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Awarding 5 Star Voluntary Health Insurance Scheme (VHIS) Plans

Within the three years from the Voluntary Health Insurance Scheme (VHIS) launch, the coverage and transparency of the products have continued to increase while policyholders can enjoy tax deduction. The latest figures show that by the end of March 2021, the number of VHIS policies has exceeded 790,000, gradually becoming the dominating medical insurance in the market.

At year-end 2021, there were over 150 VHIS plans in the market. To make it easy for consumers to understand the coverage of the products, 10Life actuaries calculate the average coverage ratios of up to 12 selected medical cases. For the 2022 rating, we enhanced the standard by updating the assumptions on the breast cancer case and added the medical inflation protection requirements.

After a rigorous review, only around 8% of the VHIS products, having an average coverage score of 10/10 and medical inflation protection features (i.e. full coverage and high annual limit), can achieve a 5 Star rating.

To commend the insurance companies on their product excellence, 10Life will give these high standard products the "10Life Outstanding VHIS Award 2022".

Ward

VHIS Plan
Average Coverage
on 12 Medical Cases

Annual Limit
Lifetime Limit

AXA
AXA WiseGuard Pro
Medical Insurance Plan (Regular)


99.7% $5,000,000
per policy year
$20,000,000
The above information is updated as of 31 Dec 2021.


Semi-Private

VHIS Plan
Average Coverage
on 12 Medical Cases

Annual Limit
Lifetime Limit

AIA
AIA Voluntary Health
Insurance Privilege Plus Scheme


100%$10,000,000
per policy year
$50,000,000

AXA
AXA WiseGuard Pro
Medical Insurance Plan (Enhance)


99.8%$10,000,000
per policy year
$40,000,000

Blue Cross
Dynasty VHIS Plan


100%$10,000,000
per policy year
$48,000,000

Bowtie
Bowtie Pink VHIS Plan


99.5%$10,000,000
per policy year
$50,000,000

Bupa
Bupa Hero VHIS Plan (Advance)


100%$25,000,000
per policy year
No Limit

China Taiping
Taiping Life VHIS Priority Plan


99.8%$20,000,000
per policy year
No Limit

Cigna
Cigna VHIS Series –
Flexi Plan (Superior) 


100%$30,000,000
per policy year
No Limit

FWD
vPrime Medical Plan


99.9%$8,000,000
per policy year
$45,000,000

Manulife
Manulife Supreme VHIS Flexi Plan


99.8%$8,000,000
per policy year
$32,000,000
1. In alphabetical order by company name.
2. The above information is updated as of 31 Dec 2021.


Private

VHIS Plan
Average Coverage
on 12 Medical Cases

Annual Limit
Lifetime Limit

AXA
AXA WiseGuard Pro
Medical Insurance Plan (Premier)


99.9% $20,000,000
per policy year
$80,000,000

Bupa
Bupa Hero VHIS Plan (Deluxe)


100% $30,000,000
per policy year
No Limit
1. In alphabetical order by company name.
2. The above information is updated as of 31 Dec 2021.

How We Rate VHIS Products

To make it easy for consumers to compare VHIS plans, 10Life consults medical specialists to get medical expense data for 12 common medical cases with different severity, and our actuaries then estimate the coverage ratio of each case based on the benefit limits and policy terms of each product. Any product with an average coverage of 99.5% or above and medical inflation protection features can be awarded the 10Life Outstanding VHIS Award 2022.

Coverage on
12 Medical Cases
with Different Severity
Breast Cancer
with Mastectomy,
Reconstruction,
Chemotherapy &
Radiotherapy
Medical Inflation
Protection Features

Compare the coverage and price of Voluntary Health Insurance Scheme (VHIS)

Voluntary Health Insurance Scheme ("VHIS") mainly covers the hospitalisation costs incurred by the insured. The VHIS policyholder can enjoy tax deductions on the premium paid. The VHIS Standard plan has minimum standards prescribed by the government such that these plans offered by different insurance companies have very similar coverage. The VHIS Flexi plan is built upon the Standard plan by providing higher coverage through higher benefit limits or adding Supplementary Major Medical ("SMM").

Some VHIS plans in the market have similar product structures to mass market medical insurance, with coverage limits on certain medical cost items; some VHIS plans offer "full coverage" on most medical cost items as long as they fall within the annual and lifetime limits. VHIS plans are annually renewable with premium rate based on the age of the insured, and claims are on a cost reimbursement basis. 10Life compares VHIS products based on the estimated coverage ratios* under common medical scenarios (including cancer, angioplasty, outpatient hemodialysis).

*Medical costs under the scenarios are adjusted according to the room type (e.g. ward, semi-private) admitted at a Hong Kong private hospital.

Compare VHIS

VHIS FAQ

How is VHIS different from traditional medical insurance?
VHIS is a type of medical insurance. Any VHIS product must comply the minimum requirements set by the government, and policyholders can enjoy tax deductions.
What are the requirements of VHIS products?

VHIS products are certified by the Food and Health Bureau (FHB) to comply with the minimum requirements as follows:

  • Standardised policy terms and conditions
  • Minimum benefit coverage and amounts
  • Premium transparency and cooling-off period of 21 days
  • No lifetime benefit limit (except for some flexi plans)
  • Covers unknown pre-existing conditions
  • Covers treatment of congenital conditions
  • Covers day case procedures
  • Covers prescribed diagnostic imaging tests
  • Covers prescribed non-surgical cancer treatments
  • Covers psychiatric inpatient treatments in local hospitals

What is the difference between the VHIS Standard plans and Flexi plans?
The terms and benefits of the Standard plan are standardised with prescribed minimum requirements. Hence the Standard plans of different insurance companies are very similar. On the other hand, the Flexi plans are built upon the Standard plan with enhancements in coverage, such as increased limits on specific benefits, or adding additional benefit items.
How does the tax deduction work?
Taxpayers can claim a tax allowance on the VHIS premium paid for themselves and/or their dependants. The maximum allowance on each insurance policy is $8000. The actual tax deduction is calculated by multiplying the insurance premium by the marginal tax rate, with a maximum tax deduction of $1360 on each policy. For more details please refer to this article (Chinese version only)
Is there any restriction on the choice of hospitals and doctors under VHIS?
In general, the insured person under VHIS can use both public and private hospital services, and freely choose any hospitals and doctors. However, additional benefits of some flexi plans may be limited to designated hospitals and doctor networks.
Is the 10Life rating methodology credible?
10Life makes the rating methodology public with transparency and considers factors that matter to consumers. While you can read the methodology to understand the logic behind before comparing the products, you should also understand your own personal needs to see if the medical insurance can meet your needs.
Did the insurance companies pay sponsorship fees to receive the 10Life Outstanding VHIS Award 2022?
10Life always puts consumers first. The award is given to any 5 Star VHIS products – i.e. products with medical coverage score of 10/10 and medical inflation protection features. Some insurance companies may offer sponsorship fees to 10Life to promote the event and obtain the licensing right to use the award in their own promotions. However, 10Life ratings are free from commercial influence.
In addition to the winning products of 10Life Outstanding VHIS Award 2022, how can I find other VHIS products?
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