Hong Kong’s Consumer Council has urged the public to carefully study voluntary health insurance plans before deciding to purchase one, in order to get the most out of their money.

The consumer watchdog issued the appeal after it examined 57 plans from various insurance companies and found huge price differences among the products, the South China Morning Post reported. In one instance, the council examined two insurance plans from different companies that offered nearly identical cover, but one cost 150% more than the other.

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According to Gilly Wong Fung-han, CEO of the Consumer Council, insurance premiums are typically determined through various factors, such as service quality, customer pool size, and business maturity. She hoped that consumers would do their homework and compare different plans before buying one.

“Hong Kong’s market is special as the consumers tend to be lazy. I have to say this,” she said. “They rarely do a lot of comparison [research] on their own, but mostly rely on their families and friends who work as insurance agents.”

Meanwhile, Nora Tam Fung-yee, chairperson of the council’s research and testing committee, said that Hong Kongers should take advantage of online resources to compare the various health insurance plans on the market, and not merely rely on what the agents say.

The Hong Kong Federation of Insurers said that it leaves it up to the insurance companies to set their premiums and fees to foster competition in the market.