VHIS Standard Plan
VHIS has been launched for over three years. The scheme regulates personal insurance and makes coverage and premiums more transparent. All VHIS Standard Plans on the market are designed based on a fixed and standard policy, so, the plans offered by different insurance companies are similar. In simpler terms, it is a “same medicine, different packaging”, making it easy for consumers to compare premiums.
How many VHIS Standard Plans are available in Hong Kong?
According to the official website of VHIS, as of February 15, 2023, there are a total of 32 VHIS Standard Plans offered by different insurance companies in Hong Kong.
What requirements a VHIS Standard Plan needs to fulfill to get certification?
In order to make insurance terms and conditions standardized, the VHIS Standard Plans must fulfill the following 10 requirements:
- Guaranteed renewal until the policyholder is 100 years old
- No lifetime benefit limit should be added
- Terms and conditions should be clearly stated to reduce disputes
- Must provide premiums rate by age
- Must provide a reasonable preliminary estimate of compensation
- Cover inpatient and day case procedure
- Cover unknown pre-existing conditions
- Coverage for Prescribed diagnostic imaging tests, Psychiatric inpatient treatments in local hospitals, and Prescribed non-surgical cancer treatments
- Must not ask the policyholders to share the medical expenses, except for diagnostic imaging tests
- The benefit limit for compensation items must be in line with the market, e.g., the maximum compensation for minor surgeries is HK$5,000
Are the coverage and terms of all VHIS Standard Plan the same?
The terms and coverage of all VHIS Standard Plans are the same, with minor variations that must be approved by the Health Bureau.
For example, Bowtie VHIS Standard includes “Full and Permanent Loss of Self-care Income Protection,” with coverage up to HK$26,000, while other insurance companies’ Standard Plans do not provide this coverage.
Comparison of Premiums for VHIS Standard Plans
One of the benefits of VHIS is transparent premiums. You can find all the standard premium tables for all plans on the VHIS official website.
Since the coverage for VHIS Standard Plan is generally the same across all insurance companies, you could just choose the cheapest one. On the market, a 30-year-old non-smoking male buying plans from different insurance companies, the annual premium can differ by HK$818:
| Annual Premium (HK$) | Cheapest Annual Premium | Average for All Plans |
| 30-year-old male non-smoker | HK$1,476 | HK$2,224 |
| 30-year-old female non-smoker | HK$1,872 | HK$2,690 |
- Note: The above standard premiums of VHIS Standard plans for non-smokers at the specified age, updated as of February 14, 2023, are for reference only. For accurate quotations and product details, please contact the respective insurance companies.
