Hong Kong residents paid HK$10.3 billion in premiums for health insurance in 2016 and everyone wants to save some money on health insurance – especially in Hong Kong where we’re paying higher rates than the rest of Asia (behind Singapore and China). In Part 1 & 2 of this series, we shared some tips on how you can save money on your health insurance premiums. Back by popular demand, this is Part 3 full of tips on how make sure your health insurance premiums stay affordable.

Stop Smoking

Not only is this good for your health (and wallet), it can also reduce the cost of your health insurance. Insurance companies decide how much to charge based on their estimation of risk – the probability that you’re going to make a claim and its size.

As a smoker, you would be in the higher risk category and so will be asked to pay a higher premium than non-smokers.

Stay Healthy

This tip follows the same logic as quitting smoking. The healthier you are, the less likely you are to claim on your health insurance, than means lower premiums and fewer doctors’ visits which translate to lower costs you have to co-pay.

Shop Around

To make sure you’re really getting the best deal, make sure you shop around. An insurance broker can help you do that. Insurance brokers are legally required to work in your best interests – not for the insurance companies. So you can count on them to give you sound advice.

Using Your Partner’s Plan

If you’re married or have a domestic partner, you may not need your own health insurance. If they have an individual plan or an employee group benefits plan, check to find out if you are covered under their health insurance plan. Even if you don’t currently have coverage under their plan, they might be able to extend it for a relatively small fee.

Group plans will also be generally cheaper than individual plans because insurers are able to spread risk.

Want to save on your Health Insurance premiums?

Then get in touch with a Trusted Union advisor. We can help make sure you’re getting the best value for money out of your health insurance policy. You can read Part 1 & Part 2  of this series for more information about reducing the cost of health insurance.