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What is the cost of health insurance in China in 2018

Did the cost of health insurance in China rise or decline in 2018? How much does an individual and family insurance plans cost in China, Hong Kong, and elsewhere? What is the cost of health insurance in China and worldwide in 2018 compared to previous years? The answer to these and many other questions can be found in today’s Pacific Prime China article, as well as in our annual Cost of Health Insurance report, which is now available for free download.

The cost of health insurance in China in 2018

According to the 2018 edition of Pacific Prime’s Cost of Health Insurance report, China’s average premium has decreased compared to the previous two years. We have seen a slight premium reduction in China from 2016 (US$ 10,881) and 2017 (US$ 10,695) to this year’s US$9,639. The further decrease over the past year might have occurred because, in this year’s analysis, we have included onshore plans for calculating China’s average premiums. Despite these changes, the country’s average cost and ranking did not change considerably. China fell in ranking, but only by a few positions.

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The average cost of health insurance in China, and worldwide

In the 2017’s worldwide ranking, China was ranked the fourth most expensive country to obtain international health insurance in, but has now fallen to 5th place overall. When compared with the most expensive plans sold in the US, China’s plans are 58.3% cheaper. In real dollar terms, the price overall fell from US$10,695 in 2017 to US$9,639 in 2018.

The top 5 most expensive countries’ average cost of health insurance in 2018 are as follows:

Rank Country Average Cost – USD
1 US $23,120
2 Hong Kong $12,927
3 Canada $10,361
4 Dubai $9,917
5 China $9,639

The cost of health insurance in China for families

We describe a family plan as a plan for a family of four consisting of a 36 year old male, 35 year old female, and 5 and 10 year old children. Here, China’s premiums are also in the top 5 most expensive countries. With an average family plan price of  US$14,757, China takes 4th place in our 2018 ranking. The most expensive country to get family insurance in is again the US, with a cost of US$34,298. China’s policies are 57% cheaper than the most costly sold plans in the US on average.

The top 5 most expensive countries’ average cost of family health insurance in 2018 are as follows

Rank Country Average Cost – USD
1 US $34,298
2 Hong Kong $18,494
3 Canada $15,003
4 China $14,757
5 Dubai $14,635

The cost of health insurance in China for individuals

China is at the 8th position in the rankings of most expensive countries for individual international health insurance plans, and is still the 2nd most expensive country in the Asia Pacific region, behind Hong Kong.

The top 5 most expensive countries’ average cost of individual health insurance in 2018 are as follows:

Rank Country Average Cost –   USD Rank Country Average Cost – USD
1 US $11,942 6 Mexico $4,628
2 Hong Kong $6,432 7 UK $4,607
3 Canada $5,720 8 China $4,522
4 Dubai $5,198 9 Singapore $4,520
5 Israel $4,850 10 Russia $4,451

What’s driving the cost of health insurance in China and in the rest of the world?

The Cost of Health Insurance 2018 report includes a comprehensive section that explains in great details the reasons behind premium changes and international insurance trends. For the needs of this article, we list below four key drivers behind IPMI premiums as identified in Pacific Prime’s report:

  1. Increased demand for international quality private care

This trend continues from the 2017 edition of our report. Clients demand better quality healthcare in their home countries, causing the overall cost of healthcare to go up.

  1. Increased cost of healthcare

Increased demand for quality healthcare is reflected in the increased cost of healthcare. And the cost of healthcare is inseparably connected with insurance premiums.

  1. Increased regulation

This trend is particularly true for China, where all insurance plans sold must be offered by insurers licensed in China (hence our change in the report and use of onshore plans for our analysis). We noticed that this is a good change for China, as the plans are of better quality, and designed to serve better those living in China.

  1. Continued challenges with fraud regulation

Health insurance and health care fraud have been a critical factor behind IPMI premiums since we started with our COHI report in 2015. The trend continues in 2018, as we see that more and more insurers are investing in fraud detection, which may further increase premiums when the costs of such investments are included in the price policyholders pay.

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Learn more about the cost of health insurance in 2018 in our report!

There is more to discover about the cost of health insurance in China, and worldwide, than this article shows! Download the Cost of Health Insurance 2018 report today and gain valuable insights into the International Private Medical Insurance industry, and in particular:

  • View rankings of the top 20 and bottom 5 most expensive countries for health insurance – including the CAGR of plans from 2015 to 2018;
  • See the analysis of the key drivers behind international medical insurance premiums;
  • Get access to a 2018 review of key findings;
  • Get hold of our appendixes that list the average cost of health insurance for individuals and families in 100 countries.

If you have any more questions about the cost of health insurance in China, and available plans options, contact Pacific Prime China today. With years of experience operating in China, our team of advisors offer impartial advice based on your needs, match you with the best health insurance plan, and give you a free quote.

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