Is VHIS suitable for you?
The purpose for VHIS
VHIS/ Medical Insurance could provide reimbursement to the insured persons’ actual medical expenses.
After the policyholder pays the premium, the insurance company shares the insured person’s medical expenses caused by accidents or illnesses, reducing the insured person’s financial burden when receiving treatment in private hospitals. On the other hand, it also avoids citizens relying entirely on public healthcare services.
Who can purchase VHIS?
Hong Kong residents aged between 15 days and 80 years old can purchase VHIS. Non-Hong Kong residents can also purchase it, but the insured person on the policy must be a Hong Kong resident.
Do you need VHIS?
At any stage of life, there is a chance of illness or injury, so everyone needs VHIS/ medical insurance, especially those who do not have any medical protection (from companies/ parents), do not have sufficient financial resources, or are getting older.
VHIS/ Medical insurance can transfer the financial burden of treatment to the insurance company, so the insured person does not have to worry about the high medical expenses.
We are going to suggest VHIS plans for you based on the “life stage”.
- Do you have sufficient financial resources to cope with unexpected medical expenses?
| Yes | No or Not sure |
| Consider purchasing other insurances (like Critical Illness Insurance) to protect yourself further | Consider Bowtie VHIS Standard, which provides basic coverage with premiums as low as HK$93 per month* |
- If you need to be hospitalized for surgery due to illness or accidents, do you have the ability to pay for the medical expenses?
| No | May be |
| Consider buying a medical insurance, like Bowtie VHIS, which provides basic coverage with premiums as low as HK$93 per month* | Get to know different types of insurances first, see if you need other insurances beside medical insurance |
- As you age, if you need to be hospitalized for surgery due to illness or accidents, do you have the ability to pay for the medical expenses?
| No | May be |
| Consider buying a medical insurance, like Bowtie VHIS, which provides basic coverage with premiums as low as HK$93 per month* | Get to know different types of insurances first, see if you need other insurances beside medical insurance |
- As you age, if you need to be hospitalized for surgery due to illness or accidents, do you have the ability to pay for the medical expenses?
| No | May be |
| Consider buying a medical insurance, like Bowtie VHIS, which provides basic coverage with premiums as low as HK$93 per month* | Get to know different types of insurances first, see if you need other insurances beside medical insurance |
- *Taking a 20-year-old, non-smoking male as an example, the premium above is for reference only. The actual premium you need to pay will be affected by factors such as time, inflation, underwriting, and the premium levy charged by the Insurance Authority.
Considerations before purchasing insurance
Insurance is an important component of financial planning, and financial planning must be based on individual needs. Therefore, the first step is to start with your own needs.
If you are considering purchasing a new insurance plan, please review your existing coverage first, including your company’s group medical insurance, personal medical insurance, or high-end medical insurance that your parents may have purchased for you.
If you already have the above coverage, you need to carefully review the coverage scope and amount to see if the coverage is sufficient and lifelong. After all, as you get older, medical expenses may also increase. If you wish to purchase a new plan, it is best to purchase one that can fill in your protection gaps now.
For example, if you already have group medical insurance and a personal medical insurance, you may not need another VHIS. Instead, you may consider other insurance, such as cancer medical insurance as cancer treatment can be divided into different stages, and there are many treatment methods, hence, treatment costs are difficult to predict and can be huge. Purchasing additional cancer medical insurance can increase your existing coverage.
If your existing coverage is insufficient or you want to transfer existing coverage to a VHIS to obtain tax deduction benefits, you should pay attention to whether the transfer of the policy requires a new re-underwriting process.
If re-underwriting process is required, exclusions or loadings may be added because of your current health conditions (you may have suffered from some kind of illness).
Although the basic benefit items and benefit limit of all VHIS Standard are the same, it does not mean that the premiums and terms of products offered by different insurance companies are completely the same.
Therefore, consumers should still compare premiums. In addition, some companies’ VHIS Standard plans provide additional coverage or insurance discounts, which are also areas that consumers can compare.
As for VHIS Flexi, it is difficult to compare directly due to the different coverage contents. However, it is recommended to pay attention to the options for the deductible amount.
Not sure what plans are good for you, try out our recommendations tool!
What is the use of medical insurance?
In fact, Hong Kong has advanced medical technology and public healthcare services that are affordable, but waiting times can be long.
For individuals, medical insurance can help share the cost of medical expenses. This gives individuals more choices when it comes to hospitals, medications, and treatments, and can even lead to more timely treatment.
For society as a whole, medical insurance can help relieve the burden on public healthcare systems by shifting some of the demand to private healthcare. This is also one of the reasons why the government provides tax deduction benefits for VHIS.
If you find that your medical coverage is insufficient, it is recommended to get a quote for medical insurance and purchase it as soon as possible. After all, accidents are always unexpected and should not be delayed.
Medical insurance can actually be affordable. Get a quote now!
