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 in Asia, Africa, The Americas, The Middle East, and Europe. 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; in 2016, the average cost of international medical insurance in China was USD 10,881. 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.

Health insurance costs in China vs other Asian countries

Home to a high number of expats and High Net Worth 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.

Interesting changes revealed in this year’s ranking

Among four other key findings, the analysis section of the report presents analysis on two main findings that are particular to the Asia region:

1. As we mentioned above, Singapore has surpassed China as the third most expensive location for international health insurance in the world.
2. Five Southeast Asian countries increased in ranking globally:

• • Singapore – From 5th place in 2016 to 3rd in 2017
  • Vietnam – From 32nd place in 2016 to 13th in 2017
  • Thailand – From 36th place in 2016 to 14th in 2017
  • Indonesia – From 24th place in 2016 to 19th in 2017
  • Malaysia – From 86th place in 2016 to 20th in 2017

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 free quote.

Disclaimer: Pacific Prime China solely represents, operates and manages locally regulated insurance products and services in the territory of PR China. Any references to Pacific Prime Global Company or Group, the international services, insurance products or otherwise stated written or verbally, is for introduction purposes about our overseas network only as each entity is fully independent.