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Introduction
We’re pleased to share with you our new range of international health insurance products in Hong Kong for 2023/24.
We’ve focused pricing actions this year, so changes to benefits are minimal. The changes take effect for all existing members in Hong Kong with a renewal date of 01 March 2023 or later, and all new members purchasing a health plan with a start date of 01 March 2023 or later.
TABLE OF CONTENTS
Benefit changes
Optional well-being benefit
We’re no longer offering the optional well-being benefit in Hong Kong. If a member has the optional well-being benefit on their existing plan, we’ll remove it from their renewal plan and reduce the renewal premium accordingly. Please note that this change only affects members in Hong Kong. Members outside of Hong Kong can keep their optional well-being benefit.
Clarifications to repeat and longer-term medication
We have clarified the cover for repeat medication and longer-term medication. We’ll only pay for medication that has been prescribed to a member during their period of cover. If they are prescribed medication that they need to take after their period of cover expires, we’ll pay only for the proportion of the medication they need to take during their period of cover.
We’re closing USA-90
We’re closing the USA-90 option for new members. Renewing members can keep the USA-90 option on their plan.
How we’ve developed our pricing model for health plans starting in 2023/24
Average premium inflation
We’re investing in our long-term pricing model for health insurance premiums. Our aim is to produce simpler pricing levers, fairer and more accurate premiums for members, and far more competitive premiums in Hong Kong. This takes time, but our work continues behind the scenes all year.
8.45% average premium inflation
From 2022/23 to 2023/24, the average premium inflation for members is 8.45%. We believe this increase is reasonable, particularly given the continued turbulence in the Hong Kong market.
A reminder: the average premium inflation is an average. It doesn’t take into account age-related increases and, while some members will experience premium inflation, others will experience negative premium inflation.
Pricing changes
Base rates—We’ve applied the majority of the 8.45% increase to the age base rates and the base rates for optional benefits.
Excesses—As we’ve projected in previous years, we’re now applying only nominal adjustments to the loadings and discounts for our excess options.
Dental Basic/Plus for members aged 0-17—Since we switched this optional benefit to a fixed-premium value, we’ve conducted a 3-year remedial pricing plan on the benefit. With the changes for 2023/24, that plan is now complete.
