According to the HK Food and Health Bureau using data from the OECD and WHO, the average Hong Kong resident spends $21,433 per year on healthcare for a total of $157,248 million – a staggering number for a small island.

In Part 1, 2 & 3 of this series, we shared some tips on how you can save money on your health insurance. But we know this is an important topic for our clients so here are a few more centred around reducing claims costs.

Get a 2nd Opinion

If you get a diagnosis or a course of treatment from a doctor, it’s often prudent to get a second opinion – especially if it’s a serious thing. Not only is it good for your wallet because it can help you choose a more cost-effective option, it’s good for your health. Doctors make mistakes sometimes and there are a ton of treatment alternatives out there for even the most serious of illnesses.

Getting a 2nd opinion helps you confirm your diagnosis, weigh the pros and cons of each treatment plan and helps you make an informed treatment decision. Often times, instead of expensive heart surgery, a cheaper lifestyle and preventative medication program might actually work better for you but you won’t know until you get a second opinion.

Most insurance companies will cover the cost of getting a 2nd opinion so why not?

Prescriptions: Generic vs. Brand Name

Most prescription drugs come in generic and brand name versions. As you can imagine, the brand name versions can sometimes cost significantly more than the generic alternative. If you get prescribed a brand name drug, try to talk with your doctor and get a generic alternative or an alternate drug that would be cheaper.

This helps you reduce the amount you claim and the amount of money you have to co-pay for the drug.

Communicate with Your Doctor

It’s important to have an open discussion with your doctor about your concerns. A lot of times, doctors will perform different tests as a precaution (they don’t want to get sued) but some may not be medically necessary. There might also be more cost-effective alternatives to certain treatments that can save you money (especially if you have a high co-pay).

Spending too much on Health Insurance?

Then get in touch with a Trusted Union advisor for a policy assessment and more tips on how to reduce the amount of money you’re spending on healthcare and health insurance.You can read
Part 1, Part 2 & Part 3  of this series for more information about reducing health insurance cost.