8 important things to ask your insurance broker

Insurance brokers are not one-size-fits-all. Specialised insurance brokers tailor insurance plans for specific individuals, but comprehensive insurance brokers assist you in a wide variety of insurance plans. It’s important to choose the specialised insurance you need. For example, Pacific Prime, as a comprehensive insurance broker, has the professional acumen to assist in health, life, travel, personal liability, and corporate insurance.

There’s a lot to insurance policies and plans, so much so that it can be hard to wrap your head around them. Insurance brokers do more than just consult on insurance plans—they also answer your questions on insurance policies, as well as assist with renewals.

Pacific Prime has a dedicated team on hand that you can contact for any questions you have throughout your policy duration. Your point of contact can also provide assistance on claims handling and escalation, and minimises any confusion that may arise before and after purchasing a plan. Its team provides advice and services that are free of charge, and any policy premiums purchased through Pacific Prime will never be higher than going directly to the insurance company.

Your circumstances change as you age, and so does your country of residence, budget, and need for different types of medical aid. That is why the standard contract length of a medical insurance plan is 12 months. If you find that your current plan no longer suits your needs, just wait for a little bit, and you will be able to switch to another. However, a majority of health insurance plans are renewable, saving you the trouble of going through the whole process every year. All international health insurance plans are guaranteed to be renewable.

You might be comfortable living in Hong Kong at the moment, but you never know where life will take you in the future. International health insurance travels with you wherever you go, so you’ll remain covered without the hassle of going through the entire process again whenever you relocate to a new country. There’s also the added benefit of guaranteed renewability, so your plan is renewable regardless of your claim history in the previous year.

Plans can vary with the type of medical services they cover, such as hospitalisation fees, GP visits, dental care, and more. But what they have in common is the scope of geographical areas they cover. You typically have the choice between an international health insurance plan applicable worldwide, and one applicable worldwide excluding North America. IPMI (international private medical insurance) allows you to select a doctor and hospital of your choice within the covered area. It mainly covers inpatient, outpatient, maternity, dental, and well-being. Some also come with deductible and cost-saving options. With the right cover plan, feel free to travel with the assurance that you’ll be in safe hands wherever you go!

Inpatient treatment refers to procedures that are conducted in a hospital where overnight stays are necessary, which will include surgical fees, diagnostic tests, emergency dental, and daycare treatment. Outpatient treatment refers to services that do not necessarily require someone to head to a hospital, covering routine care procedures that can be conducted in a clinic and pharmacies like prescription drugs, vaccinations, and doctor’s appointments. All IPMI plans include coverage for hospital stays and inpatient treatment, as this is mandatory, but outpatient coverage can be added to your plan as a premium benefit.

A deductible or excess is a price for medical fees you pay out-of-pocket before your policy kicks in and you start to be insured by the insurance company. Some plans are zero-deductible, meaning you don’t need to pay anything before the coverage kicks in, but that usually means paying more for the insurance plan. Deciding on the right amount of deductible on a plan can save you a lot of money in the long run, so it is important to choose carefully. At Pacific Prime, an advisor will help you find the best option based on your budget and circumstances.

Age limits for applying for insurance plans can differ between providers. Most plans tend to apply to individuals up to 60 and 80 years old. Usually, there is no minimum age restriction, so international health insurance plans can cover children as well.