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Voluntary Health Insurance Scheme (VHIS) Guide
What exactly is the voluntary health insurance scheme (VHIS)? How is it different from other health insurance? MoneySmart has put together a summary for you to quickly understand the advantages, and points to note about VHIS.
Factors to consider when choosing VHIS (Voluntary Health Insurance Scheme):
Click the link below to read the guide of VHIS!
- Tax DeductionBuying VHIS to take advantage of a special offer and tax deductions
- Plan AnalysisDetailed Analysis of Special Offers for VHIS Standard Plans!
- Coverage GuideDetailed Review of VHIS Plans' Coverage
- Decision-MakingFour best things about VHIS and three points to consider when switching plans
- Couple's Tax Deduction GuideUltimate Tax Deduction Benefits for Married Couples = VHIS + QDAP + TVC
- Tax Deductible Product GuideWhich companies offer all three Tax deductible products?
Tax Deduction Guide
VHIS Buying VHIS to take advantage of a special offer and tax deductions? Tips on insuring for the family
Hong Kong’s medical system is facing ever-increasing pressure. In order to provide protection both for elderly people and for children, the Voluntary Health Insurance Scheme (VHIS) recently launched by the government is undoubtedly the best choice. When you purchase a VHIS policy, you can get more tax deductions and benefits if you insure for your family members at the same time!
Read MorePlan Analysis Guide
Detailed Analysis of Special Offers for VHIS Standard Plans! Premiums and Major Discounts at a glance!
There are more than 20 different standard plans for Voluntary Health Insurance Schemes (VHIS) being offered in the market. How can you choose the best plan? Besides “saving the most” through family tax deductions, other important factors to consider are the prices or special offers. Since the protection cover and compensation provided by standard plans offered by major insurers are more or less the same, prices and special offers are key factors to determine the “value for money” of individual plans!
Read NowCoverage Guide
Detailed Review of VHIS Plans: Coverage for Cancer, Balloon Angioplasty or Kidney Dialysis
In the event of a major illness, medical expenses in Hong Kong can be very costly. If you do not have sufficient medical protection, your savings may be depleted on treatments such as “balloon angioplasty”, kidney dialysis or cancer treatments. How do you choose a Voluntary Health Insurance Scheme (VHIS) that covers major medical expenses and is also tax deductible? Two major aspects of premiums and claims should be considered when comparing policies:
Read NowDecision-Making Guide
Four best things about VHIS and three points to consider when switching plans
While the Voluntary Health Insurance Scheme (VHIS) has been available since April this year, there are still some consumers considering whether to buy VHIS or to switch from an existing medical insurance to VHIS. What is so attractive about VHIS? If you are interested in enrolling or switching to VHIS, what should you first pay attention to?
Read NowCouple's Tax Deduction Guide
Ultimate Tax Deduction Benefits for Married Couples = VHIS + QDAP + TVC
The government launched three types of tax-deductible products, including the “Voluntary Health Insurance Scheme” (VHIS), “Tax Deductible MPF Voluntary Contributions” (TVC) and “Qualified Deferred Annuity Plans” (QDAP). These three products are not only tax-deductible, but also allow tax deductions to be shared within family members, such as your spouse. So what is the best tax deduction arrangement for a married couple to save the maximum amount of tax?
Read NowTax Deductible Product Guide
Which companies offer all three Tax deductible products?
Tax payments are an inevitable part of our lives. However, there are various tax-deductible insurance or wealth management products in the market, including Voluntary Health Insurance Scheme (VHIS), Tax Deductible Voluntary Contributions (TVC) and Qualifying Deferred Annuity Policy (QDAP). These products not only help taxpayers better manage their personal or family finances, but also enable taxpayers to enjoy tax deductions annually. Choosing the right products will also help taxpayers get a variety of special offers and save on management fees. So which insurers offer all three Tax-Deductions Schemes?
VHIS vs other Health Insurance
Key differences between VHIS and other Health Insurance options:
Guaranteed renewal up to 100 years old
Unlike other health insurance schemes, insurance companies participating in the VHIS must provide guaranteed renewal up to the age of 100 years for policyholders without re-underwriting, irrespective of changes in the health condition after policy inception. Some even have a lifelong renewal guarantee under their Flexi Plans
No lifetime benefit limit
Usually, there is a cap on the benefits your insurance company will pay over a lifetime. But VHIS forbids such lifetime limits so your benefits will not lapse before the age of 100 years.
Extended coverages
The coverage of the certified plans is more extensive than that of the other policy. Coverage is extended to include unknown pre-existing conditions,treatment of congenital conditions, day case procedure, prescribed diagnostic imaging tests, prescribed non-surgical cancer treatments and psychiatric inpatient treatments in local hospitals.
Points to note
Switching to a Certified Plan
If you hold an individual indemnity hospital insurance by an insurance company that has participated in the VHIS, you will be offered an opportunity to switch to Certified Plans. The exact timing of the migration may depend on the renewal cycle of your current insurance policy. You can approach your insurance company or agent/broker for details.
Tax Deduction
Holder of certified plans can claim up to HK$8,000 tax deduction in each assessment year. If you purchase VHIS policies for your relatives, you can claim tax reduction. Please note that there is no limit on the number of eligible policies that you can claim.
Factors to consider
There are a lot of things to consider when it comes to purchasing insurance. You should consider premium, coverage and how and where to buy insurance. It is equally important to take the brand and reputation of the insurance company into consideration. The service provided by the agent also plays a major role.
Voluntary Health Insurance Scheme (VHIS) FAQ
Which insurance companies provide VHIS?
The Hong Kong Government is currently processing applications from insurance companies for participating in the VHIS. They will publish the list of participating insurance companies on the official VHIS website and will update the page regularly
Can a group health insurance replace individual health insurance?
It could be risky. You will lose the coverage and be fully responsible for any medical expenses when transitioning to a new job or when you are unemployed.
Can I change my mind after I have purchased the policy?
Yes. There is a 21-day cooling off period, during which consumers can cancel the policy and get a full refund of the premium paid.
Can insurance companies stop renewing my VHIS plan?
No. Unlike other health insurance schemes, insurance companies participating in the VHIS must provide guaranteed renewal up to the age of 100 years to policyholders without re-underwriting, irrespective of changes in the health condition after policy inception. Some even have a lifelong renewal guarantee under their Flexi Plans.
Can I still access the public hospital services after purchasing the VHIS plan?
Yes. The purchase of the VHIS plan is voluntary and will not affect your rights to access public healthcare services.
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