Most Comprehensive VHIS Flexi Plan Comparison on Coverage and Ranking (Updated on September 2020) (Chinese Article)
自願醫保標準計劃雖然夠平，但只提供政府認可的基本保障，對大病保障不足，若大家想得到較佳保障，自願醫保靈活計劃顯然更吸引。不過，有別於自願醫保標準計劃設劃一的條款，市場上每個靈活 ... View more
16 Sep 2020
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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 is based on the minimum standards prescribed by the government such that products across insurance companies have almost the same terms. The VHIS Flexi plan is built upon the Standard plan by providing higher coverage through higher benefit limits or adding supplementary major medical. Similar to the product structure of mass market medical insurance, most VHIS plans have coverage limits on certain cost categories. VHIS is annually renewable with premium based on the age of the insured, and claims are on a reimbursement basis. We compare products based on the estimated coverage ratios under various medical scenarios, where the medical expenses are adjusted according to the room type (e.g. ward, semi-private) admitted at a Hong Kong private hospital.
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VHIS FAQ
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:
- Policy Terms and Conditions
- Benefit Coverage and Limits
- 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 Treatments
Please click here for details (Chinese Version Only)
What is the difference between VHIS and traditional medical insurance?
VHIS is actually a medical insurance product having similar benefit structures as traditional mass medical insurance. The major difference is that VHIS products must be certified by the government to comply with the minimum requirements, and the policyholder can enjoy tax deduction.
How does the tax deduction work?
Taxpayers can claim a tax allowance on the VHIS premiums 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)
