4 Reasons to Migrate Medical Insurance to VHIS
Reasons to migrate medical insurance to VHIS
1. VHIS provides more benefits than other existing medical insurance
One of the distinctive benefits of VHIS is that it covers ‘psychiatric inpatient treatments in local hospitals’ while most insurance plans don’t.
VHIS also covers ‘prescribed diagnostic imaging tests’ such as MRI scans conducted during the hospital stay or in a day case procedure setting, while policyholder pays only 30% of the fee.
If you need the above protection, then it’s worth considering migrating to VHIS.
2. VHIS guaranteed policy renewal
Majority of the medical insurance on the market is not regulated by the Health Bureau, meaning the insurers have greater flexibility in tightening the terms and conditions.
Insurers have the right to change the terms and conditions at every policy anniversary year and potentially raise premiums based on your claim history.
However, VHIS guarantees policy renewal. Even if the insured has claimed for an expense with an amount as big as the annual benefit limit, insurers must guarantee renewal without making any changes to the terms and conditions.
In the event of changes, it would be only for improving the terms for the policyholder.
Things to consider when doing VHIS migration
Does re-underwriting require?
If you are switching to VHIS policy of the same company, the insurance company may accept renewal without re-underwriting. However, it really depends on individual companies’ decisions. Some companies may still require re-underwriting, especially if you are purchasing a plan with more coverage.
If you are switching to VHIS policy of the other company, the re-underwriting is almost a must. We recommend you apply for a new policy before you terminate the existing one, just in case something happens during underwriting, and the new application fails.
Do the same premium discounts apply if I switch to VHIS?
Some insurance companies offer no claim bonus or discounts (NCB/ NCD). If you have not made any claims, insurers may offer premium discounts to you the following year as a way to encourage a healthy lifestyle.
If you plan to switch to VHIS at the same insurance company or to another insurance company, make sure you check if you are still eligible for the ‘premium discounts’.
