A deductible (or excess) is the amount you need to pay by yourself in the event of a claim before the insurance company makes compensation for you. The insurance company would cover any remaining medical expenses according to the benefit limits in the policy.
There are some medical insurance plans on the market that offer deductibles, usually those high-end medical insurance with relatively high coverage ranging from HK$2.5 million to HK$20 million per year.
If you have a medical insurance plan with a HK$16,000 deductible and the total medical expenses are HK$60,000, the insurance company will cover HK$44,000. Calculation as below:
Medical expense – Deductible = Claim Amount
HK$60,000 – HK$16,000 = HK$44,000
If you are also protected by group medical insurance, you can use it to pay for the deductible in your individual medical insurance.
To illustrate, here is an example based on the above case:
Once receiving compensation of HK$44,000 from your individual medical insurance, you can make a claim to your group medical insurance for the deductible amount of HK$16,000.
Generally speaking, medical insurance with deductibles is more suitable for those who would like high coverage and also have other medical protection such as group medical insurance.
There are some insurance companies offering high-end VHIS plans with various deductibles:
|Annual Benefit Limit||Annual Deductibles|
|Plan A||HK$5,000,000||HK$0 / HK$16,000 / HK$25,000|
|Plan B||HK$5,000,000||HK$0 / HK$16,000 / HK$25,000 / HK$50,000|
|Plan C||HK$30,000,000||HK$0 / HK$12,000 / HK$40,000 / HK$90,000|
If you want higher coverage but don’t want to pay for deductibles, check the case study below:
If you purchased a Bowtie VHIS Standard Plan and a high-end VHIS plan with HK$16,000 deductible from another insurer, you can use your Bowtie VHIS to cover or lower your HK$16,000 deductible.
As you can see, a basic VHIS plan can provide additional protection and minimize your deductible payments. Bowtie VHIS Standard Plan offers an annual benefit limit of HK$420,000 with a monthly premium as low as HK$95^. Get an instant quote now!