Health insurance costs: China vs other Asian countries
Ever wondered how much health insurance costs in China, and how it compares with other Asian countries? To investigate medical insurance premiums around the world, a recently released study by Pacific Prime, titled: Cost of International Health Insurance - 2017 , analyzes the cost of international health insurance in 100 countries, and provides a regional comparison of insurance costs. Here, we look at what the new report has to say about health insurance costs in China vs other Asian countries.
The most expensive countries for health insurance in 2017
Pacific Prime's annual study includes a ranking section with the 20 most expensive and five least expensive locations for international health insurance in 2017. Let's take a look at China's ranking:
Note: Health insurance costs stated in the report were derived from premiums charged by 10 major insurers, who each offer three levels of plan: inpatient only, inpatient + outpatient, and inpatient + outpatient + maternity. Based on these plans, Pacific Prime pulled premiums from the four most common demographics who buy international medical insurance: individuals (36 year old male), couples (36 year old male and 35 year old female), families (36 year old male, 35 year old female, and two children aged 0 and 5), and retirees (60 year old male). For more information, please refer to the full PDF version of the report .
China's global ranking
With an average cost of USD 10,695, China ranks closely behind its Asian neighbors Hong Kong and Singapore as the fourth most expensive location in the world for international health insurance. An interesting thing to note here is that China's ranking actually decreased from third place in previous editions of the report to fourth place in 2017. Its average cost also reduced slightly by USD 186 compared to last year's figure.While there are many reasons for this slight decrease, one possible explanation is increased price competition from insurers in China, who are all looking to attract the growing number of expats in the country along with the increasing number of High Net Worth (HNW) individuals looking to visit private hospitals in the country.
Health insurance costs in China vs other Asian countries
Home to a high number of expats and HNW individuals, the main markets for international insurance products, Asia is a particularly interesting region in regards to international health insurance costs.
The average premium of plans for all demographics in this region spans from USD 12,585 to USD 7,391, with Hong Kong (as shown in the graph below) being the most expensive country, and Pakistan being the least expensive. Originally ranked as the second most costly country in Asia, China now ranks third place due to a slight decrease in overall premiums and a small increase in average health insurance costs in Singapore. Neighbouring countries Taiwan and Vietnam take fourth and fifth place, with an average premium of USD 8,812 and USD 8,746, respectively.
Source: Cost of International Health Insurance Report - 2017 (online version)
Download the Cost of International Health Insurance - 2017 report
For more in-depth analysis on the key findings addressed in this article, and to learn about the average premiums for each of the four main demographics in China, be sure to get your free copy of Pacific Prime's latest report today. The report can be accessed either from our homepage ,as an online version which presents an overview of the study's main findings, or as a full PDF version (contains full rankings and analysis).
If you have any more questions, or would like to have a chat about your insurance options with an expert, contact Pacific Prime China today . With years of experience operating in China, our team of advisors are on hand to offer impartial advice based on your needs, match you with the best health insurance plan, and give you a freequote.