Buying health insurance at the prime of your health could be the best decision you can make in your 20s. The public health resources have been under increasing strain while private healthcare certainly does not come cheap, medical insurance will help you to cover the bills in the event of an unexpected illness or accidents.
Let's debunk a few myths on medical insurance:
Myth 1: I am young and healthy, is it too early to get a health insurance plan?
Truth: The lower the age of the insurer, the lower the premium will be, according to the calculations used by Hong Kong's Voluntary Health Insurance Scheme. Starting early on health insurance is vital as full coverage for unknown pre-existing conditions will only be provided from 4th year onwards1.
Myth 2: Should I just purchase the cheapest plan?
Truth: Instead of just looking at the premium, you should compare all the benefits available for each option. Find out about the co-payment amount required in your plan as lower-cost plans are usually more restricted. As you get older, review your plan and upgrade if necessary to meet your healthcare needs.
Myth 3: My company also offers medical insurance, is it not necessary to buy another plan?
Truth: Coverage provided by your company's plan is usually not so comprehensive and may be inadequate to pay for more serious medical needs. Furthermore, you will lose the coverage when you are no longer under employment. Having your own policy will give you better protection and peace of mind.
Myth 4: Health insurance is not worth it. I won’t be able to get my premium back if I don't make any claims, right?
Truth: Most plans offer services such as routine screenings and immunization for preventive care; health insurance is more than just making claims for hospitalization bills.
In addition, there are plans in the market such as Cigna Guarantee 100 Protection Plan offers guaranteed return of 100% total premium paid at age 65; or even 108% refund at the end of the tenth year of your policy, offered by Cigna 108% Health Spectra. You can have your premium back even if you don’t make any claims.
Get insured from a young age
It’s never too early to plan for the unpredictable. Starting early on health insurance is vital. Young parents, in particular, should also get health insurance for their children as early as possible. Public healthcare system in Hong Kong has been overloaded for some time. To plan the best for your children, private hospital - which medical expenses are comparatively higher - is a more common choice. An all-rounded medical plan can lessen parents’ financial burden when the time comes.
1Refer to Cigna VHIS Series for more details.
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