Author
Bowtie Team
Updated on
2025-05-27
Disclaimer: This article is translated with the assistance of AI.
Different life stages point to varying insurance needs. How do retired seniors, working adults, and school-age children differ in medical insurance requirements?
What Insurance Should I Get For My Family?
What Insurance Do Seniors Need?
People over 60 may already be grandparents or great-grandparents. For this age group, medical insurance is the most essential type. If seniors have retired, they likely no longer have company medical insurance, so they must rely on their own coverage to handle medical expenses. Without medical insurance, they would have to use their savings, which could impact their retirement financial planning.
If the budget is limited, consider starting with a basic medical plan, such as the Standard Plan , to get essential medical coverage. Even if this option doesn’t cover all medical costs (such as for cancer), it at least provides an additional choice for seniors to decide on the appropriate treatment.
If you have a more generous budget, consider higher-coverage options or plans with no item limits and full reimbursement, such as high-end medical insurance , to strengthen protection.
What Insurance Do Adults Need?
For working adults, various types of insurance play a role in maintaining family financial health and risk management, with medical insurance remaining the most important. Considering that employed individuals may have company medical insurance, you can select a suitable medical plan to supplement any gaps, for example, one with a deductible (also known as deductible ) like high-end medical insurance .
Additionally, working adults may also consider critical illness insurance and term life insurance , which can offset financial losses from unfortunately contracting a critical illness or passing away.
What Insurance Do Children Need?
If the budget allows, parents should choose medical insurance with semi-private room coverage for children. This is because many private hospitals require children with illnesses (especially infectious diseases) to stay in single or at least semi-private rooms to prevent cross-infection.
Furthermore, injuries from play and sports are common for children , so accident medical insurance is also very important, as it can effectively cover outpatient or inpatient costs that might amount to over ten thousand dollars.
6 Key Factors On Buying Medical Insurance for Family
Coverage Level
Plans with no item limits and full reimbursement, such as high-end medical insurance , can provide the most appropriate medical support if a family member unfortunately falls seriously ill. If high-end medical insurance exceeds your budget, when selecting other medical products, pay special attention to whether the coverage for individual items is sufficient or if there are supplementary medical coverage (SMM) options to cover all or part of any excess amounts.
Required Level of Medical Services
Overall, private hospitals in Hong Kong offer high service levels, but fees vary, with some hospitals charging up to 30% more than others . Consumers should check if the coverage level of their chosen medical insurance, such as room type and reimbursement limits, is sufficient to cover common surgery fees at preferred institutions.
Additionally, as mentioned earlier, many private hospitals may require children in certain situations to stay in lower-density rooms. In such cases, standard room-level insurance may not fully reimburse the final costs, leaving parents to pay the excess themselves.
Does The Plan Have Deductibles?
If your company medical insurance is insufficient, you can use a plan with a deductible to enhance coverage. Generally, plans with a deductible have the same coverage but lower premiums, allowing you to get top-up protection economically.
Premium Level
Medical insurance premiums typically rise with age, and insurers may adjust them based on medical inflation and other factors. Since medical insurance is a long-term expense spanning decades, it’s wise to compare options before purchasing. A smart choice could save you and your family hundreds of thousands in premiums over the years.
Can Premiums Be Tax Deductible?
Not all medical insurance qualifies for tax deductions. Only voluntary health insurance (VHIS) plans allow you to claim tax deductions , with a cap of $8,000 per insured person.
How much tax can a family save by purchasing VHIS ? Refer to the following example: Mr. Wong insured a family of four and saved $1,734 in taxes:
| Mr. Wong 👨🏼🦲 | Mrs. Wong 👩🏽 | Son 👦🏽 | Daughter 👧🏽 | |
| Annual Premium Paid | $3,168^ | $3,168^ | $1,932# | $1,932# |
| Eligible Premium for Tax Deduction | $3,168^ | $3,168^ | $1,932# | $1,932# |
| Tax Deduction Amount (Assuming a 17% tax rate*) |
$3,168 x 17% = $539 |
$3,168 x 17% = $539 |
$1,932 x 17% = $328 |
$1,932 x 17% = $328 |
| Final Annual Cost (Premium Paid – Tax Deduction) |
$3,168 – $539 = $2,629 |
$3,168 – $539 = $2,629 |
$1,932 – $328 = $1,604 |
$1,932 – $328 = $1,604 |
Virtual Insurance vs. Traditional Insurance
In the past, buying medical insurance typically involved purchasing through intermediaries from traditional insurers, which offered benefits like product explanations and after-sales follow-up. However, if you encounter poor after-sales service or the intermediary leaves, your policy might become an orphan policy , making it difficult for the policyholder to handle claims independently.
In fact, virtual insurance companies now offer online services for quoting, purchasing, policy management, and claims, all done self-service via computer or phone. Those looking to buy can research and compare on their own, avoiding aggressive sales tactics. For consumers, this advanced insurance model might be a better choice.
- ^ Based on the standard premium for a 40-year-old insuring Bowtie Pink (Standard Room) with a HK$80,000 deductible.
- # Based on the standard premium for a 20-year-old insuring Bowtie Pink (Standard Room) with a HK$80,000 deductible.
Which Company Has The Best VHIS Family Discounts?
| Insurance Company | Company B | Company F | |
|
Family Discount (Standard Plan) |
First-year premium at 35% off
Plus HK$1,000 per person in BowtieCash |
First-year premium at 20% off |
Renewal premium up to 15% off 1 |
|
Couple^ Monthly Premium |
HK$181👍 |
HK$312# |
HK$377* |
|
Family of Three^ Monthly Premium |
HK$251 👍 |
HK$472# |
HK$494* |
|
Family of Three After Discount Monthly Total Savings from Discounts |
Monthly HK$136 discount
$3,000 BowtieCash |
Monthly HK$118 discount |
Monthly HK$87 discount 1 |
|
Standard Plan Coverage |
Annual coverage per person: HK$420,000 |
||
- ^ Assuming the couple is a pair of 30-year-old non-smoking male and female with a 5-year-old son
- 1 Requires no claims record for 2 or more consecutive policy years before renewal
- # Calculated using annual payment method, then rounded to the most favourable price for B Company.
- * Calculated using annual payment method, then rounded to the most favourable renewal price for F Company for the policyholder.
- B Company does not offer a “family discount” for the standard plan, so even if one person insures, they can get an 20% discount on the first year’s premium.
- F Company offers up to an 15% discount on renewal premiums, but the policyholder must have no claims record for 2 or more consecutive policy years before renewal; otherwise, they cannot enjoy this discount.
- Bowtie provides family discounts for anyone insuring in any VHIS standard or flexi plans, giving policyholders more choices to insure according to their needs and budget!
Interested in Bowtie’s family discount? Check out the following 3 examples!
Example 1: Couples get the cheapest premiums and enjoy $2,000 BowtieCash
Bowtie, B Company, and F Company are among the few insurance companies that provide online quotes, making their premiums and discounts relatively transparent. After calculating the “family discount,” the premium for a couple insuring in Bowtie’s “Standard Plan” is cheaper than B Company and F Company by HK$131 and HK$196, respectively.
Before July 15, 2024, each insured person who successfully insures in Bowtie’s VHIS ( Standard Plan / Flexi Plan ) can enjoy the ” Family Discount ,” which includes a 35% discount on the first year’s premium, and each person can additionally receive $1,000 BowtieCash, making the claim amount more sufficient.
Example 2: A family of three saves up to $250 and enjoys $3,000 BowtieCash
Children who are young or in school without ” company medical insurance ” naturally need basic medical coverage.
B Company does not provide a family premium for the standard plan, while F Company offers an 15% renewal discount, but if the policyholder has a claims record in 2 or more consecutive policy years before renewal, they cannot enjoy this discount. After calculating all discounts, Bowtie’s VHIS Standard Plan still has the lowest premium among the three!
Furthermore, any child can receive the Bowtie family discount, meaning an additional $1,000 BowtieCash, so a three-person family insuring together can receive a total of $3,000 BowtieCash .
Example 3: Single individuals get the cheapest Bowtie standard plan premiums even before discounts
|
Insurance Company |
B Company |
F Company |
|
|
30-year-old single person monthly |
HK$123/HK$156 👍 |
HK$211 |
HK$201/HK$277 |
As seen in the table above, even for single individuals purchasing VHIS ” Standard Plan ,” Bowtie has a price advantage, cheaper than B Company by HK$55 – HK$88 and cheaper than F Company by HK$45 – 154.
Summary: Whether for single individuals, couples, or families of three, Bowtie’s premiums for the VHIS ‘Standard Plan’ are the lowest, and each person can receive up to $1,000 BowtieCash .
- * The above prices are examples of the standard monthly premiums for the VHIS ‘Standard Plan’ for non-smokers of that age, subject to terms and conditions.
- * BowtieCash Rewards Program – Helps you pay for any eligible medical expenses that exceed the compensation amount of the Bowtie VHIS Plan when claiming, subject to relevant terms; for details, please refer to the promotion terms.
Pro Tip: Among all the insurance products in the market, only VHIS premiums are tax-deductible. You can apply for tax deductions on the VHIS premiums paid for yourselves and your relatives. In other words, insuring all of your family members can help you deduct more taxes!
Family Insurance Recommendations
Working Adults: Bowtie Pink
- Full coverage for any hospital, any surgery 1
- Includes a deductible option, flexible to complement company medical insurance
- Monthly premiums as low as $186 2
Children: Bowtie Pink
- Full coverage for any hospital, any surgery 1
- Semi-private room level
- Monthly premiums as low as $573 3
Retired Seniors: Bowtie VHIS Flexi + Gleneagles Wellness Package
- Full coverage for over 240 specified medical packages 4 , with 0 deductible
- Free annual comprehensive health check and selected health services
- Monthly premiums of $1037 5 , which is affordable
- 1 Full reimbursement means there is no sub-item reimbursement limit and it only applies to specified coverage items. The payable reimbursement is subject to the deductible balance (if applicable), annual coverage limit, lifetime coverage limit, and other restrictions including reasonable and customary charges, pre-existing conditions, designated hospitals in mainland China, and related matters for treatment in the US. For detailed product terms, conditions, product risks, and exclusions, please refer to the relevant product website and policy.
- 2 For example, for a 30-year-old non-smoker, the monthly premium for Bowtie Pink (Standard Room) with a deductible option of HK$80,000 is HK$186.
- 3 For example, for a 5-year-old non-smoker, the monthly premium for Bowtie Pink (Semi-Private Room) with a deductible option of HK$0 is HK$573.
- 4 Full reimbursement for specified medical packages is subject to the annual coverage limit under the VHIS Flexi Scheme.
- 5 For example, for a 60-year-old non-smoking male, the monthly basic premium for Bowtie VHIS Flexi (Regular), plus the “GHK Wellness Package,” totals HK$1037.
⭐️ VHIS + Critical Illness Insurance: Why You Need Both
First, it is essential to understand that medical insurance and critical illness insurance serve different purposes:
- Medical insurance: Provides reimbursement on a actual cost basis for eligible medical expenses.
- Critical illness insurance: Provides a lump-sum payment if the insured is diagnosed with a specified serious illness, to cover living expenses during the period of absence from work, allowing the insured to focus on treatment and recovery.
Therefore, if you are unfortunately diagnosed with a critical illness, having only medical insurance may cover your medical costs but may not address the long-term challenges you face. In reality, a critical illness diagnosis, even if not fatal, often forces you to stop working and lose income, which can affect your quality of life and disrupt your existing plans.
Since medical insurance and critical illness insurance provide complementary coverage, a reliable critical illness insurance policy can replace your lost income during your absence from work, providing financial support and reducing the impact on your family, while maintaining your original quality of life.
Moreover, even if you cannot purchase new insurance after an illness, the critical illness payout can help you continue paying for your existing medical insurance premiums when necessary.
Critical illness insurance is absolutely an essential form of protection. In addition to medical insurance, the importance of critical illness insurance cannot be overlooked. In any situation, as long as you have a stable income, you should seriously consider purchasing a critical illness policy to provide an extra layer of protection.
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