Comparison of VHIS Flexi Plans
Most insurance companies use the “standard plan” as the base, then upgrade the coverage and benefit limits to provide more coverage, creating “flexi plan.”
At the end of the article, Bowtie will compare the basic coverage of 3 VHIS flexi plans provided by 3 insurance companies.
Bowtie VHIS Flexi vs. Government-designed Standard Plan - Coverage
Premiums | ||
| Basic Benefit Items | Government-designed Standard Plan | Bowtie VHIS Flexi Regular |
| 30-year-old non-smoking male | HK$180/month (industry average) | HK$218/month |
Benefit Limit (*per policy year) | ||
| Prescribed Diagnostic Imaging Tests* | HK$20,000 | HK$26,000 (⬆️30%) |
| Prescribed non-surgical cancer treatment* | HK$80,000 | HK$80,000 |
| Miscellaneous expenses* | HK$14,000 | HK$18,000 (⬆️28.5%) |
| Pre- and post-Confinement/Day Case Procedure outpatient care | HK$580/time (up to HK$3,000*) | HK$900/time (⬆️55%) (up to HK$3,000*) |
| Surgeon’s fee | HK$5,000 – HK$50,000/ session | HK$6,000 – HK$60,000/ session (⬆️20%) |
| Intensive care | HK$3,500/day (up to 25 days*) | HK$3,500/day (up to 60 days*) |
| Room and board | HK$750/day (up to 180 days*) | HK$1,200/day (⬆️60%) (unlimited days) |
| Attending doctor’s visit fee | HK$750/day (up to 180 days*) | HK$960/day (⬆️28%) (unlimited days) |
As seen in the table above, Bowtie VHIS Flexi Regular provides a lot more coverage in “Prescribed Diagnostic Imaging Tests” and “Room & Board” than the Standard Plan.
1. Benefit Limit for "Prescribed Diagnostic Imaging Tests"
Bowtie’s medical team believes that under normal circumstances, policyholders will only undergo two tests per year at most, the benefit limit provided by Bowtie VHIS Flexi Regular is sufficient to cover 2 tests, such as 1 PET Scan, and 1 CT Scan.
As VHIS also provides coverage for tests that are done on an outpatient basis, Bowtie worries the utilization rate would be relatively high. Increasing the coverage limit would only create a greater impact on premiums inflation. Therefore, Bowtie chooses to keep the benefit limit “just fit” for 2 tests a year, in order to keep the premiums reasonable.
2. Benefit Limit for "Room and Board"
Continuing with Bowtie VHIS Flexi as an example, the product team also made reference to the charges for “standard rooms” at 11 private hospitals and found that HK$1,200 would cover all the cheapest rooms at 10 of these private hospitals.
Even if medical insurance does not fully cover the cost of room and board in rare cases, the out-of-pocket amount will not be too high.
For the one hospital where the benefit limit may be insufficient, assuming the policyholder is hospitalized for three days, they would only need to pay HK$240 out-of-pocket, which is definitely affordable.
- ^The 11 private hospitals include Hong Kong Sanatorium & Hospital, St. Paul's Hospital, Gleneagles Hospital, Hong Kong Adventist Hospital - Stubbs Road, Baptist Hospital, St. Teresa's Hospital, Precious Blood Hospital, Evangel Hospital, Union Hospital, Hong Kong Adventist Hospital – Tsuen Wan, and CUHK Medical Centre.
Additional Coverage from Bowtie VHIS Flexi VS Other Plans on Market
In addition to the basic coverage required by the Health Bureau, insurance companies can also add “additional coverage,” with popular options including Accident and Emergency Outpatient Treatments, Post-Confinement Daily Home Nursing, Rehabilitative care, Outpatient kidney dialysis, Hospital Companion Bed and SMM.
Bowtie takes reference to other market products and includes coverage that would help the Insured Person in better recovery.
Benefit Limit (*Annually) | ||
| Additional Coverage | Flexi Plans (Market Median) | Bowtie VHIS Flexi Regular |
| SMM* | HK$120k | HK$120k |
| Accident and Emergency Outpatient Treatments* | HK$5,000 | HK$8,000(⬆️60%) |
| Post-Confinement Daily Home Nursing | HK$500／Day |
|
| Rehabilitative care | HK$490／次 |
|
| Outpatient kidney dialysis* | HK$50k | HK$50k |
| Hospital Companion Bed |
|
|
What is the use of HK$120,000 of SMM?
When facing more serious illnesses, the benefit limits of the main coverage items may not be sufficient, and the remaining balance will be compensated by the “SMM”. If the remaining balance after deducting the “coinsurance” is HK$150,000, the Insured Person of Bowtie VHIS Flexi only needs to pay HK$30,000 out-of-pocket.
Comparisons of 3 "Flexi Plans" Premiums
Majority of Flexi plans with SMM have monthly premiums over HK$200. Taking a non-smoking male aged 20-30 as an example, only Bowtie VHIS Flexi Regular has premiums ranging from HK$160 to HK$200.
| Age (non-smokers) | Bowtie VHIS Flexi Regular (Male/Female) | Insurance Company B VHIS Flexi Plan Basic (Unisex)1 | Insurance Company C VHIS Flexi Plan (Additional Coverage) (Unisex)2 |
| 20 | $175 / 200👍 | $240 | $314 |
| 30 | $218 / 319👍 | $304 | $391 |
| 40 | $307 / 407👍 | $483 | $483 |
| 50 | $470 / 585👍 | $721 | $692 |
| 60 | $837 / 789👍 | $1,079 | $1,074 |
- 1Annual/monthly payment options available. The above premiums are based on the annual premium divided by 12 months for reference.
- 2 Annual/monthly payment options available. The above premiums are based on the annual premium divided by 12 months for reference.
Bowtie is the first online insurance company providing pure protection products, which greatly reduces operation and administrative costs with the help of technology. Customers do not need to pay commissions to agents/ companies during the application process, resulting in lower premiums compared to the market.
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