Most people don’t realise they’re paying too much for medical insurance in China. The majority of people are sold more coverage than they require, don’t clearly understand what’s covered or aren’t being presented with cost-effective alternatives from their insurance company or insurance broker.
How to identify if you’re paying too much for your health insurance?The first thing you need to do is benchmark your health insurance plan against similar plans. People often find that there’s a plan which offers the same level of coverage for a lower rate, or for the same rates they can get a better plan. If you have any existing medical conditions you should always be careful when considering a switch of insurance companies. It’s often better to check out the packages on offer from your existing insurance provider. 5 ways you might be overpaying for China health insurance1. You only need cover in China, but you’re on an Asia or Worldwide plan. Most insurers offer various options for area of cover and this affects the price.2. If you have enough spare cash to cover unexpected expenses in life, you can consider an inpatient (hospitalization) deductible on your plan. This reduces the price of the insurance.3. You may not be aware of it, but your plan might cover ‘luxury’ (especially high-cost) clinics in China. If you go to regular international clinics or hospitals and never visit these ‘luxury’ clinics, excluding them from your plan can save you 25-35% a year. Yeah that’s a lot!4. A lot of people have a comprehensive package including dental and wellness but never use these benefits. These can usually be removed for significant cost saving. 5. Last but not least. Wellness benefits or annual health checkups may be covered on your plan and you may use this benefit every year. That’s great. But what you might not know for example, is that for many insurers if you have a CNY 5,000 wellness limit, the additional cost to your plan can be between CNY 4,600 to CNY 4,900. You can save money by paying for annual check ups out-of-pocket and removing the wellness benefit from your plan. Many clinics are willing to give discounts to cash payers or have great check-up options costing less than the limit on your insurance.There are many more ways people overpay, but from our research these are the most common.When trying to figure this out contacting a reliable insurance broker is a great place to start.China Expat Health is a China-based licensed health insurance broker, who can quote and compare all plans on the market, including from your existing insurance provider. This can save you a lot of time and money.
**************
You may be interested reading about
#Business
#Legal
#SH Life & Tips
#Housing
#Visa
#Travel
**************
Your opinion is important
Click to answer our satisfaction survey
**************
Follow our WeChat Channel
**************
About us
Expat Services is an online media for English speakers living in Shanghai. We keep you informed about what you should not miss in Shanghai, and soon in some other cities of China.Our media is on ex-s.cn and our official account: Expat ServicesSH. We also broadcast and interact with our community on Western media.We offer targeted information about networking, associations, professional clubs, events, tips, things to discover and promotions from many shops and other service providers in Shanghai.By joining our WeChat groups, you can exchange and share with our community. Please add our support service team (WeChat ID: ExS-SH), we will add you in different groups.
To get your free ExS Membership Card,
click on the card
Our network is Your network, join us!
Discover our different sections,
Click on it below
News
---------------------
Selections
---------------------
Networking
---------------------
Events
---------------------
Special Deals
---------------------
Jobs
---------------------
Services
---------------------
Art & Music
---------------------
Apps & Tips
http://mp.weixin.qq.com/bizmall/appmsgcard?action=show&biz=MzUxNjg4Njc0Mw==&cardid=p126f0RMzQY1BR2KkGhkGjOxdRR4&wechat_card_js=1#wechat_redirect
Give us a WOW,
and support our initiative with myBoomi.io
For each WOW, we donate 1¥.
We just need 25 WOW to plant 1 TREE,
so let's grow a forest together!