines are approved

Fast reforms are expected to be implemented in areas such as:

– Strengthening of the primary care system and integration with public health crisis management system

– Sustainability and affordability of social medical insurance funds that involves price control through national acquirement and negotiation on medicines, devices and high-value consumables.

– Public hospital reform with the objective to increase efficiency

– Increase in salary and compensation packages for hospital healthcare staff

  1. Digitized Health Insurance

Public hospitals were slow in providing online healthcare before Covid-19 but this will likely change in the coming year. With the potential new policy to incorporate online healthcare services into the social medical insurance payment system, public hospitals will be presented with incentives to allow more digital healthcare services to patients. This opens up plenty of opportunity for collaborations between public hospitals and internet companies that offer insurance online. Simultaneously, this will create new hurdles (as well as opportunities) for pharmaceutical and devices companies on marketing and sales strategies.

  1. More global insurance players will be let in the country

The healthcare insurance market will be further opened to international enterprises and constraints on new healthcare insurance products are expected to be progressively lifted. Expat families and individuals who are living in Hong Kong will have more options as a result.

Many insurance companies in Hong Kong have already launched healthcare cover innovations specifically for Covid-19 protection such as Pilot’s Income Protection Insurance and Hong Kong AXA’s enhanced coverage products. 

It’s worth looking at one’s current insurance plan to make the necessary changes to ensure that all bases are covered.

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Need help finding business and personal insurance in Hong Kong? We assist expats find the best covers.

 

12Dec

Money-saving tips for new graduates

Ah, yes. Graduation.

Finally!

Independence!

Freedom!

The world is your oyster…if only you had the money.

Graduation creates this illusion of immortality for fresh graduates, especially for those belonging in Asian or other conservative families wherein they usually live with their parents or remain tethered financially until they hold a job of their own. So, the moment that the diploma is received, a surge of energy initiated by a newfound sovereignty course through their veins.

It makes sense though. You’re a youngblood with high hopes and dreams, you’re seeing the world beyond the books for the first time. You don’t have a curfew, homework, or a parent to answer to.

All of this rush of adrenaline doubles that moment you get employed because job equals money equals “add-to-cart”, right?

For a moment, there is harmony in your cash-ins and cash out. But at one point, maybe on the day when your employer can’t give your salary on time or when somebody gets sick, you’ll realize that you do not have a cent in the old piggy bank. Then, the reality of adulthood sets in. It’s time to decrease the “YOLO” and start saving.

Here are some tips money-saving (and maybe even earning) tips for all our fresh graduates out there:

1)   Invest

While having saved money in your account is good, placing them in good investment is better. Rather than letting them just stay in your account until your next impulsive buy, why not make them do the earning for you? Aside from insurance companies, some banks provide services on investments wherein you can start small, just enough for the entry-level salary.

2)   Wants and needs

Do you need another pair of shoes for work? My Economics professor once told the class, “If you can distinguish your wants from your needs, then saving is easier.” and that is financial wisdom I still hold today.

Needs which are your basic food and drinks, toiletries, clothes.

Wants are your 5-star meals with a bottle of champagne, Jeju face masks, and plain, white shirts that cost five digits.

Always reflect before you buy: “Need or want?”

3)   Allocate

Once you fully recognize your needs, you need to be very familiar with your cash flow and where to place them. It is important to list down the daily, weekly, and monthly expenses so setting a budget is easier.

4)    Something on the side

If you have an 8-hour job, especially one that keeps your weekends open, I would encourage having a sideline. Something non-committal, that you can do from the comfort of your home and that will take only a few hours of your time. It can be writing, copyreading, editing pictures, translating, even online tutorials.

There are such jobs out there.

Once you receive your pay, keep it safe. Don’t spend it. That’s your side hustle money.

When you’re a young investor, it doesn’t hurt to earn a bit more cash.

5)   Be wary of your circle

Friends and workmates are a great influence even in young adulthood and, sometimes, when one of them declares a night out or a trip to somewhere pricey, it’s difficult to say no.

There’s nothing wrong if your friends have more money than you, just as there’s nothing wrong if you have less money than your friends. But it’s important to remember at which part of the spectrum you are, and not get carried away. Also, be mature enough to not be insecure about the financial differences that you feel the need to spend money like them to achieve validation.

Learn to decline when it no longer hits your budget. If your friends are really good people, they’ll respect that.

6)   Splurge money

As contradicting as it is, it’s also important to spoil yourself every once in a while.

Have “splurge piggy bank” and invest a fixed portion of your savings to it.

It can be money for a concert happening in a few weeks or a monthly shopping spree/fancy dinner dates for yourself.

The point is, you have to spend money on you too. Sometimes, we impulse buy because we’ve been deprived for so long. So, it’s just better to just have a controlled source of cash for an “I deserve this” splurge. Just make sure that the “I deserve this” days aren’t every day.

7.) Get insurance early.

If you buy permanent life insurance early, this gives you a longer period of time to put money into the insurance plan and also allows you to draw interest on your money for a longer period of time. We help expats in Hong Kong find the best personal insurance. Get in touch with us today.

21Aug

A Checklist to Know If You’re At Risk of Heart Disease

There are several risks factors for heart disease – some of which are preventable. They include hypertension, hyperlipidemia, smoking, diabetes mellitus, obesity, lack of physical activity and chronic stress. Genetics also plays a factor which can or can’t be controlled by medical measures. [1]

According to the British Heart Foundation, UK residents dying from heart and circulatory diseases before 75 was recorded to have risen in May 2019 for the first time in 50 years. [2] In fact, coronary disease is one of the top health problems among expats in Hong Kong. [3]

This is a cause for alarm given that pre-existing conditions such as heart disease makes one more susceptible to Covid-19. This is why it’s important to check-in if you or your family are at risk.

Simultaneously, we recommend that you revisit your current health insurance (if any), to see if you’re covered in case something happens.

Here’s a checklist to determine if you’re at high risk for heart disease:

> Increasing age – people aged 65 or older are at a higher risk

> Gender – heart disease is more prevalent among men.

> Family health history (as well as race) – Children of parents with heart disease are more likely to develop heart disease themselves. African-Americans have more severe high blood pressure than Caucasians, therefore, at a higher risk.

> Smoking – smokers and the people who regularly get second-hand smoke from them

> High blood cholesterol – note that a person’s cholesterol level is also affected by age, sex, heredity and diet.

> High blood pressure – this condition increases the heart’s workload, causing the heart muscle to thicken and grow stiff as one ages.

> Inactivity – a sedentary life can lead to poor blood circulation, high cholesterol, and other co-morbidities.

> Diabetes – Both Type 1 and Type 2 diabetics are prone to heart disease. The risks are even higher if blood sugar is not properly managed.

> Being overweight – obesity leads to heart disease and stroke even if there are no other risk factors.

If you think you’re at risk and checked off several of the factors mentioned above, visit a health professional and ask about preventive measures you can do to reduce risks.

In addition, make sure you’re health insurance can cover coronary disease-related procedures and check-ups to protect your finances and prevent the need to dip into your life savings.

Sources:

[1] https://www.chp.gov.hk/en/healthtopics/content/25/57.html

[2] https://www.theguardian.com/society/2019/may/13/heart-circulatory-disease-fatalities-on-rise-in-uk

[3] https://expatliving.hk/how-to-prevent-heart-disease-cardiologist-hong-kong/

[4] https://www.heart.org/en/health-topics/heart-attack/understand-your-risks-to-prevent-a-heart-attack

19Jun

Should I still get the flu shot during the pandemic?

Monsoon season signals the beginning of flu season – and with the world still trying to survive the coronavirus, is it still worth getting the flu shot even though it won’t protect us from Covid-19?

COVER ALL THE BASES

Stocking up on healthy food, vitamins, hand sanitizers as well as constant handwashing aren’t the only measures we can take to fortify our safety.

Getting the flu shot may not stop coronavirus but it could mean the difference between getting infected with mild symptoms or suffering (and possibly dying) from complications.

And since there’s a greater chance of a person getting the flu than the coronavirus, taking the vaccine is one of the best ways to stay healthy and avoid a mountain of medical bills.

Contact Village Insurance Direct for inquiries on medical insurance for expats in Hong Kong.

THE BEST TIME TO GET A FLU SHOT

In relevance to the ongoing pandemic and according to the CDC, people who have not received the flu vaccine for the current season and are planning to travel to regions where influenza activity is ongoing should get a flu vaccine to protect themselves during their trip.

In addition, the CDC recommends that everyone six months and older get an annual shot a three to six months before flu season starts.

STILL NEED TO TRAVEL? HERE ARE SOME TIPS:

– Be mindful and thorough with your research when you must travel to another country. The CDC provides updated information on seasonal flu activity throughout the world.

– During your trip, observe local guidelines such as mask-wearing and practice healthy habits.

– After a trip, closely monitor your health for seven days. In case one becomes ill with flu-like symptoms, immediately seek medical attention if they are severe.

For inquiries on travel insurance that covers repatriation and other measures to protect you during a pandemic, get it touch with us today.

11May

Rainy Season Diseases

Rain is associated with a throng of things, most of which are good.
So, naturally, the rainy season invigorates these good things such as: running in puddles, the pitter-patter of raindrops on the roof that lulls you to sleep, coffees by the windowsill, and for the love-stricken, it’s the ultimate “cuddle weather”.

However, the rainy season brings more than the comfort hot cocoas and oversized sweatshirts.

I hate to be the bearer of bad news but ‘this is also the season for “seasonal” diseases. The quotation marks are there because these diseases are technically always present, however, because the conditions are more favourable in the rainy season, the risk of acquiring them is higher.
Here’s a list of diseases that you need to look out for in the season that keeps on pouring…diseases:

1) Dengue

Dengue is a mosquito-borne, fast-spreading, disease caused by the Flavivirus. It is one of the fastest-spreading diseases at present and, if left untreated, can lead to death.

In the Philippines, out of a total of 77,040 suspected cases, 328 deaths were reported in the first 20 weeks of 2019. Consequently, this makes it an urgent public concern. It is one of the most monitored diseases during the rainy season.

The cases of dengue increase during the rainy season because of the stagnant water that fills up make-shift or incidental “basins” such as pots or bottles which serve as a paradise for the virus-bearing mosquitoes. These areas act as breeding grounds for the mosquitoes. If the area is unkempt or polluted, the happier the mosquitoes.

Further research for the cure for dengue is still underway, and definite
treatment for the diseases is still non-existent. The best way to handle a dengue patient is to bring them to a hospital for supportive care.

The World Health Organization (WHO) encourages early detection, awareness, and preventive measures to fight the spread of the disease. These preventive measures include cleaning the mosquito breeding sites, using mosquito repellents, and nets.

Furthermore, vaccination is encouraged. Aside from dengue, other vector-borne diseases to look out for during the rainy season are Malaria and Yellow fever. However, the incidence of the two is lower than that of Dengue.

2) Leptospirosis

An indirect disease associated with heavy downpour is Leptospirosis which is a bacterial disease caused by the spirochete Leptospira. It can be carried by a variety of animals such as rodents, dogs, livestock, and wildlife however, the poster boy of the disease are sewer rats.

The disease can be acquired when broken skin, just like in cases of lacerations or open wounds, is exposed to water or soil contaminated by the infected animal’s bodily fluids (urine, blood, saliva, etc.). This can also be ingested in cases wherein the water lines in domestic homes are contaminated.

Places, where there is a poor sewage system or sanitation, are prone to flooding. When there’s rain, there’s a flood, and that murky water is a mixture of animal urine and faeces. Hence, people who trudge the flood, especially those with wounds on their legs and feet, are prone to developing the disease.

If untreated, Leptospirosis will cause serious illnesses such as kidney or liver failure, meningitis, difficulty breathing, and bleeding.

Unlike Dengue, antibiotic therapy can be done to fight the disease, but early
detection is vital to the treatment. It is also stressed that prevention can be done by avoiding contact with contaminated water and soil by using appropriate, protective clothing. Prevention of rodent infestation by keeping your area clean is also highly recommended.

Other diseases that we should be vigilant for in cases of flood include typhoid fever, cholera, and hepatitis A.

If you’re travelling anywhere in Asia this rainy season, make sure you have the proper travel insurance cover to keep you protected from emergencies.

 

SOURCES:

https://www.cdc.gov/leptospirosis/exposure/hurricanes-leptospirosis.html

https://www.who.int/westernpacific/news/detail/11-06-2019-dengue-increase-likely-
during-rainy-season-who-warns

https://www.who.int/hac/techguidance/ems/flood_cds/en/

8Apr

Updating Your Health Insurance

As we go through different phases of our lives, so do our needs for health insurance cover. Does your current plan still cover your needs or are there parts of the policy that are not longer needed?

Health insurance covers must also adjust to the rest of your family member’s needs which is why it’s important to check with your provider every two years.

Here are questions you should ask when reviewing your policy:

1. Is my policy limit enough to cover my needs and my supplementary? There are policies that offer unlimited annual policy offers.

2. Do you have plans of moving or traveling more frequently? This means you might need a health insurance policy that covers the places you will be traveling. There are international health insurance covers that follow you wherever you are and plans that excludes the US or UK.

3. If you’re married and have a growing family, is your insurance plan able to adapt to maternity and child needs?

4. Do you need to add a policy for pre-existing, mental, hereditary, congenital and chronic conditions?

5. If you have a policy taken care by your current employer, you also need to evaluate if you’ll need a separate private medical insurance if there are plans of changing jobs. Check if the company health insurance covers for family members or for chronic diseases. If you have special medical needs and your company insurance does not cater to its treatment, an international health insurance cover should be able to take care of what’s lacking.

AS AN EXPAT, CONSIDER INTERNATIONAL HEALTH INSURANCE

This health insurance policy is generally comprehensive and can cover maternity and cancer treatment. It all depends on your needs as well as your family’s. Village Insurance Direct helps expat find affordable and complete international health insurance from established providers in Hong Kong.

As an expat, you need to foresee if you will be moving in the next years and having international health insurance that follows you wherever you will give you peace of mind in situations where a local hospital may be unable to provide for your needs. The advantage of having this type of insurance is also having local service from your provider’s customer support so you know exactly what your policy can cover.

Ask your insurance provider about your current policy. It is also crucial that you do your own research especially if you’re paying a substantial amount for medical insurance you yourself and your family.