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SOURCE: Pacific Prime Insurance Brokers Ltd.
Globalsurance is concerned for the Hong Kong private medical insurance market after medical cost procedures increase in certain hospitals.
Hong Kong (PRWEB) February 04, 2013
Globalsurance is concerned for the health insurance market of Hong Kong after an already expensive private healthcare system continues to increase in price.
The 1st of February 2013 saw one of Hong Kong’s top private hospitals, The Matilda, increase its general practitioner consultation fee in its outpatient department by 18%, meaning future claims may lead to greater premium increases.
Hong Kong’s private medical scene is already renowned for its luxury 5 star accommodation and impeccable standards of service and its private system ranks as one of the most expensive in the world, second only to the United States. As a result of such expensive care, premium rates in Hong Kong, as well as other major Asian locations, tend to be significantly above average in comparison to the global average.
Private hospitals tend to be predominately made use of by Hong Kong’s large expatriate population. While the majority of Globalsurance’s customers will be covered by international medical insurance plans, the increase in the prices of claims will not help with Hong Kong’s higher premium average.
Furthermore, private medical claims in Hong Kong are not only expensive, but they are frequent too and this frequency may also be increasing due to an apparent tendency to over-prescribe unnecessary medical treatments. This expensive habit is particularly well illustrated in the case of caesarean births where the rate in Hong Kong is twice that of Australia’s, the United Kingdom’s and the United States.
Globalsurance cannot say for certain what this means for the Hong Kong health insurance market but if more treatments across other private hospitals also increase in price, this will undoubtedly have an affect on premium rates and both local and international insurance policyholders will be impacted.
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