6 Common Misconceptions Among LIHKG Users on Bowtie VHIS

All voluntary health insurance products on the market use the same underwriting questionnaire, defined by guidelines issued by the Hong Kong Federation of Insurers. Currently, all insurance companies offering voluntary health insurance products must comply with these guidelines and use the standard underwriting questionnaire when processing applications. Therefore, the claim that “Bowtie’s underwriting is stricter, therefore cheaper” is unfounded.

The declaration of “family medical history” during the application process is also part of the standard underwriting questionnaire. The purpose of the underwriting insurance company in understanding the applicant’s “family medical history” is to maintain fairness to all insured persons and to maintain “premium affordability”.

In fact, Bowtie’s underwriting policy is not as strict as this LIHKG user said. For example, Bowtie generally covers ADHD (Attention Deficit Hyperactivity Disorder) , which is not covered by most insurance companies on the market. Another example is that policyholders with high blood pressure have a chance to successfully get insurance from Bowtie at the standard premium.

Regarding the waiting period for “unknown pre-existing conditions” under the Bowtie Voluntary Health Insurance Flexible Plan and Bowtie Pink, we have also adopted the same approach. Effective August 30, 2024, the waiting period for “unknown pre-existing conditions” under the Bowtie Voluntary Health Insurance Flexible Plan and Bowtie Pink will be shortened to the first 90 days after the policy effective date. This means that from the 91st day after the policy effective date, the insured can receive 100% reimbursement for eligible medical expenses related to “unknown pre-existing conditions.”

According to the guidelines of the voluntary health insurance plan , the waiting period for ” unknown pre-existing conditions ” under the standard plans offered by all insuring insurance companies is 3 policy years, with the compensation amount for each year as follows:

• First policy year – No coverage
• Second policy year – 25% of the coverage limit will be paid out.
• Third policy year – 50% compensation based on the coverage limit.
• Fourth policy year – 100% reimbursement up to the coverage limit.

As for other plans, the length of the waiting period is determined by the insurance company itself. For example, with Bowtie, the current waiting period for our flexible plan and Bowtie Pink’s “unknown pre-existing conditions” is 90 days. Compared to other insurance companies, Bowtie’s waiting period may be longer, but there are reasons for this decision.

Most insurance companies in the market offer relatively short waiting periods for “unknown pre-existing conditions,” generally 30 days, with some products even waiving such waiting periods. This might be seen as a selling point or attraction, but upon closer examination, is waiving the waiting period truly without any drawbacks? If this policy clause is abused, leading to increased claims, it will ultimately “come from the policyholder’s pocket,” forcing upward pressure on premiums in the long run.

Bowtie offers free physical examinations to eligible voluntary health insurance customers, not to check for any “unknown pre-existing conditions,” but because we deeply understand the importance of “preventive treatment.” Early detection and appropriate treatment of health problems can effectively reduce the risk of disease progression and increase the chances of recovery.

With the increasing prevalence of chronic diseases such as hypertension, hyperlipidemia, and diabetes among younger people, regular check-ups help patients receive targeted treatment as early as possible and improve unhealthy lifestyle habits. They also help Bowtie’s risk pool remain healthier in the long run, reducing the pressure of long-term premium adjustments, which is beneficial for both customers and Bowtie.

Although Bowtie does not operate a medical network, we believe that Hong Kong has a sound and robust healthcare system where all doctors undergo extensive professional training, internships, and examinations to obtain their professional licenses. Therefore, as long as clients seek treatment at major public and private hospitals and reputable medical institutions, they should not encounter any situations where doctors are “unqualified.”

Furthermore, we believe that the absence of a medical network is also an advantage, as clients can freely match themselves with suitable doctors according to their personal preferences and convenience, without network restrictions , and without having to go to a specific hospital or find a specific doctor for consultation or surgery.

As for the medical needs for diagnosis or treatment, this is not determined by Bowtie. We will rely on letters or other written evidence provided by doctors , that is, doctors will prove whether the medical procedures claimed by the client are medically necessary through pathological and diagnostic examinations.

Of course, Bowtie will consider the principle of ” reasonable and customary charges ” when making compensation claims. We will refer to the information on “enhancing the transparency of private medical institution charges” provided by private hospitals in Hong Kong to determine “reasonable and customary charges”.

Adopting the principle of ” reasonable and customary costs ” is also to maintain fairness among all customers. Imagine if every customer paid exorbitant prices for treatment or underwent procedures that were not ” medically necessary “—when everyone renewed their insurance, the premiums would only rise sharply.

What is “Pilot Programme for Enhancing Price Transparency for Private Hospitals”?

The data is sourced from the Private Healthcare Institutions Ordinance, which stipulates that private hospitals should adopt transparent pricing measures and encourages them to voluntarily provide fee budgets and publish fee statistics. Currently, the vast majority of private hospitals comply with this regulation and generally provide the following information:

• Fee details reflecting the median price range for mid- to high-end products
• In addition to the total fee, the table will list three main charges:
  • Doctor’s fees, including surgical fees and ward round fees/specialist fees.
  • Anesthesiologist Fees
  • Hospital fees include:
    • Hospital service fees, accommodation fees, surgical consumables and related material costs, nursing fees, total examination fees, medications, meals, beverages, and general miscellaneous expenses.
    • Average length of stay

As explained in Question 2, the details of the waiting period for “unknown pre-existing conditions” in the Voluntary Health Insurance guidelines were clearly stated, and it was mentioned that Bowtie Pink’s waiting period for “unknown pre-existing conditions” is 90 days. However, it should be noted that this waiting period only applies to coverage for “unknown pre-existing conditions,” and Voluntary Health Insurance itself does not have a waiting period .

Therefore, if you purchase Bowtie Pink and unfortunately suffer an accidental injury or feel unwell requiring hospitalization (such as a fracture during exercise or pneumonia caused by the flu), your voluntary health insurance policy will provide immediate coverage without having to wait 90 days to seek medical attention. We also strongly advise against delaying medical treatment due to any policy terms or reasons, as this is extremely dangerous and could unnecessarily worsen your condition.

While Bowtie Pink does offer very comprehensive cancer coverage, providing full reimbursement for all specified non-surgical cancer treatments (radiation therapy, chemotherapy, targeted therapy, immunotherapy, and hormone therapy), Bowtie Pink is not the only option for obtaining adequate cancer coverage.

You could also consider Bowtie’s Cancer Protection series. In addition to covering cancer-related examinations, surgeries, and the aforementioned non-surgical cancer treatments, this product extends coverage to traditional Chinese medicine treatments, nutritionist consultations, physical therapy, and nursing care for cancer patients. Policyholders can also choose a lifetime sum insured of $1 million, $2 million, or $3 million based on their needs and budget.

Therefore, there is no problem in purchasing the Bowtie Flexible Plan without adding the Bowtie Pink; you can obtain sufficient cancer coverage simply by adding the Cancer Protection Plan!