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The government of Hong Kong launched the Voluntary Health Insurance Scheme (VHIS) to incentivize the middle class to use private health care services to lessen the burden on public health services. The scheme is certified by the Food and Health Bureau (FHB) and offers individual health insurance to Hong Kongers. Wonder what the difference between VHIS and medical insurance is? Luckily for you, our friends at Pacific Prime have explained the topic in detail here.
What is VHIS?
Consisting of two plans, namely, the Standard Plan and Flexi Plan, VHIS allows residents of Hong Kong between the age of 15 days - 80 years old to apply for the scheme.
Ths Standard Plan offers basic inpatient coverage regardless of insurance companies. On the other hand, the Flexi Plan provides more protection, such as a higher benefit limit and broader coverage to meet different people's needs. As of March 2021, 43 insurers have participated in the scheme and launched over 257 related products. Cigna, Bupa, AXA, Allianz, and Aetna are some major participating insurers.
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Hong Kong medical insurance vs. VHIS
Before you even consider switching to a VHIS policy,
there are several factors you need to explore. Here are some of the notable advantages:
Both include their own choice of coverage
All VHIS plans must comply with FHB's ten standard clauses. In addition, they must cover psychiatric treatment and outpatient surgery (including endoscopy), diagnostic imaging testing (e.g., CT, MRI, PET, PET-CT, PET-MRI, etc.), and non-surgical cancer treatment, subject to co-payment. Hence the VHIS coverage may be more comprehensive than traditional medical insurance.
Coverage for "congenital and "unknown pre-existing" diseases
VHIS offers coverage for "congenital and "unknown pre-existing" diseases. Wondering what an unknown pre-condition is? It is an existing health condition, such as sickness, that you are unaware of when applying for health insurance. And congenital diseases refer to illnesses that appear or are diagnosed after eight years of age.
Renewal up to 100 years old
Most health insurance plans in Hong Kong only accept applicants under the age of 65 years, and only 20 percent allow plan renewals for seniors over the age of 80 years. And for those who managed to secure a plan may find that most conditions are not covered. However, VHIS offers a solution to this problem - regardless of the change in your health condition after policy inception, a VHIS plan allows you to renew the insurance up to the age of 100 years, as long as you are satisfied with it.
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Contact Pacific Prime’s experts to learn more about health insurance