This is the 2nd part of a 4 part series of articles sharing tips that we use and recommend to our clients on how to save money on your health insurance by making it more efficient.

Hong Kong has consistently ranked 2nd in the world for average cost of health insurance (just behind the US) and the most expensive location in Asia (with Singapore and China trailing behind in 2nd and 3rd place respectively). The average health insurance policy in Hong Kong costs $12,585 USD per year.

So what can be done about this? It might seem like you’re at the mercy of the insurance companies but that’s not true. Today, I’ll share 3 things you can do to keep your health insurance costs under control.

Semi-private Room Discounts

For those who don’t need to recover in luxury, you can save money by ‘downgrading’ from private rooms to semi-private rooms. This reduces claims costs for insurers and therefore cheaper premiums for you.

Inpatient-only Policies

Inpatient treatments are ones that you need to be hospitalized for and are usually the more serious ailments where the costs would be high enough to exceed the deductible and qualify for reimbursement. By reducing your cover to only reimbursing you for inpatient treatment, it saves you money because you’re cutting down on unnecessary cover. Remember, you buy insurance to cover large unexpected expenses, not small ones like doctor’s visits.

But you have to be careful when cutting down your coverage. Make sure you consult your insurance advisor so that you only take away things you don’t need and not going so far that your policy becomes useless.

Track Claim Amounts

The logic behind this strategy is very similar to the one discussed above. Take steps to track your outpatient and other expenses and how much of your cover you’re actually using. This will help you identify underutilized portions of your cover that you might be able to cut to save money.

A spreadsheet is great for this but there are also some apps available on the market that makes it easier. You can use your favourite expense tracking or budgeting app but I would also recommend checking out Clarity Money or Mint.

Want More Tips on How to Save Money on Your Health Insurance Policy?

You can read Part 1 of this series for more money saving tips and stay tuned for more articles where we share valuable money saving tips. Or get in touch with a Trusted Union insurance advisor. We can help you analyze your policy for underutilized parts and make sure you’re getting the most value out of your health insurance policy.